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When can I apply for a Home Loan? |
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You apply for home loan at anytime as you wish. Once you have purchased land for construction or even before purchasing land. Home loans are also applicable for expand or renovation of you home.
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What is the EMI? |
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EMI is known as Equated Monthly Installments which refer to paying the net amount every month in small divisions. EMI is a combination of both principal and interest amount. Based on the tenure period and principal amount the EMI amount is calculated.
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How is my Home Loan eligibility determined? |
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Home loan eligibility is determined based on many factors like age, income, co applicant income, assets, saving history etc,. Basically all the banks will check for whether the borrower can able to repay the loans amount.
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What are the repayment period options? |
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Based on different banks the answer varies. Based on the loan amount and the tenure period the repayment period is determined. A normal home loan repayment period will be 5 to 20 yrs. If you are a non residential Indian the repayment period will be only 7 yrs. |
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Who can be a Co-Applicant for home loan? |
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A Co-Applicant is 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 can be husband/wife, father/son, mother/daughter etc.
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Who can be a Co-Applicant for home loan? |
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A Co-Applicant is 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 can be husband/wife, father/son, mother/daughter etc.
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What are the documents required at the time of application? |
Each bank has its own document requirement. Some basic requirements in all banks are:
- Passport size photo
- Salary slip
- Asset documents
- Bank documents of last 6 months.
- Credit card statement
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