Q1.What all do i require to get a home loan?
Income of applicant
Age of the applicant
No. of dependants
Existing loans status
Q2.Is it complusory to have a co-applicant?
NO.It is not compulsory to have a co-applicant but a co-applicant can get you higher eligibility and increase your chances of getting a home loan. A parent, a spouse, even children can be nominated as co-applicants.
Q3.What documents would i need at the time of possession?
Original registration stamp duty receipts
Original copies of the chain of title agreements and building plan approvals
Original Share certificate
Proof of payment of all dues(electricity bills, maintenance charges,Property taxes, Phone and water bills until the day of possession
NOC from the concerned body confirming possession
Q4.Can I pre close my home loan?
Yes. There is an option of pre-closing the loan but then pre-closure charges will be levied accordingly.
Q5.what does MCLR stand for?
MCLR stands for marginal cost of funds based lending rate. MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This is applicable for all new loans which have been sanctioned from April 1, 2016 onwards.