The following elements are mainly what determine loan eligibility:

•  The applicant’s and the co-applicant’s net monthly income.
• The amount of debt you currently have on credit cards and loans. A bank will often deny your loan application if your total monthly payments (including the one on the house loan you already have and the one you’re attempting to refinance) exceed 50–60% of your gross income.
• A 75% loan to asset value (LTV) ratio indicates that the consumer must come up with the remaining 25% in savings or some other kind of funding.

The credit department of a bank makes the final judgement about loan approval. The following are a few causes for loan denials:

A bank might not be satisfied with your current leverage levels relative to your pay level because you are already operating many loans.

Possible Solutions:

a) If your spouse works, you can add her as a co-applicant to increase the combined salary levels;

b) Try to pay off some of your debt to reduce your leverage levels;

c) Do a balance transfer/debt consolidation/re-finance of your existing loans so that the rate of interest on loans can also decrease and additional loans can be provided.

Issues with your credit history as seen in your CIBIL and Equifax reports are a potential problem.

Possible solutions include:

a) Trying your application with a different bank that could be more understanding of the variance if the problem is a tiny one, such as a slight delay in paying a credit card bill.
b) We will present the argument to the bank and work to persuade the credit team if you believe the credit report is inaccurate and you have adequate documentation proof.
c) Getting a loan could be challenging if the problem is a big one, such as a write-off, the payment of any past dues, etc. If you, your spouse, or your parents own a home in India, for example, certain banks may feel more comfortable approving your loan application.

Possible Problem: Most banks use internal credit criteria to assess loans; these criteria are kept private and are not shared with us. These internal evaluations consider a number of demographic, monetary, and credit factors. There’s a chance that you didn’t meet the requirements for getting a loan.
Finance might be a solution. Palladian Financial Advisors can re-apply for your loan with 40+ Bank that we are tied up with.

Unlike personal loans, every bank has a fixed interest rate for all clients, which does not change across clients. The Fixed interest rate will be somewhat more than the Variable interest rate. Thus, it depends on the choice you choose.

Palladian Financial Advisors will work with the banks to try and get you the loan within 7 to 10 working days of submitting completed documents.

The applicant and the co-applicant needs to provide the following documents:

• Identity proof (PAN card)
• Residence proof
• Last 3 months salary slip
• Last 6 months bank statement
• 2 Passport sized photograph
• Form 16
• Property documents
• Receipts for initial down payment

      This list is illustrative; more papers may be requested depending on the bank.

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A client who requests a “pre closure” intends to pay down their whole principle balance in one lump sum. When a consumer makes a partial payment, they are just paying back a fraction of the total owed. When your loan is being processed, feel free to inquire with our adviser for more information on this.

Yes! You can avail a home building loan to build your own house. A house building loan is issued in 3 to 5 stages.

To qualify for a house loan, you must have a credit score of at least 650.

When there are two applicants for a loan, the senior applicant’s age will be taken into consideration when you apply for the loan.

Two friends can take Loan only some banks do this kind of loans. We have already done this kind of loan we can easily arrange this for you

The minimum age is 18 and maximum age is 60 between this age a person can take loan

According to RERA regulations, 10% down payment, stamp duty, and any additional property-related costs must be paid when purchasing a home. A bank will grant you a loan up to 90% of the amount of the agreement, and some banks will also provide GST-related property.

1. Notice of Intimation (NOI) is a part of the home loan registration process. It is submitted in order to inform the registrar office regarding the disbursement of a home loan.
2. Franking charges are to be paid to the authority for stamping your paper. The charges are usually 0.1% of the total purchase. In other words, franking charge is a fee that has to be paid to the bank or agency, for stamping the property papers that serve as a legal proof of payment of stamp duty.

The processing fees vary bank to bank.