The amount of housing
loan sanctioned is about 75% to 80 % (in certain cases up to 90 per cent) of
the cost of property or / cost of
construction.
It is also decided
based on the repayment capacity of the individual, calculated by appraising the
financial strengths.
Usually short term
loans such as car or / two-wheeler loans are not considered an
obstacle. But if there are any pending long term loans like plot of land (site)
loans or / another home loan from a different institution (Bank or Housing
Finance Companies) , the new loan to be sanctioned will be scrutinised
accordingly, and approved based on the person’s income and repayment capacity.
The tenure of loan
sanctioned ranges from 5 to 20 years, which can be stretched up to 30 years in
certain cases.
The collateral is the property itself & at times a guarantor
too is insisted upon.
No comments:
Post a Comment