There are various forms of investment that one can do for their future use. This includes investment in commercial real estate; investment in plots and investment in residential property are some of the most common options available currently.
There are various forms of investment that one can do for their future use. This includes investment in commercial real estate; investment in plots and investment in residential property are some of the most common options available currently.
We have years of experience in this field and are very much aware of the pros and cons in relation to this trade. We currently are working with different renowned developers and sold successfully over thousands of properties. We are aware of the pros and cons of all sectors and thus can work as a helping hand for you.
All the nationalized, as well as private banks in India, provide home loans for you. NBFC is also extending home loans for those interested in purchasing flats.
The percentage of loan is likely to depend upon the property as well as the financial health of an individual.
Yes, banks can pre-approve a home loan. It depends on the average balance kept by the individual.
Yes. Co-ownership or joint ownership prevision is always there.
A co-applicant is one who applies along with the borrower for a loan. A borrower has the compulsion now to have a co-applicant to a loan along with himself. It is important to note that co-applicant cannot be a minor.
The repayment of a loan depends upon the tenure chosen by the individual. The EMI amount may vary as per the contract term. The period can be of 10, 15, 20 to 25 years. It simply depends on the age and the financial status of the person.
Paperwork is one of the most important formalities that are a minimum required. Banks will require documents that provide proof of your identity and other important information needed. All approved it will be easy for an individual to get the home loan approved.
Once all the necessary are documents are validated, a letter of authorization will be drafted. The allotment will be validated based on this letter. Once these things are done, the bank will disburse the loan depending on the payment scheme. There are numerous payment schemes like Special Payment Plan, Down Payment, and Construction Link Plan.
Generally, home loan repayments are done in EMIs, initially thorough a couple of bank cheques and later via Direct Debit or ECS. There are also pre-closure options. However, the terms and conditions may vary with different banks.
Most banks offer up to 85% of the property’s value as home loans, based on the borrowing capacity of individuals. Just like other forms of secured loans, the borrower should pledge his or her house as a with an insurance company security against the home loan. The house will remain on mortgage with insurer till the borrower repays the home loan. In case, the borrower misses an EMI, the insurance company would take of the situation.
LAP stands for Loan against property. This is a process of pledging borrowers’ properties to their respective banks as a form of security to avail home loans.
Your property will be pledged by the money lender.
Yes, of course.
Not really. It is up to the people. If they want they can insure. Or else, they can leave the idea.
You may have to produce some documents for the lender to re-examine your home loan application.