A home loan is a secured loan provided by banks and financial institutions to individuals for the purpose of buying or constructing a residential property. The loan amount, interest rate, and repayment tenure are determined by various factors such as the borrower's income, credit history, and the property's value.
Read moreReplied by Utkarsh Zacharia On 6/7/2023
Home mortgage After the loan is disbursed and the property is purchased, the EMI (Equated Monthly Installment) begins. For under-construction properties where the loan is disbursed in stages, it ma...
Replied by Hemkanta Dalal On 3/7/2023
Yes, depending on the financial institution, loan amount, and other factors, the interest rate on a home loan can vary. Most banks and mortgage lenders provide home loans with interes...
Replied by Vanita Kulkarni On 5/7/2023
The CIBIL score is determined by your credit history and repayment history. You can check your CIBIL score by going to the CIBIL website and following the instructions. The scor...
Replied by Kaushalya Khurana On 6/7/2023
The amount of a home loan you can get on a 40,000 salary is determined by a variety of factors, including your credit score, existing debts, and expenses. Lenders typicall...
Replied by Prarthana Bajwa On 6/7/2023
While property insurance is not required to obtain a home loan, it is strongly advised. Property insurance can help protect the borrower investment and repay the outstanding loan amount i...
Replied by Sarakshi Gokhale On 5/7/2023
Yes, a personal loan can be converted to a home loan. This is referred to as a loan balance transfer. It entails obtaining a new home loan from a differen...
Replied by Shridevi Grover On 5/7/2023
To remove a co-applicant from a home loan, submit a written request to the lender along with the required documents, such as the co-No applicants Objection Certificate (NOC), proof o...
Replied by Amitabh Khurana On 6/7/2023
It may be difficult to obtain a home loan without an ITR as proof of income. ITR is the primary document used by banks and financial institutions to assess ...
Replied by Nagendra Dalal On 6/7/2023
A home loan cannot be transferred from one individual to another. The borrower is the person who has taken out the loan, and the lender has assessed his or he...
Replied by Chander Kaur On 4/7/2023
To close a home loan quickly, consider making prepayments or part-payments towards the loans principal amount, which can help reduce interest and loan term. You can also choose a shorte...
