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  3. FAQ

Home loan is really critical and important financial decision in our lives. Before you finalise your bank to secure home loan, try to get more information on current interest rates from different banks. First, gather some more information about how much each bank can give you. Find out eligibility for government and private banks. Which interest rate is more flexible and affordable such as fixed rates or floating rates? What is more easy a prepay option or balance transfer? We try to give answers to all such questions, and make this home loan process simple for you. To find the lender for 20 years term go through the fine print and save for years to come.

Generally, the documents required to process your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:

  • Income
  • Age Proof
  • Address Proof
  • Income Proof of the applicant & co-applicant
  • Last 6 months bank A/C statement
  • Passport size photograph of the applicant & co-applicant

What is the process of applying for a Home Loan/Mortgage Loan?

1. Submit your loan application along with required set of documents.

2. Your application would be accessed on the basis of various eligibility and funding norms.

3. The bank also checks your credit history through the CIBIL score, which is crucial in getting an approval for your loan application. After the credit appraisal, the bank decides the loan amount you are eligible for. You then receive an offer letter, which highlights details such as rate of interest, duration of your loan, etc. If the terms and conditions are acceptable, you send an acceptance copy to the bank.

4. A property valuation and title check may be carried out by the company representative to determine the property value and legal clearance of the property to arrive at the loan amount.

5. Based on the internal and regulatory guidelines, BANK/NBFC may approve or reject the loan application.

6. Submission of the original property documents are required along with signing of agreements, handing over of registered property papers and submission of post-dated cheques/ECS.

7.Upon finding all the documents in order, BANK/NBFC will disburse the loan amount to the developer/contractor based on the progress of construction. The EMI/Pre-EMI will commence after the disbursement.

What is a CIBIL Score?

To minimise defaults and maximise credit penetration, the Credit Information Bureau (India) Limited (CIBIL) in association with Dun & Bradstreet and Trans Union, gives India's first generic score. This CIBIL score is a trusted indicator for prudent decision-making by lending institutions. With this score, the lender can effectively predict your credit-taking ability and payment track record. A low CIBIL score implies that the bank rejects your application upfront on the basis of earlier credit defaults; a high credit score eases your loan approval.

Am I eligible for a Home Loan/Mortgage Loan?

You are eligible for a loan if you are a salaried, self- employed professional or a businessman. Your loan eligibility will be determined by BANK/NBFC on the basis of factors such as income, age, qualifications, number of dependants, co-applicant's income, assets, liabilities, stability and continuity of occupation and savings history. Further, the loan eligibility will also be dependent on the value of property selected by you.

What percentage of property value can be funded for Home Loan/Mortgage Loan?

We can fund upto 80% of the property value in case of Home Loan and upto 65% in case of Loan Against Property. However, BANK/NBFC funding norms may change from time to time.

I purchased a property 3 months back; can I get a Home Loan/Mortgage Loan ?

Yes, you can avail re-finance at applicable Home Loan rate within 6 months from the date of property purchase.

What is EMI and Pre-EMI ?

Your loan is repaid through Equated Monthly Instalments, which include principal and interest component. EMI repayment starts from the subsequent month of full loan disbursement, while Pre-EMI is the simple interest, payable every month till the time loan is fully disbursed.

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Personal Loans have become the norms of the day for every professional. From buying luxurious items to enjoying a perfect holiday to redecorating home interiors, banks and FIs are providing easy loans to salaried professionals and businessmen. With loans being available easily, a larger customers’ base has increased considerably since the last two and a half decades. Customers are enjoying the fierce competition of banking institutions to avail the best loans available to fulfill their desires.