Questions to ask before deciding on a India Home Loan
0. What the EMI for the loan Amount ?.
1. What is the Floating / Fixed Interest Rate?.
2. What is the Processing Fee ?.
3. What are the Prepayment Charges ?.
4. What are the Documentation Charges ?.
5. How much is the Service Tax ?.
6. How much is the Stamp Paper Cost ?
7. What is the maximum Tenure of the Loan ?.
8. Do you offer any discounts ?
9. Do you offer any Property Insurance free ?.
10. Is the principal Daily Reducing, Monthly Reducing and Yearly Reducing ?.
11. Are there any commitment fees ?.
12. Are there any consulting fees ?.
13. What are the registration costs ?.
14. Any additional Securities for the loan ?.
15. Any gaurentee’s required for the loan ?.
16. Do you have any tie up with the builder ?.
17. Time required to approve the loan ?.
18. Time required for loan disbursement ?.
19. What is the percentage of the down payment ?.
20. Does the proof of downpayment need to be provided ?.
21. Do you provide an electronic statement of account ?.
22. Do you allow electronic clearing of the EMI ?.
23. How much would be the property tax levied by the local authority
24. Cost of Refinancing the loan ?. ** Important **
25. Do you have any admistrative fees ?.
26. Do you have any credit appraisal ?.
27. Rate of intrest on the Pre EMI ?.
28. Do you accept Post Dated Cheques (PDC) ?.
29. What is your Installment to Income Ratio (IIR) ?.
30. Fixed Obligation to Income Ratio (FOIR) ?.
31. What are your Delayed Payment Charges (DPC) ?.
32. Do you offer repayment insurance / home loan insurance ?.
33. Is it possible to include the home loan insurance with EMI ?.