Frequently Asked Questions - Home Loan
Frequently Asked Questions
Find answers to all your queries related to Home Loan ranging from application procedure to eligibility criteria, interest rates, and documents required.
Will I have to visit a bank to get a Home Loan?
No, you do not have to visit the bank to apply for a Home loan. You can simply visit our website www.finmaket.in and apply online. Once you fill the form you will receive a call from our loan specialists to get further information about your requirements and check your eligibility criteria. If all the requirements are fulfilled we will provide you with the loan.
Can I repay the loan early?
Yes, you may repay the loan anytime. Some banks charge prepayment penalties that are outlined in the loan agreements. We help you sort all of this out while choosing a loan.
How to calculate EMI for a Home Loan?
Home loan EMI calculators are now a common online feature on the websites of most lenders. However, to manually derive the EMI, you need to apply the principal amount, tenure, and rate of interest in the traditional mathematical formula used for calculating EMI, which is as follows.
EMI = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Here, P stands for the Principal Amount, R for the Rate of Interest per month (which is, Interest rate per annum/ (12x100), and N refers to the number of monthly installments.
Can I decide the tenure for my loan?
Yes, you can decide the tenure of your loan based on your requirements. However, before deciding the tenure, you should carefully consider factors such as your age and income because they significantly influence your capacity to repay the loan.
I already have a loan. Will I still get a home loan?
This would depend on whether your income can take the weight of another EMI. Typically, if you have a smaller loan for which the monthly payment is not very high, and in addition to it you can afford the EMI of a home loan, lenders may still approve your loan. However, if your liabilities are high, and if your income cannot support another loan, chances are that your application will be rejected.
I am an NRI. Can I get a Home Loan in India?
Yes, NRIs are eligible for a home loan in India. A number of leading lenders offer tailor-made home loan schemes for NRIs with exclusive interest rates and certain special terms and conditions.
What are the eligibility criteria for NRI home loans?
An NRI applicant should have a valid Indian passport and should be a person of Indian origin. Besides this, they should be employed, with a minimum job experience of 2 years.
I have a question which is not listed here; what do I need to do?
Our loan specialists are here to help you, please feel free to contact our customer representative at 1800 572 2132. If you have a more pressing matter to discuss, feel free to visit our branches.
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