FAQ
- Home Purchase loan:- All Bank and financial institutes provide loan for purchasing residential property.
- Home Construction Loan:- This loan is available only for those applicant who already own piece of land/Plot.
- Loan Against Property/secured Loan:- All Bank and financial institutes provide loan to applicant’s by keeping Commercial/residential property as collateral.
- Land or Plot Loan:-All Banks and financial institute provide loan for the purchase of Land/plot for construction of dwelling unit. The construction of the building should be take place within Limited Period from the date of loan sanction.
- Balance Transfer:-When Loan applicant wishes to transfer home loan from one bank to another. It happens only when the other bank is offering Lower rate of interest.
- Most of the bank offer home loan tenure ranging from 15-30 years.
- Tax Benefit on both the interest amount and Principal amount.
- You can avail the least rate of interest only in Home Loan facility.
- Fixed Rate:-Interest rate remains fixed for the duration of the Home loan irrespective of market condition.
- Floating rate/Variable interest rate:- Interest rate fluctuates over the duration of the Home loan.
- Credit score is a number between 300–850 given by CIBIL that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders Pay your bills regularly for six months on time to see noticeable difference in your score.
- The Pradhan Mantri Awas Yojana (PMAY) is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government that aims to provide affordable home loan interest subsidy on purchase / construction / extension / improvement of their home.