Home Loan Flashcards
(21 cards)
Maximum loan to repairs / renovations
Lowest of : Loan applied / 20% of realizable value / Rs. 50 lacs. (which ever is lowest)
What percentage of the agreement value can be added for furnishing and interiors to the cost of house/flats?
25% of Agreement value without any monetary ceilings.
What is the maximum loan amount for repairs/renovations?
Lowest of:
* Loan applied
* 20% of realizable value
* Rs. 50 lacs (whichever is lowest)
What is the minimum age to avail a home loan?
Over 18 years of age with a steady source of income.
What is the maximum age limit for availing home loans?
70 years, with exceptions:
* 75 years for Privilege & Shaurya HL, Apon Ghar & Shaurya Navy
* 65 years for Realty loan
* 60 years under NRI HL.
What is the maximum tenor for home loans?
Up to 30 years, subject to liquidation before the borrower reaches the age of 70 years.
If a co-applicant is not a property owner, how should they be categorized in RAAS?
They should be made the primary borrower.
What is the term for the difference between the loan sanctioned and the project cost?
Margin Money.
What must be provided as evidence of margin money payment?
Evidence of payment to builder/architect.
What is the policy regarding breaks in service during the last two years?
No deviation required for breaks up to 3 months.
What is the threshold amount for loans requiring verification of Form 26 AS and bank statements?
Rs. 1 Crore.
True or False: Any disproportionate variation in non-salaried customer income, say more than 20%, should be examined judiciously.
TRUE
Who must verify the ITR if submitted on the same date for the last two years?
DGM (B&O).
Is an audited balance sheet mandatory for businessmen with sales between Rs. 1 Cr and Rs. 10 Cr?
No, it is not mandatory.
What is the EMI/NMI ratio calculation policy for under construction projects?
EMI towards existing loan accounts with residual tenure not exceeding 6 months will be excluded.
What is the maximum LTV ratio allowed?
<=90%, <=80%, <=75% of realizable value.
True or False: The bank reimburses the cost of land already purchased.
FALSE
What should be obtained if Form 16 or ITR of the last two years are not available?
Form 26AS.
True or False: Other incomes appearing in salary slip or IT Returns can be included in salary income.
TRUE
True or False: NOC from employers is required for employees seeking home loans.
FALSE
What is the processing fee applicable for home loans?
0.35% + GST / minimum Rs. 2000/- Max - 10000 + GST.
