Home Loan Faq's
Note: The below information is a general guidelines for overview information only, and should not be treated as full and final. One should rely on details provided by the bank from which loan is requested.
Home Purchase Loan
Home Improvement Loan
Home Construction Loan
Home Extension Loan
Home Conversion Loan
Land Purchase loan
Bridge Loan
Balance Transfer Loan
Refinance Loan
Stamp Duty Loan
Loans to NRIs
To qualify for a home loan, generally, most financing companies require you to be:
An Indian resident or NRI
Above 21 years of age at the commencement of loan
Below 65 when the loan matures
Either salaried or self employed
Fixed Interest Rate Home Loan
Floating Interest Rate Home Loan
This means that the rate of interest remains unchanged for the entire duration of the loan. In this option, the loan purchaser does not get benefit, even if rates of interest drop in the market.
According to market lending rate, this type of rate keeps on fluctuating.
Generally this period varies from 5 years to 25 years.
Generally, the property itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid. The requirement may vary for type of lending institution.
Depending upon rules and regulation of lending institution.
Period Varies from Bank to Bank and largely depends on the speedy submission of exact documents submission as desired by respective bank.