Frequently Asked Questions

Which bank will give the best ROI ?

Rate of Interest (ROI) depends on factors such as CIBIL score, income, age etc. If you match all the norms, we can provide the lowest rate available in the market. Currently, the lowest rate prevailing in the Market is 8% per annum, subject to all the conditions being matched.

What are the factors that primarily affect loan eligibility?

Loan eligibility primarily depends on the following factors:

  1. Cumulative net monthly income of the applicant and co-applicant.
  2. Quantum of loans and credit card outstanding that you already have.

Typically a bank will not give a loan if the total EMI obligation (including the current home loan you are trying to apply for) exceeds 60-70% of your full net take-home salary.

My loan got rejected even though I have a decent income?

The final decision to grant a loan lies with the credit department of a bank. There are many reasons why a bank may reject your home loan request. Income is one of the eligibility criteria. Other issues include

What is the difference between Pre Closure & Part Prepayment?

Pre-closure means a customer wants to close the principal outstanding amount in one go. On the other hand, part payment means a customer wants to repay only a specific portion of the due amount. Please ask our advisor for more details when your loan is processed

Is Pre-Payment or Part Payment allowed in a loan?

Yes, home loan pre-closures are allowed without extra charges as long as the mode of repayment you have chosen is the Floating rate of interest and not a fixed one. In the case of part payment, some banks may restrict the times you can make a part payment per year and the amount you can partly pay in a year. Please connect with our financial advisors or the bank’s loan advisor to clarify all these factors before signing the loan document.

How long does it take to avail of a Home loan?
At Delta Finserv, we work with the banks to try and get you the loan within 7 to 15 working days of submitting completed documents.
What are the documents required for the home loan?
The applicant and the co-applicant need to provide the following documents:
  • Identity proof (PAN card)
  • Residence proof
  • Last three months salary slip
  • Last six months bank statement
  • 2 Passport size photographs
  • Form 16
  • Property documents
  • Receipts for initial down payment
These are indicative lists, and more documents can be required depending on the bank you decide to go ahead with for getting a home loan.
What will happen if I miss an EMI payment or there is an ECS bounce?
If a borrower misses an EMI payment or there is an ECS bounce, the bank will levy certain ECS bounce charges/penalties. In addition, it will get reported in the credit report. Depending on the severity of the default, it can severely impact your future credit possibilities like a home loan, car loan etc. Also, the banks can take legal action against the borrower.
How much loan can I avail?
To determine how much loan you can avail, you can combine your and your spouse’s or children’s earnings. The combined income will give you a rough idea to help you decide on the borrowing limit. The easiest way to learn about your home loan affordability is to visit aurumkuberx.com and use our home loan affordability calculator.
Is a co-applicant mandatory while applying for the loan?
No, a co-applicant is not mandatory. But as per the guidelines issued by RBI, all the registered owners on agreements need to be on a loan structure.
Does cibil score affect my rate of interest
Yes, your CIBIL score will affect the rate of interest you can avail. It is recommended to improve your credit or CIBIL score to avail better rate of interest and get quick loan approval.
What is a floating rate home loan?
If the interest rate on a loan varies periodically over the loan tenure, it is called a floating-rate home loan. Lenders have their own base rate, which determines the rate of interest charged on a home loan. Banks’ base rates are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.
What is a fixed-rate home loan?
A fixed-rate home loan is offered at a predetermined interest rate during the loan period, which remains unchanged during the loan period, irrespective of market conditions. This can be a huge benefit when market volatility starts affecting interest rates. For instance, if the RBI increases interest rates on loans, then people with a fixed-rate home loan will not be affected by any increase or decrease in the market interest rates, and the EMI amount will remain unchanged. This type of home loan is less popular these days. Fixed-rate home loan charges come with foreclosure charges.
What are the critical charges associated with a home loan process?
The charges associated with a home loan process are
  • Processing Fee:
When applying for a loan, a fee is paid to the lender, known as a processing fee. The amount paid could be either a percentage of the loan amount or a fixed amount paid instead of carrying out the loan sanction formalities.
  • Stamp duty:
When applying for a loan, a stamp duty of 0.30% of the loan amount is to be paid at the time of disbursement to the government.
  • Notice of Intimation:
A ‘Notice of Intimation (NOI)’ is a notice which is a part of the home loan registration process. It is submitted to inform the registrar’s office regarding the disbursement of a home loan.
  • Miscellaneous charges:
Documentation, Legal & Technical charges, and credit bureau report issuance charges are generally considered miscellaneous charges by a few lenders.
Why should I apply for a home loan on Delta Finserv?

When you log on to the home loan section of Delta Finserv, you can apply for a home loan in minutes by following a few key steps:

  • Find out the various lenders who would be interested in providing you with a home loan based on the loan amount, income level and related criteria provided by you.
  • Compare the home loan offers based on factors such as interest rates, processing fees and other relevant factors.
  • Just choose and click to apply for the home loan with the specific provider with the click of a button.
  • Subsequently, your prospective expert advisor will contact you to get supporting documents and complete other formalities.

Delta Finserv simplifies comparing and choosing home loans, helping you save time and effort.

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Delta Finserv is your comprehensive one-stop solution for all your financial aspirations. Explore the possibilities with us and let your financial future flourish.

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