Checklists

1. Fixed
a. Rate of Interest ______________
b. Truly Fixed [YES/NO]_________________
c. If revised, how frequent is it? _____________
d. Availability for 20 yrs ______________________
2. Float
a. Rate of Interest _________________
b. Availability for 20 yrs _____________________
3. Switching Cost
a. Number of times allowed to switch _____________
b. Cost for switching ___________________
4. Prepayment Charges _____________________
5. Foreclosure Charges ______________________
6. Amount Eligible _______________________
7. Monthly reducing Balance [Yes/No] ________________
8. Necessary Docs
a. _____________________________________________________
b. _____________________________________________________
c. _____________________________________________________
d. _____________________________________________________
e. _____________________________________________________
f. _____________________________________________________
g. _____________________________________________________
h. _____________________________________________________
9. Processing Fee /Login amount _____________________________
10. How many days will take to get processed ___________________________
11. Already taken a home Loan
a. Impact of the existing Loan _______________________________________________
12. Will the loan amount be immediately available after it is sanctioned [YES/NO] ____________
13. Will the loan amount be disbursed only after our consent [YES/NO] _____________________
14. Risk Coverage
a. Fire & Personal Accident Insurance
b. Risk coverage 3rd Party
15. Interior Loans
a. Things that can be covered like wardrobe, showcases, chimneys, AC, fans, geyser etc.,
b. Interest rate
16. Is it mandatory to complete the 15% initial payment before the disbursal of the loan starts?
17. In case of any issues like sudden government projects proposed on the evaluated site, can I cancel my loan? If so, the procedure.
18. In case after bank verification of the project is over and the bank finds that all the legal docs are in order along with the NOC for the project issued by the govt. suddenly one day the govt announces a project proposal that includes the evaluated site. So, the builders and the other owners of the site has filed a petition objecting the same. They also expect the proposal to be cancelled and a new NOC to be issued. In that case can I put my loan on hold?
19. I’m living in one state say, Karnataka. And I’m purchasing a house in another state say, Maharashtra. I have applied for the loan from your bank in the Karnataka branch. Now for the registration, the bank has transferred the first installment of the disbursal amount to your bank branch in Maharashtra. Due the above mentioned reasons (Q17, Q18) the registration gets postponed. And the bank has not actually disbursed the amount to the builder and the maount is still with your bank branch in Maharashtra. Will I be still billed for the Pre –EMI?
20. In case after the registration, if the builder runs off with the saledeed or loses it, how will the bank help me to retrieve/rectify the same?

Labels: bank, checklist, housing, loan