1. When do i need to apply for Home Loan?
> You can apply for Home Loan anytime after you have decided to acquire a property.
2.How do i take a Home loan?
> You can start by checking with different banks or just enquire with us here.
3.How is my Home Loan Eligibility determined?
> Your eligibility is determined by your repayment capacity, taking into
consideration, factors such as Your Income, Your qualifications, your age, Your spouse’s income, number of dependants, stability and
continuity of occupation, assets/liabilities and your savings history.
4. How long is processing time for Home Loan?
> Home Loan Processing times vary from bank to bank. Usually a Home Loan processing takes around 2-3 weeks.
5. What is the
maximum i can borrow as a Home Loan?
> You can borrow upto 80% of your property value as your Home Loan.
6. What fees
& charges are payable?
> Banks charge fees at the time of application (processing fee) and at the time of loan sanction
(administrative fees). The processing fee is either a fixed amount not linked to the loan or it may be a percentage of the loan amount.
The loan amount received by you can be less than the processing fee. And as for the administrative fee, 1% of the loan amount sanctioned
will have to be paid. Both the processing fees and administration fees are payable upfront.
7. What is the range of rate
of interest offered on Home Loans?
8. Who can be my co-applicant of my Home Loan?
> A Co-Applicant(s) is/are the Co-Owners of the property in respect
of whom the financial assistance has been sought. However all co-applicants need not be co-owners. Usually co-applicants are: husband/wife,
father/son, mother/daughter etc.
9. What are Documents required for Home Loan application?
> The documents listed for
Home Loan are listed here. Further your lender may decide to ask for more documents as per as their requirements.