Home loan can be a complicated topic to comprehend. Nevertheless, is it of utmost importance to understand the topic in order to make the right decision while attaining a housing loan. Mentioned below are home loan terms that you need to know.
For example, you wish to buy a property worth Rs.1 crore, and the bank is willing to loan you 80% of the value and you will have to make a down payment of 20%. This means that the bank will loan you Rs.80 lakh and you will have to make a down payment of Rs.20 lakh. The margin in this case will be Rs.20 lakh.
There are numerous misunderstandings by borrowers regarding pre-approved properties. Some of them are mentioned below.
Availing A Housing Loan Is Certain: Many builders misinform borrowers by assuring them home loans from banks and other financial institutions that have pre-approved their project. This is flase. Each application is assessed individually and there is no guarantee that home loan on pre-approved project will always be approved.
The Project Will Complete On Time: Though the financial institute takes into consideration, the builder’s past records and ability to complete projects on time, it doesn’t mean that it will take any action if construction is delayed
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