What is the minimum eligibility for home loan?
The eligibility is as follows:
- Salaried age limit: 23 to 62 years
- Self employed age limit: 25 to 70 years
- Minimum CIBIL score: 750
- Work experience for salaried: Minimum 3 years
- Business continuity: Minimum 5 years
- Minimum salary: INR 25,000
Is it mandatory to get a home loan insurance?
No, it is not mandatory to get a home loan insurance along with your loan, but it is always advised that you should get an insurance to take care of any liability at a marginal increase in the EMIs.
What is loan gainst property?
Loan against property is a type of secured loan which is availed against a commercial or residential property kept as collateral with the bank.
What is Home loan balance transfer?
Balance transfer of loan takes place when the unpaid or remaining loan amount is transferred to a new bank for a lower rate of interest. The bank which had originally extended the loan to the borrower recieves the remaining amount from the new bank and in return the borrower has to pay EMIs at a new interest rate to the new bank that has taken up the loan on their behalf.
Which type of property can i give as a collateral?
Following types of properties can be kept as collateral:
- Self-occupied residential property like house, apartment, flat etc
- Rented residential properties are also accepted are accepted as property loan types
- A plot of land which is under your ownership is accepted as a mortgage loan type
- Commercial property such as office building, shops, malls, complexes etc.