10 terms that you must get familiar with.

  • Margin
  • When you take a loan, the home loan company will not put up the entire amount. It will only put up around 80% to 90% of the cost of your home. You will have to put in the balance 20% or 10%. Even if they go up to 95%, you will still have to put in the balance 5%. This amount is called the downpayment or the margin.
  • Resale
  • This is the term used when you are buying a home from someone who already owns it and is selling it. Hence it is referred to as a resale. It indicates you are not buying a brand new home straight from the builder or buying one currently under construction.
  • Credit appraisal
  • The home loan company will take a look at a number of parameters before a loan is sanctioned. Your savings, income, age, qualifications, nature of work and work experience are some of them. They will also look into how many loans you are currently servicing.
  • Pre-approved property
  • Many builders get their properties pre-approved by home finance companies. Generally, if a builder gets pre-approved by a number of players, it speaks well of the builder.
  • Equated Monthly Installments
  • An EMI is the amount of money you will have to pay every month in order to repay your loan. An EMI is an unequal combination of your loan amount (principal) and the rate of interest.
  • Disbursement
  • A full disbursement is when the entire cost is paid at one go; the home loan company hands over the entire payment to the seller. The cheque is disbursed (it is never in cash) only when you have submitted all the documents required and have made the downpayment.
  • Advance Disbursement Facility
  • If the house is still under construction, then a partial disbursement is made. However, in some cases, the home loan company may be willing to make the entire payment even if the construction is not complete.
  • Pre-EMI
  • When you buy a home that is under construction, the home loan company will not pay the entire amount to the builder. Payment will be made in stages. As construction is completed, payment is released. This is known as partial disbursement.
  • Offer Letter
  • Once the loan is sanctioned, you will get an offer letter stating a number of details. Loan amount Rate of interest Fixed/ flexible rate of interest Tenure of the loan EMI amount If offered under a special scheme, details of the scheme Any other conditions of the loan This letter does not mean the loan is yours. It only means the home loan company has agreed to consider you as one of its customers

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