How the interest will be calculated for home loans?
Interest will be calculated on the daily reducing balance.
How the bank will decide the amount I am eligible to avail?
The Deutsche bank will decide the loan amount on the basis of your repayment capacity and other factors like income, age, qualifications, number of dependents, assets, liabilities, savings history, stability and continuity of occupation.
Is there any special benefit offered to the home loan borrower?
Yes, Deutsche bank offers the borrower an exclusive insurance plan that can cover the loan in the face of any unforeseen event happening to the borrower’s life. In such foreseen events, the family of the borrower will have the support of the insurance cover to pay for the outstanding loan, without being burdened by the loan EMIs.
Deutsche bank has partnership with following – Birla Sun Life Insurance Company Limited, Max Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company and HDFC ERGO General Insurance Company Limited, to provide a better insurance policy to the home loan borrower.
Do I have to provide any security or collateral for the loan?
Yes, the security for the home loan is mandatory. Collateral security is not necessary; however, the bank may ask for one. The title to the property should be clear, marketable and free from any encumbrances.
What are the different phases involved in taking a home loan?
There are three main stages for home loan –
What does the disbursement process of a home loan includes?
Disbursement of home loans includes –
What does it mean by Amortization Schedule?
Amortization Schedule is a table giving the break-up of your loan amount by monthly instalments towards repayment interest and outstanding principal of your loan.
When will I receive income tax certificate and can I get separate certificates in the name of both the Applicant and co-Applicant?
Income tax certificate will be issued at the end of a financial year, expected to be receive in the month of April or May of every year during the loan period.
As per the current income tax rules, only one certificate can be issued for a home loan and hence one certificate will be issued in the name of both applicant and co-applicant.
How I get to know if my home loan application has been approved or rejected?
The bank will convey its decision in writing within a maximum period of one month from the date of receipt of application. Date of application shall be once complete set of documents and required details are furnished to the bank.