According to most lending institutions, any Indian resident who is over 21 years of age at the beginning of the loan and below 65 at its maturity can avail of the loan. Salaried employees as well as Self-Employed citizens can apply. NRI Salaried and NRI Self-Employed, under RBI guidelines, can approach only nationalized banks and other HFCs for loans.

Interest rates range between 10.5% to 12% and vary depending on the loan amount and the period of repayment. However interest rates differ from institution to institution.

When you avail a loan it is repaid in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement or from the time of possession.

Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement upto the date of commencement of EMI.

Yes. Loans can be pre-closed for a nominal charge before the termination.

If you are an individual - your spouse, your parents, or even your children can be your co-applicants and their incomes can be clubbed with your income to enhance the amount of loan you are eligible for. It makes sense therefore, that the co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property. If you are a partnership or a private limited company, any one of the directors or partners can be your co-applicant.