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Domestic (Indian) Education
Educational Loans will be available for following students:
Indian students attending overseas colleges and
Indian students attending colleges in India
Educational Loan covers the following
All of the tuition fees as applicable for the college/University
Up to 100% of other expenses including
Living and hostel expenses
Purchase of books / equipments/instruments/uniforms
Purchase of computers / laptops considered necessary for completion of the course.
Travel fare restricted to one economy class return ticket between India and the country of study, if applicable
Borrower must be an Indian citizen and must be 18 years of age or older
Co-borrower(s) must be an Indian citizen
Co-borrower(s) must have a bank account in any bank in India
Confirmed admission in to the colleges before Educational Loan disbursement
Borrower and Co-borrower(s) must meet Banks/Financial Institution credit and underwriting norms as applicable from time to time.
It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
Guarantor/Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister(married) /Spouse, where such co-borrower's income would be considered in determining the loan eligibility. And property related to: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents also can be accepted.
Guarantor/Co-borrower's liability is co extensive with the Student;
Guarantor/Co-borrower(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of Bank/Financial Institution;
Minimum Loan Amount: Rs. 1,00,000 – Rs. 30,00,000
As per Income Tax Act 1961, under section 24, Interest on home loan to an extent of Rs. 150000 P.A is allowed as expenditure under the head “Income from House Property”.
In case home loan is take by two or more jointly then under sec 80C deduction is allowed on proportionate basis.
To increase the loan eligibility go for a joint loan. Combine your income with that your spouse or your parents.
Loans must not be taken for holidays, investing in stocks, weddings, buying expensive gadgets etc.
In case of Bad credit score take a short term loan (6 months) and repay it promptly and improve your score then.
Have the property insurance and buy loan protector life insurance for unexpected future risks.
Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
These ratios are expressed in percentage. FOIR includes all your fixed obligations including EMIs on your existing loans. IIR indicates the percentage of monthly home loan installment of the total income. These two ratios may vary based on actual salary details, years of experience, stability of income, professional qualification, future career growth prospects etc.
Apart from the above two mentioned parameters there is one additional and most important thing the Bank looks into is Credit History. Willingness to repay can be understood from ones past credit history and banking track.
Before selecting the Bank the following are the few points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream home.