Frequently Asked Questions
1. For which purpose can I avail loan? CBHFL provides loans for Purchase of property/flat/house. Loan for construction/Repair renovation and addition alterations of house/flat. Loans for furnishing of house. Top-up loan loans to meet any genuine needs. Loan Against existing property. Financing to builder for construction of housing projects. 2. Are loans permitted to NRIs? CBHFL provides user friendly loans not only to resident Indians but also to NRIs on very competitive terms. 3. Whether loan is permitted against mortgage of immovable property, for purpose other than housing? Yes, despite being a housing finance company, we do take care of our customers’ business needs and expansions. We do provide loans against mortgage of existing property in order to fulfill any genuine need of the applicant (other then speculation). 4. How can I calculate my eligible loan amount? To calculate loan eligibility taking into consideration the age, repaying capacity and period of loan required, a user friendly calculator can be downloaded from here. 5. How can I enhance my loan eligibility? If a person is not eligible to obtain a loan of desired amount, he can apply with additional co-borrower having regular source of income. Company will consider the regular income of co-borrowers also. 6. If I want to co-own a property with my family members, then will I be eligible for loan? Yes, you will be eligible to avail the loan for the property provided all the co-owners are made co-applicants in the loan. 7. What is the maximum loan tenure? CBHFL provides a very easy and comfortable repayment schedule to its borrowers helping them in fulfilling all their financial commitments. The maximum loan tenure is 20 years. 8. What is the maximum age for repayment of loan? The maximum age for repayment of loan of salaried class is 60 years and 65 years for self employed/professionals. Company also provides loans to pensioners upto the age of 70 years. 9. How can I repay my loan? The loan can be repaid by way of equated monthly installments (EMIs) through PDCs (post dated cheques) or through direct deductions from salary. 10. Can I prepay my loan? What are the prepayment charges? Yes, the loan can be prepaid. Pre-closure charges or pre-payment charges in case of clearance of liability ahead of schedule permitted are 2% of the O/s at the time of clearance. However no prepayment charges are payable if clearance is after three years from the date of first disbursement. Pre-closure charges at 3% on the liability outstanding on account of take over of liability by other financial institutions/Banks (other than employer) are to be collected in respect of all existing loans. 11. Can I convert my fixed rate of interest to floating or vice versa? Yes, facility of migrating from fixed to floating and from floating to fixed rate is available after paying nominal charges to the Company. 12. Is takeover of loans from other institutions being done? We takeover the loans from other institutions after assessing track record of account. 13. Whether Loan against existing property is permitted? Yes, we provide loans against existing property, which can be used for purposes other than housing also. 14. What documents are required to be submitted along with loan application form? List of documents given below for salaried and self employed, required to be submitted along with loan application form:
IF SALARIED / SELF EMPLOYED
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