Following conditions are necessary:
You can apply for the Home Loan even before you have chosen your property or before the beginning of development. You will get an in-principle approval for the loan amount which will enable you to choose you’re spending limit and plan the buy of house/flat.
There are two phases in the home loan process:
Yes. Home Loans can be given to an individual provided he can reimburse. The loans can be for the same property (repairs/expansion etc.) or various properties.
For the most part,
The NMI is income from all sources of a salaried individual it includes:
Up to 80% Loan of Agreement Value only.
EMI – Equated Monthly Instalment. This is the sum paid monthly by a borrower to the bank or some other loan specialist. It has two components –
Pre-EMI – Before the final disbursement of the Housing Loan, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. It is payable monthly/quarterly up to the date of commencement of EMI.
Yes. If there is a substantial revision in the rate of interest, the facility of refixing of EMI can be granted to a housing loan account. You can pay extra money (more than your EMI) any amount, anytime ahead of repayment schedule to repay the loan.
You can reimburse the loan over a greatest time of 20 years for both Floating Rate Loans and Fixed Rate Loans. The term won't usually stretch out past your period of retirement (in the event that you are employed) or on arriving at 65 years of age whichever is prior. If the candidate's age is about the retirement age, at that point he might be required to take a reasonable (by and large single premium) Life Insurance Policy to cover up the risk to the repayment period of the loan. The Bank will assist you with determining the reimbursement time frame to suit your convenience and budgetary capacity.
Floating Rate – A loan where the interest rate is not fixed is referred to either as a floating interest rate loan, variable interest rate loan or adjustable-rate loan, It is linked to a specific index or margin eg. Above/below Medium Term Prime Lending rate (MTPLR)
You will be qualified to guarantee both the interest and principal components of your reimbursement during the year.