Got Questions? Check Our FAQs

• How does the loan tenure affect its cost?

  The loan tenure affects its cost by determining the total interest paid over the loan term. Longer tenures generally result in lower monthly payments but higher overall interest costs, while shorter tenures imply higher monthly payments but lower total interest expenses.

• How can I check the eligibility for a home loan?

  You can check eligibility for a home loan through various methods, including online eligibility calculators provided by lenders, contacting a loan officer directly, or visiting the lender's website for specific eligibility criteria.

• Which factors influence home loan eligibility?

  Factors influencing home loan eligibility include income stability, credit score, debt-to-income ratio, down payment amount, age, residency status, property value, loan tenure, and the inclusion of co-applicants or guarantors.

• What is Balance Transfer? Do banks/ NBFCs allow it?

  Balance transfer is the process of transferring an existing home loan from one lender to another to take advantage of better terms, such as lower interest rates or improved repayment options. Many banks and NBFCs allow balance transfers, subject to their terms and conditions, which may include prepayment charges, processing fees, and eligibility criteria.

• What are the different methods for repayment of home loans?

  Home loan repayment methods in India include Equated Monthly Installments (EMIs), where borrowers pay a fixed amount monthly comprising principal and interest. Other methods like Step-up Repayment offer lower initial EMIs that increase over time, while Step-down Repayment features higher initial EMIs that decrease gradually. Bullet Repayment involves paying only interest throughout the loan tenure, with the principal repaid in a lump sum later. Additionally, Flexible Loan Repayment allows extra payments or withdrawals from the loan account, providing borrowers with diverse options to manage their repayments effectively.