Question 1

Purpose

Accepted Answer

This loan may be used for any of the following purposes:   Purchase of a new or used home or apartment Purchase of a new site as well as self-construction of a residence Building a house on a previously owned property Add a room, create more space, or add a floor to your current home with a home extension. Loan consolidation

Question 2

Eligibility Criteria

Accepted Answer

The requirements that you must follow when applying for a house/housing loan are known as home loan eligibility criteria. You may use the JBFC Finance Eligibility Calculator to determine your affordability before applying for a house loan.   At the time of loan maturity, the customer must be over the age of 21 but not over the age of 65. The borrower must have a bank account. Borrower must live in a city where JBFC's Office is located. A guarantor is not required. Any owners of the property being financed, as well as all persons whose income has been evaluated for the loan, must be co-applicants.

Question 3

Documents Required

Accepted Answer

To get started, JBFC requires the normal KYC papers as well as completely completed application forms.   Completed application form with all essential information. Identity documents such as a Pan Card, Voters ID Card, or Passport are acceptable forms of identification. Address evidence, such as a utility bill or ration card Documents proving income, if available. Bank statements or a bank pass book Property documentation, if the property has been identified.

Question 4

Maximum Repayment Period

Accepted Answer

JBFC offers a maximum home loan duration of 20 years. The longer the loan term, the cheaper the EMI, making a 15-20 year loan quite appealing. However, it is better to take out a loan for the shortest possible period of time. The interest outgo on a long-term debt is too expensive.