- Yes, reimbursement of cost already incurred during the preceding 6 months for purchase of house/flat/construction is allowed. However, the same is restricted on case-to-case basis subject to fulfilment of scheme criteria.
HOME LOANS
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.
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.
The amount of loan can be ranged from Rs.5 lacs – Rs.50 cr & best thing is that tenure for repaying the loan can be up to 30yrs depending upon the customer age.
Financebay has been working in this arena for several years as home loan advisors. We have expertise in identifying the banks and institutions that offer the loan on most friendly terms.
Till date, we have been instrumental and successful home loan advisors in Mumbai providing home loans to salaried individuals, self-employed, professionals and NRIs to procure home loans at best terms.
Our home loan advisors strive to provide you the home loan deals at the cheapest rate of interest.
F.A.Q
Can I get reimbursement of the cost already incurred towards purchase of House/Flat/Construction?
What is the normal time required for disbursement of home loan?
- It takes only 5 working days to get the Home Loan sanctioned from Banks after submission of requisite documents and papers.
What does the OCR mean?
- Own contribution Receipt (Margin) means is the total cost of the property minus Home Loan.
Does Bank offer some concession to Female borrowers?
- Yes, Bank offer 0.05 % concession in the applicable rate of interest where female applicant/s stands as borrowers/co-borrowers in the loan and owner/co-owner in the proposed housing property.
What is EBLR?
- EBLR stands for external benchmark lending rate. Bank has adopted Repo rate as the External benchmark to link its floating rate home loans with effect from 01.10.2019. Current Repo rate stands at 6.25%.
When will my interest Rate changes under Repo rate regime?
- : The interest rate Change at quarterly interval on 1st day of calendar quarter subsequent to the change in RBI’s repo rate.
How will Bank decide the loan amount I am eligible for?
- Bank decide the Loan Eligibility largely by your income , banking and repayment capacity. Other important factors include your age, co-applicant’s income, margin offered by you, Continuity of occupation and Credit Information Bureau India Ltd (CIBIL) score .
Is CIBIL score important for Loans?
- Yes CIBIL score is very important for all types of Loans . Your rate of interest depends on your CIBIL score . Better the score low the rates.
What is best CIBIL score for Home loans?
- Best CIBIL score is 750 and above.
How can I improve my CIBIL score ?
- CIBIL scoring is calculated on the basis of repayment history of loans and credit card payments . Clear track record of loans will have better score .
Can I get Land loan for construction of house?
- Yes bank provides loan for construction of house subject to NA land and approval from government authority.
What is Home improvement Loan ?
- Home improvement Loan offers an endless series of home décor solutions for your dream home .The benefit is banks provides top-up loans in less rate of interest to meet your home improvement / renovation requirements in easy instalments.
What is the maximum loan tenure for home loans ?
- Maximum loan tenure is 30yrs ( 360 months).
What does market value of the property mean?
- Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.
What is the minimum and maximum age criteria for home loans and mortgage loans ?
- Minimum age is 21yrs and maximum is 65yrs for Self employed .For Salaried maximum age is 58yrs or retirement age.
Can i apply for a loan to Bank to repay a Home loan availed by me from another bank/ housing finance company ?
- Yes, you can apply for a loan from banks / NBFC for repaying a Home Loan availed by you from another bank/ housing Finance.