Home Loan FAQs
- 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.