Co-applicant
Co-applicant is the one whose income will also be included in enhancing your loan amount (provided the co-applicant meets certain conditions). Co-applicant can be your spouse/parents/brother/sister.

Period
You will be given an option to select your term of loan. Depending on your convenience, you can decide the number of years you want to repay your loan. The maximum repayment period is 20 years and should not extend beyond your retirement age or 65 years if you are self-employed, whichever is earlier.

Security
The primary security for the home loan shall be first mortgage of the home being purchased/constructed. It is in your interest to ensure that the title of the house is clear, marketable and free from encumbrances.

Prepayment
Yes, you have the option of prepaying the loan either in part or in full.

Repayment
Repayment of your loan will be in Equated Monthly Installments (EMIs), comprising of principal and interest calculated annually. The EMIs will commence from the month following full and final disbursement. The EMIs are payable every month and will be collected in the form of post-dated cheques or directly deducted from your salary by your employer. You even have a choice of paying your EMIs directly.

In case of part disbursal of the loan, a pre-EMI interest is payable till the full and final disbursal is made.

Repayment Period Options
Repayment period options range generally from 5 to 20 years.

Other costs that usually accompany a Home Loan
Home loans are usually accompanied by the following extra costs