Home loan is a secured loan given to individuals who aspire to build or buy a house. The property so purchased is mortgaged in the name of the lending institution as security, till the time the loan is fully repaid. The lending institution will hold the original property related documents till the time the loan is fully repaid along with the interest. To buy a house, be it under construction, ready or resale property, the residence buyer can seek for loan from banks or financial institutions through financial advisors or home loan agents. It should be noted that the terms and conditions of the housing loan can differ widely in terms of loan amount, maturity period, interest rate, repayment mode, etc.
To buy a house, be it under construction, ready or resale property, the residence buyer can seek for loan from banks or financial institutions through financial advisors or home loan agents. It should be noted that the terms and conditions of the housing loan can differ widely in terms of loan amount, maturity period, interest rate, repayment mode, etc.
Types of Home Loans:
A. The word Home Loan means when you are eager to shift your own residential property or want to invest in real estate & taking a loan for the same.
A. Surly, In-principle / Pre-Approval letter can be issued to you based on your income. After receiving letter you can plan your budget for property.
A. Validity of an In-principle / Pre-Approval letter varies from 30 days to 90 days, depending upon bank to bank
A. In Retail loans 7 working days once documentations are completed
A. Surly joint application can be processed but decision varies bank to bank.
A. Since this is a housing loan thus bank requires a mortgage of the property for which the loan is being taken.
A. Processing fee in housing loan varies bank to bank, normally it’s start from 5000.00 to 0.50% of loan amount.?
A. EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
A. In Home Loan bank do offer loan from 5 yrs to 30 yrs which varies bank to bank & age of the borrower.
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