• What is the loan amount that
one can get?
•
Will Moneyline help me in identifying a suitable property?
• What
is Carpet-Area, Built-up-Area and Super-Built-up Area?
• Fixed
or Floating rate of interest – which should one opt
for?
•
Will Moneyline fund the entire cost of the property?
• What
are the different fees and charges for availing a
loan?
• Can
I sell the property purchased on loan?
•
Can I get a mortgage loan on a property belonging
to my father/wife?
• Is
there an age limit to avail a Home Loan?
•
Should I pre-pay my loan?
•
How can I get faster loan approvals and lower interest
rates ? How can I improve and maintain
a good credit rating?
• What
is the loan amount that one can get?
For a
Personal Loan, the loan amount
can vary between Rs. 20,000 to 20,00,000 depending
on the customer's requirement and eligibility.
Home Loan amount can vary between
Rs. 2,00,000 to 200,00,000 depending on customer's
requirements and eligibility. Up to 85% of the home
loan can be financed through us.
Moneyline will help you structure a deal which will
best meet your requirements.
•
Will Moneyline help me in identifying
a suitable property?
Moneyline officers in your city would be glad to help
you identify and fulfill your requirements.
•
What is Carpet-Area, Built-up-Area and
Super-Built-up Area?
You need to clearly understand the area which is being
quoted by the seller. Due to lack of any standards,
these terms can be misleading and very often buyers
end up paying for something which may not be owned
by them.
Carpet Area : This is the exact area which
a person uses. As the name suggests, this is the area
where you could lay a carpet, and hence is the useable
part of the house.
Built-up-Area : This includes carpet-area
and the space occupied by the walls which enclose
the carpet area.
Super-Built-up Area : This is very often
quoted by builders and brokers since there are no
clearly defined standards, it is open to being abused.
Typically, this includes the Built-up Area of the
house and the proportionate share of passages, lobby
and elevator/staircases. Some include other common
areas like pool, garden, terrace and other common
areas. Carpet area can vary between 50 to 75% of the
Super-Built-up area in some cases.
•
Fixed or Floating rate of interest –
which should one opt for?
Fixed interest rates , by definition, would
have the same rate throughout the tenure of the loan
- this option is offered by very few financial institutions.
Typical fixed rates undergo a re-look once in a couple
of years as per clauses which are present in the agreement.
Floating interest rates are changed as and
when there is a change in the benchmark rate. So if
there is a drop in the benchmark rate, the benefit
of lower interest is passed on to the customer. Of
course, the reverse holds true when there is an increase
in the benchmark rates. While different financial
institutions use different benchmark rates, they are
more or less in sync with the market scenario. Hence
it is advisable to opt for a floating rate of interest.
•
Will Moneyline fund the entire cost of
the property?
Moneyline would fund upto 85% of the total property
value.
Under the Home Equity option, Moneyline will lend
you money equivalent to 65% of the property value.
•
What are the different fees and charges
for availing a loan?
Detailed list of charges are mentioned in the product
pages.
•
Can I sell the property purchased on
loan?
Selling the property is at the sole discretion of
the owner and can be done whenever he or she chooses
to do so. Normal procedure of closing the loan would
have to be completed, which would incur some fees,
which includes a pre-payment penalty.
•
Can I get a mortgage loan on a property
belonging to my father/wife?
Yes, one can obtain a loan for the same. In case of
wife there are no conditions attached. However in
case the property belongs to your father/brother,
both of you should be in the same business and should
be staying together.
•
Is there an age limit to avail a Home
Loan?
The applicant should be at least 21 years old and
the co-applicant (if applicable) should be 18 years
old at the time of applying. At the time of maturity
of the loan, a salaried applicant age should not be
greater than 65, and for a self employed person, the
age at maturity should not be greater than 75.
•
Should I pre-pay my loan?
This depends primarily on your ability to pay-off
the loan. Having said that, there is a tax benefit
associated with having a home loan and you need to
take that into consideration. Also, there is a pre-payment
penalty which would be charged when you foreclose
your loan. These are the factors which you keep in
mind when you are pre-paying a loan.
•
How can I get faster loan approvals and
lower interest rates? How can I improve and maintain
a good credit rating?
Credit Information Bureau ( India ) Limited ( CIBIL
) has been set-up which provides comprehensive
credit information of customers based on their performance
on Loans and Credit Cards. Increasingly, this information
would be used by all financial institutions and others
to evaluate your credit worthiness. What this means
is that if you are not making payments on time on
any loan or credit card, your credit score would reduce.
This in turn will negatively impact your bargaining
power in terms of better rates and loan amounts.
Here are some tips which will help you ensure a good
credit score :
- Make all payments on time, for both loans and
credit cards
- Ensure that your cheques do not bounce
- Do not exceed your credit limit on your credit
card
- Do not take a loan in which the EMI is more
than you can afford to pay comfortably