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What are the fees and charges payable and when are they payable?
Processing fees and administrative fees, both payable upfront, are the charges payable to the Housing finance companies for sanctioning of housing loans. The processing fee (fees at the time of application) could range between 0.50%-1.00% of the loan amount applied for, and is generally levied to cover the costs incidental (legal/ technical appraisal, site inspection, stationery etc.) to the application. Once the loan is sanctioned, an administrative fee of 0.50%-1.00% of the loan amount sanctioned will have to be paid.

What are the types of Interest Rates?
i. Fixed Interest Rate
A fixed interest rate for Home loans is one where the rate charged by the Bank/HFC on the loan amount is constant over the tenure of the loan. A fixed interest rate protects the borrower from a rise in home loan rates. While on the flip side, he may not benefit if the market rates were to fall.
ii. Floating interest rate
A Floating interest rate for home loans is a loan where the interest rate which is payable is linked to some benchmark rate e.g. the bank’s prime lending rate. The interest rate payable by the borrower will also rise and fall as per the fluctuation in the benchmark rate.

What are Collateral Securities taken by the lenders?

Collateral securities are the additional securities taken by the lenders, which may be in the form of guarantee from one or two persons, assignment of life insurance policies, deposit of shares and units or other securities. These additional securities are taken so that if a loan is not paid back, recourse may be taken to such securities instead of depending upon the mortgage of the property, which is the last resort.

How to make a housing loan application?

One needs to submit the application form along with the necessary documents. On receipt of the application, the housing finance company will review it, ask questions wherever necessary and convey its decision to the applicant. The application can be made at any time after the applicant has decided to acquire/construct a property, even if the property has not been selected or the construction has not commenced.
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