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Home Loan

Whether it is your first step towards owning that dream home for your family or transferring your existing home loan from another lender for better terms or buying a property for INVESTMENT, it is very essential to get the right loan that is best suited to your requirement at the right cost. A little knowledge about home loan and what is being currently offered in the market will go a long way in getting that best deal on your home loan..

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Some Quick Facts

Purpose

Lenders generally FINANCE for – 1. Buying
under-construction / new or resale residential
property 2. Renovation and Extension of exiting
residential property

Loan Amount

Normally FINANCIAL institutes finance
maximum up to 80% (90% for loan amount
below Rs. 20 lakhs) of the agreement value of
the property. As per RBI notification, banks do
not fund stamp duty and registration charges
anymore.

Interest Type

Very few FINANCIAL institutes offer pure
“Fixed” interest rate that remains fixed for the
entire duration of loan. Nowadays, some lenders
offer “Dual Rate” where the interest rate remains
fixed for duration 1 – 10 years and then gets
converted to floating rate of interest.

Spread

Normally, the interest rate is calculated as
certain point above Base Rate for Banks and
certain point above or below PLR ( Prime
Lending Rate) for Housing FINANCE
Companies. This difference is popularly known
as spread.

Repayment

Most lenders offers maximum tenure of 30
years but it is also restricted by the borrower’s
age at the end of the tenure so as to ensure that
the loan repayment ends on or before the
retirement age of the borrower which is usually
60 years for salaried and 65 years for self
employed borrowers.

Fees and Charges

Every loan has a costs attached to it like
Processing Fees or Administrative fees which
are non refundable, Legal fees payable to the
lender or to the legal consultants of the lender,
Stamp duty on creation of mortgage, etc.

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