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Prepayment of housing loan means paying an additional amount to your home loan over and above the principal & the interest amount. Prepayment on home loan can either be in full or in parts. You can either choose to repay your home loan fully which is also referred to as home loan foreclosure/ home loan …
All lenders Banks/NBFCs/HFCs have stringent criteria to determine the eligibility and the creditworthiness of the loan applicants. The Repayment of a loan is one such important measure that determines whether a loan applicant is eligible or not eligible for a loan. Before approving a loan to the applicant the lender thoroughly checks his CIBIL history, …
LTV Meaning LTV is one of the major factors in determining your loan eligibility especially in secured loans such as home loans, mortgage loans & commercial loans where a property is pledged as a collateral to avail a loan. It is an important determinant based on which the lender Banks/NBFCs/HFCs approves the loan. LTV full …
Home loan sanction and disbursement are two important processes of home loan processing. The sanction is proof that your home loan has been approved by the lender Banks/NBFCs/HFCs, which is validated by issuing a home loan sanction letter and hence the housing loan sanction letter serves as proof that you are eligible for a home …
What is Down Payment? A down payment is your money contribution in purchasing a house. It is the percentage of the purchase price of the house which you do not finance. Also referred to as own contribution or OCR in the mortgage industry, down payment is your equity in the house without which the funding …
Yes, it is possible. Housing loans for senior citizens is possible. A retired senior citizen above the age of 60 years, drawing a monthly pension can definitely apply for a home loan. Age is just a number and as such getting a mortgage on a pension income is possible anytime provided the seniors have money to make …
Are you planning for a new house purchase? Are you stuck in between fulfilling your most expensive dream of buying a house? Are you bewildered, which mortgage lender to approach? Here are the 3 most popular home loan schemes from the top lenders you must look into. Purchasing a home with owned money is not …
Are you in need of funds for medical emergencies? Do you require money for your children’s education? Getting married! Want a loan for your marriage expenses? What??? The personal loan rates are high and you are already paying an home loan EMI? Then Do not worry, your home loan will come to your rescue. Read …
Home loans are a long-term financial commitment with the repayment tenure till 30 years. The home loan is also generally a big-ticket size amount, which tacit you have a long-term liability to repay. Needless to say if you want to be debt free you have to repay your home loan early. But how to clear …
Before understanding the PSD conditions in home loan, it is important you first understand who the Credit manager is and what is his role. The credit manager has the vital role in the loan approvals. He is the one who is responsible for conducting the personal discussions, decides on your home loan eligibility, and thereby …