How do you describe a Leasehold Property?
Leasehold Property is a property for which the lessee is given ownership of the property for a temporary period (lease term) and once this period expires, the ownership of the, property goes back to its original owner/lessor, until the contract is renewed
How do you describe a ‘Freehold Property’?
Freehold Property’ is a property whose ownership rights are passed on to the buyer completely.
What are the documents required to apply home loan from a bank or a financial institution?
• Proof of identity
• Proof of income
• Proof of residence
• Bank statement or Pass Book where salary or income is credited
• Guarantor form
How do I repay the loan?
You need to repay the loan in EMIs (comprising of principal amount and interest) It starts the month following the month in which you receive your disbursement.
Who can be my co-applicants while applying for a home loan?
Most certainly, it is your wife or legal fiancé. Though you can keep other close relatives but the formers are most advised and preferred ones.
Can I take a loan for extension or re-development of my existing real estate property?
Although yes, but it also depends on loan granting organization’s policies.
What is Carpet Area ?
Carpet Area is the area of a house/apartment which does not include wall covered areas. Built-up Area – is the area that includes carpet area, area covered by walls and the balcony area. Super Built-up Area – is the area that consists of built-up area and area covered by common places like gallery, elevators, stair-case and gardens etc.