Any individual above the age of 21 years and below the age of 65 years, who is of Indian origin, Indian Resident and Non-Resident Indian can apply for a home loan. Apart from this, eligibility is calculated based on the factors such as age, income, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and previous credit history.
In such a case, the bank will reassess the repayment capacity of the applicant based on resident status and will prepare a revised repayment schedule with a new rate of interest as per the currently applicable rate on Resident Indian loans (for that specific loan product). The revised rate of interest will be applicable only on the outstanding balance.
Yes. The bank requires a guarantor to ensure that the loan is paid back on time. The guarantor will be responsible for the repayment of the loan in case the borrower is unable to do so.
Pre-EMI interest is the interest paid on the portion of the loan disbursed, before final disbursement. This pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of the EMI.
A fixed rate loan is the rate of interest that remains constant throughout the extent of the loan period, while a floating interest rate is when the rate of interest varies according to the rates in the market during the tenure of the loan.
