The eligibility criteria typically include factors such as age, income stability, credit score, employment status, and property valuation.
The maximum loan amount varies depending on factors such as income, repayment capacity, and the value of the property being financed.
The repayment tenure generally ranges from 5 to 30 years, depending on the lender and the borrower’s preference.
Yes, some institutions offer special schemes or discounts tailored specifically for first-time homebuyers, such as lower interest rates or reduced processing fees.
Commonly required documents include identity proof, address proof, income proof, property documents, and bank statements.
Yes, most home loan products allow for prepayment or foreclosure with associated charges, which may vary depending on the lender and the terms of the loan agreement.
Yes, home loans are often portable, allowing borrowers to transfer the loan to another property, subject to approval and certain conditions.
Yes, lenders often offer insurance options such as home insurance and mortgage insurance to protect the property and the borrower in case of unforeseen events.
Borrowers can avail a top-up loan on their existing home loan by submitting an application to the lender, who will assess eligibility based on factors such as repayment history and property value.
The interest rate can be either fixed or floating, depending on the borrower’s preference and the terms of the loan agreement. Fixed rates remain constant throughout the loan tenure, while floating rates fluctuate based on market conditions.
