Interest rate – As applicable . Interest rate keeps on changing.
Age limit - max 65 years for salaried or retirement age , whichever is earlier and 70 years for self employed.
Loan foreclosure penalty - Means paying off the complete loan at one go. Most bank charges 2 to 3% of principal outstanding
part payment - means paying some part of loan.Most banks, charges no penalty.
3 documents are required for a loan to get disburse
Sanction letter: - Loan sanctioning is based on the financial documents,personal documents and past credit history of the borrower. Based on the information provided through these documents banks calculates the loan eligibility and decides on the loan amount.
Legal report: - In this complete chain of property documents , starting from allotment of the property till the last transaction , are required . Based on these documents legal report is made.
Technical report : - In this approved map by municipal authority is required .On map provided , physical verification of the property happens .While verification certain things are checked like area of property , usage of property(Residential or commercial) . Based on this report is made .
If all the 3 documents are approved by the bank , than disbursement documents are signed and cheaque is made in name of seller .
This complete process takes 15 to 18 days , subject to complete documents are provided by borrower