FAQ's

You need to approach a Apaar Source FinanceSource PrivateFinance Private Limited ,Limited, with the latest salary slips and TDS form 16 of the last two financial years of yourself and your co-applicant, if any. After going through the details of the documents will informally tell you the loan amount you are eligible for and the terms of the same. You need to submit the application form along with the necessary documents.

Yes of course, the applicant woman should be having a sound income and collateral base as per to the company’s policy, in case of absence of any co-applicant or guarantor.

Co-Applicants are the Co-Owners of the property in respect of whom the financial assistance has been sought. Usually joint applications are from: husband-wife, father-son or mother-son.

As the name implies you need to mortgage your property for availing this loan. This mortgage is equitable mortgage or registered mortgage, by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary.

The primary concern of the company in determining the loan eligibility is that you are comfortably able to repay the amount you borrow. Your repayment capacity is determined by taking into consideration factors such as income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history

TransUnion CIBIL Limited is India’s first Credit Information Company, also commonly referred as a Credit Bureau. They collect and maintain records of individuals’ and commercial entities’ payments pertaining to loans and credit cards. These records are submitted to them by banks and other lenders on a monthly basis; using this information a CIBIL Score and Report for individuals is developed, which enables lenders to evaluate and approve loan applications.

Market value of the property shall be assessed with the help of third party independent valuer.

Loans are generally provided for in the range of 50% to 75% of the asset value. The amount of loan varies from institution to institution.

Repayment period options range generally from 5 to 10 years. In special case ASFPLmay extent the tenure of the loan repayment.

Yes, you can pay your loan ahead of schedule after lock in period of 180 days.Howeverdays. However, it must be noted that ASFPL charges a fee for early redemption of loan if paidif paid from other sources of funds. In Case if it is paid from own sources then there will not be any prepayment charges.

It takes around 2-3 days for pre sanctioning the loan, if all documents are in order. Another 7-8 working days for valuation, legal and title search of the property.

Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds. The title should be clear and marketable.

Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rupees 2,00,000/- for the interest amount paid in the financial year and up to Rupees 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.

Any loan against a residential or commercial property can be used for both personal (like education, marriage, travel etc.) and business purposes. In fact, you can use it for anything other than speculative or non-prohibitive activities.

You repay the loan 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.

CIBIL Score is a 3 digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

CIBIL Score is a 3 digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

How can I improve my CIBIL Score?
You can improve your CIBIL Score by maintaining a good credit history, which is essential for loan approvals by lenders. Follow these 6 steps which will help you better your score:

• Always pay your dues on time: Late payments are viewed negatively by lenders
• Keep your balances low: Always be prudent to not use too much credit, control your utilization.
• Maintain a healthy mix of credit: It is better to have a healthy mix of secured (such as home loans, auto loans) and unsecured loans (such as personal loans, credit cards). Too many unsecured loans may be viewed negatively.
• Apply for new credit in moderation: You don’t want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.
• Monitor your co-signed, guaranteed, and joint accounts monthly: In co-signed, guaranteed, or jointly held accounts, you are held equally liable for missed payments. Your joint holder’s (or the guaranteed individual) negligence could affect your ability to access credit when you need it.
• Review your credit history frequently throughout the year: Monitor your CIBIL Score and Report regularly to avoid unpleasant surprises in the form of a rejected loan application.