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Home Loan FAQ
1) What is Home loan?
Sum of money borrowed from a financial institution or bank to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms.
2) What can a home loan be used for?
- Purchase a property currently under-construction in a residential development area.
- Purchase a ready property, from a builder or its current owner.
- Purchase a plot in a private development, from a current owner or from a government development authority.
- Finance the construction/renovation of your house on a plot you already own.
- Purchase a plot as well as finance the construction of your home on it.
3) What is loan process?
- Submit loan application with all required documents for KYC, Income, Property title and Valuation.
- Officials visits for Filed Investigation, Personal Discussion & Tele-verification
- After clearance of all queries related to Income, Property Title and valuation, the sanction decision is made
- Submission of all requisite Documents for Disbursal, post verification the Disbursal is made, depending on the Loan type.
All key internal processes are handled by a dedicated and knowledgeable in-house team to ensure your application is given due attention and to maintain the highest level of confidentiality.
4) How do I apply?
Leave your contact details at contact form http://www.finlinker.com/about-us.html
Write to us at email@example.com
Call us at (+91) 9212-74-5454
5) What is the maximum loan I can borrow?
Loan amount is subject to income and valuation of Property otherwise home loan eligibility is determined after looking at the following:
- Current income
- Nature and continuity of employment
- Current obligations i.e. any installment (EMI),credit card balance, other credit limits availed.
- Credit history, CIBIL Score
- Bank will also consider which property you are buying, property authentication, credibility of the developer if the property is under construction and past history of their performance on their projects ill also determine how much the bank is willing to lend against such a property.
6) Does one need a co-applicant for a Home loan?
The purpose of having a co-applicant is to able to club the income of your co-applicant and yourself to get the higher eligibility on your home loan. All property owners need to necessarily be co-applicants on the loan. Other members of ones immediate family may also become co-applicants to a home loan viz. spouses, parents, children& siblings. Where income from a partnership or company is considered, the partners / directors can also become co-applicants, if the policy of the bank/lender allows.