terms and conditions for housing loan?

KIRAN RAINA,

4th July 2013

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Dorene Zeller,

15th January 2015

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Home loans are usually paid by Equated Monthly Installments or EMIs. The amount of EMI is determined on the basis of the amount of loan granted, interest rate and tenure of loan. Apart from these, most financial institutions allow foreclosure of loans (prepayment), with nominal (2-3% of the outstanding amount) or no charges.

Subho Mallik, Delhi

8th July 2013

Comment

Interest rates play an important role in determining whether it would be prudent to opt for a home loan. Interest on home loans are usually calculated on monthly or yearly reducing balance basis, and they may either be fixed or floating.

Sufia, Delhi

8th July 2013

Comment

You need to do some homework before applying for Home loan. You need to know how much you can afford. It depends on various aspects such as your monthly expense, current salary or income, credit rating, down payments and interest rate, dependents and so on.

Neelima, Faridabad

8th July 2013

For a sanction of home loan you need to submit basic documents along with application. It determines the rate of interest and amounts to be sanctioned as home loan. The amount varies for each person depending upon their repayment capacity and credit rating. Following documents are essential for getting sanction of home loans.

Duly completed application form with Passport size Photo,
Repayment Track record of existing loans (if any),
Proof for Photo and age,
Residence Address proof and signature verification proof,
Copy of Sanctioned plan and sanction letter,
Fee Cheque,

Aisha, Noida

8th July 2013

Comment

Home Loan plays an important role in helping one for easy availability of dream home. There are number of banks that offer home loans for low interest rate. It might be that you want to buy a new home or construct one, it has few formalities starting from submitting application to disbursement of loan amount. Keeping basic documents in hand ready saves time and efforts.

Shefali, Gurgaon

8th July 2013

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