With each new enquiry, I accumulated some more questions to ask about any housing loan. Here they are, in case you need them:
- Is a fixed rate of interest really fixed for the entire tenure? If it is not fixed for the entire tenure, when is it revised?
- At what interval is the floating rate of interest revised?
- Can you convert a floating rate of interest to the fixed rate of interest during the loan tenure?
- Are there any part-payment charges?
- Are there any pre-closure charges?
- Is the loan insured? Does the insurance cover property damage or also accidental death of the applicant?
- Is the loan issued on the (house value + registration)?
- Does the loan also cover charges for soft furnishing of the house?
- Is there any discount for timely payment of the EMI? (Believe me, some banks do give this)
- Is the actual loan amount directly handed over to the vendor or to the applicant?
- How long does loan disbursal take after completion of sanction?
2 comments:
Thanks for writing this.
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