 |
|
|
NRI FAQ's
|
| |
| |
|
Who can become guarantor to a loan? |
Any person ,known to bank and having worthiness to repay the loan of the borrower in case the borrower becomes defaulter, can become guarantor. |
| Top |
|
Is it necessary that guarantor should be account holder of Bank of Maharashtra? |
Not necessary but he should be known to the bank and be capable to repay the dues of the bank if the borrower becomes defaulter. |
| Top |
|
What is margin money? |
| It is the contribution by the borrower towards the cost of project for which loan is applied for. |
| Top |
|
What is a clean loan? |
| It is a loan where no primary or secondary security is taken by the bank.However, bank can insist for a guarantor for the loan. |
| Top |
|
Why insurance of house is required in case of housing loan? |
| It helps in recovery of bank dues, in case of untoward incidence and reduces the liability of the borrower to a certain extent. |
| Top |
|
Is housing loan available for purchase of land? |
| Only for purchase of land, it cannot be availed. However, purchase of land is allowed along with construction of house within 2 years, which is mandatory. It is a composite loan for land & construction of house. |
| Top |
|
Is cost of stamp duty considered for housing loan? |
| Yes, up to Rs 1 lakh |
| Top |
|
What is PLR ? |
| It is minimum prime lending rate at which credit line is offered to prime borrowers. This rate is also offered to certain loan schemes like education loan scheme. |
| Top |
| |
