Who is eligible for a home Loan?
Any individual above the age of 21yrs and below the age of 65yrs, who is of Indian origin, Indian Resident & Non- Resident Indian can apply for a home loan. Apart from this, eligibility is calculated based on the factors such as age, income, qualifications, spouse’s income asssets. Liabilities, stability & continuity of occupation & previous credit history.
What is the difference between fixed rate loan & floating rate loan?
A fixed rate loan is the rate of interest that remains constant throughout the extent of the loan period while a floating rate is when the rate of interest varies according to the rates in the market during the tenure of the loan.
What is the period in which I will have to repay the loan?
The period is fixed usually to a maximum of 20 years, but in all circumstances before one’s retirement age.