Q2. How much money can I borrow as home loan?
Maximum money that can be granted as home loan is within 2 lakh to 200 lakh, and it depend upon factors such as Loan purpose which might be buying a new home, renovating or expanding your existing home, residential status and the loan amount is 75-85% of the cost required for buying the house/land etc.
Q3. How much time is taken by bank to approve and disburse home loan amount?
Altogether is takes around 3 weeks for disbursement of loan, out of which first two weeks are required for loan application processing, document check, property evaluation mortgaged as security on successful completion of which loan application is approved and money is disbursed.
Q4. What is the rate of interest charged on home loan?
First of all there is no specification for home loan interest rate; it varies with bank and each individual applicant, loan amount, loan tenure and above on prevailing market conditions.
Q5. What type security is taken by bank for granting home loan?
Security is usually in the form of collateral may be land or old house which equal in money to the borrowed sum of loan amount. It may also be investment documents such as life insurance policies, market share or unit trusts, FD etc.
Q6. Within what time the home loan is to be repaid?
Loan repayment varies with bank, amount borrowed, scheme etc in between 5-20 years for Indian residents and 7 years term for non-resident Indians.
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Home Loans
