A. The moment you decide to buy a home, you can put in your application for a Home Loan, you can apply for a Home Loan even before you have finalized the property. The loan amount would be sanctioned or approved, based on your repayment capability.

A. Lenders offers Home loan up to 20 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.

A. Interest is calculated on monthly basis.

A. - Your spouse
- Any of your blood relative (immediate family members)
- Also co-owner has to be necessarily co-applicant in the loan.

A. Immovable property owned by the applicants. The applicant's title to the property should be clear, marketable and free from any encumbrances. The security created on property shall be first and exclusive. Such security will be created by deposit of original title documents of the said property.

A. Application submission - Submit a completely filled in application with all the necessary documents. Sanction - You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property. Disbursement is done on the basis of nature of transaction. For resale, disbursal instrument is made favoring the seller, For Balance transfer cases it will be favoring existing financer, for self construction cases it will be on the basis of stage of construction favoring the borrower. It will be in favoring of the builder for builder direct x construction favoring the borrower. It will be in favoring of the builder for builder direct allotment cases.

A. - Loan for home purchase
- Loan for Residential plot and self construction
- Loan for home extension/improvement
- Balance transfer from other lender

A. An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly basis, the principal on which the interest is charged goes down every month. This results in significant saving for the customer over the tenure of loan.

A. An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.

A. As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.

A. If you have availed a home loan, you can claim tax benefits on both the principal and interest components of the home loan as per the Income Tax Act. These benefits are in the form of deductions available to assesses who have taken a loan to either buy a house or build one. You can reduce your tax liability by a maximum of Rs.6250 per month (Rs.75000 p.a.) (forself occupied property) Under section 80,repayment of principal of up to Rs.1 lac is deductible in full from your income which means you can save tax up to a maximum of Rs.30,000 p.a. on principal. Similarly under section 24 of the Income Tax Act, interest is deductible up to a maximum of Rs.1.5 lac. Thus, this leads to an additional saving of a maximum of Rs.45000 p.a.

A. Floating rate of Interest.

A. Pre EMI is the Interest paid on the Loan Amount availed in part and before the start of the actual EMI. This generally occures in Self Construction or Construction Stage Linked Disbursals. The EMI doesn't get started till the loan is disbursed in full and hence interest is charged on partially disbursed loan amount ..only which is Pre EMI.