• A DMA (Direct Management Associate) / DSA (Direct Selling Associate) is an intermediary between the borrower and the Bank, who negotiates the loan on your behalf.
• They will work out the various options which entail researching on the number of available products and then support you through the application and documentation process.
• They do not charge the borrower for their service as they are paid by the lender when the loan is disbursed.

• There are a number of benefits for choosing Money Mascots Consultancy Services Pvt Ltd, particularly with regard to the application process.
• Firstly, we analyze and zero-in the potential avenues for your loan requirement. We can search the range of loans available from multiple lenders very quickly to find you the right financial product for your needs.
• We also provide you with all the information you need, and will guide you through the process.
• Our services are at your door step and will continue till you occupy the property i.e., till the final tranche of your loan amount is disbursed to the builder / seller.
• All banks have different guidelines, and unless you are familiar with them, you can find yourself not getting a loan or choosing a wrong product. We orient our customers about the different banks and their corresponding guidelines.
• Your financial circumstances can evolve over time, so can the products and services available for you to choose from. You may want to fix part of your loan, refinance, or perhaps buy an investment property. We ensure that the right product is available to you at the right time.
• We are there to help you purchase your first home, but can also be valuable to you again in the future, be it helping you with information to finance your next home, buying an investment property, or refinancing your existing Home Loan.

Repo (Repurchase) rate is the rate at which Reserve Bank of India (RBI) lends short-term money to Banks against securities.
Reverse Repo rate is the rate at which banks park their short-term excess liquidity with RBI.

The Base Rate is the minimum interest rate of a Bank below which it cannot lend, except for cases allowed by RBI.

Floating Rates are fluctuating in nature and depend on the movement of Base Rate / RPLR rate, which in turn depends on Repo Rate / Reverse Repo Rate / CRR (Cash Reserve Ratio).

Floating Rates are linked to Base Rate / RPLR Rate and the margin or discount will be constant throughout the tenure of the loan. Fixed Rates are fixed throughout the tenure; however, at present, only semi-fixed products are available wherein the rate of interest will be fixed for a certain period of time and thereafter floating.

** Foreclosure fees are charged by banks for the tenure when it is fixed.

The maximum loan repayment period depends on factors such as the type of property and age of the applicant, details of which are given below:

• Maximum tenure for home loan (Resident Indians) – 20 yrs
• Maximum tenure for home loan (Non Resident Indians) – 15 yrs
• Maximum Tenure as per age (Salaried) – 58 yrs or Retirement whichever is earlier.
• Maximum Tenure as per age (Self Employed) – 65 yrs.
• Maximum Age of Property owner wherein income is not considered – 80 yrs

** Age mentioned is as on loan maturity.

Part payment and Foreclosure fees have been waived by HFCs as per direction received from NHB and most Banks have also waived Foreclosure fees.

Co-applicant is the second applicant for the loan who becomes a co-applicant for two reasons as mentioned below:

1. They are Owners of Property.
2. Their income is considered to arrive at Loan Eligibility.

** ALL co-owners have to be co-applicants for loan
** All co-applicants need not be co-owners.

Generally, the below matrix is considered for applicant and co-applicant:

1. Husband + Wife
2. Father + Son
3. Mother + Son
4. Brother + Brot

** There can be more than one co-applicant in the loan.

Balance Transfer or Refinancing your existing loan is the process of replacing or extending an existing loan with funds from a different Bank. When you change loan products with the same Bank, the process is often referred to as a loan switch or a loan re-negotiation.

The three main reasons many borrowers choose for Balance Transfer are to reduce their repayments, save on the interest charged, and/or change lenders in search of improved service quality.
You may also consider for Balance Transfer when:

• Your financial circumstances have changed and you want to move to a Bank that is well suited to your current needs
• Your fixed rate loan term is nearing the end of the fixed period
• You wish to roll several debts into one loan (debt consolidation)
• You want to increase the loan amount to buy an investment property, make property improvements, access funds for education, marriage etc.

Most banks/HFC have waived foreclosure charges to close home loans currently in variable / floating rate; however, fixed rate home loans and loan against property loans have foreclosure fees¬ -- 2% of the outstanding principal for home loans and between 2 and 5% for loan against property loans.

Loan Processing fees needs to be paid to the new bank which is intending to take over the loan. You are advised to have a check on periodic offers from banks waiving processing charges for Balance Transfer loans.

There are many factors that can influence the outcome of your refinanced loan. Interest rate is an obvious factor, but the costs to refinance (e.g. foreclosure charges, processing charges) may outweigh the savings achieved by a nominally lower rate. On the other hand, additional features such as Top-up loan, Extended Tenure may help give you extra savings, making Balance Transfer a prudent choice. The key is to crunch the numbers, but it is best to consult our home loan officer to help with your calculation.

Consolidating your debt can be a good strategy to keep your finances in order, but can turn out to be costly if not managed with care. Rolling short-term debts (such as your credit card or personal loan) into your mortgage may ease the immediate repayment pressure, but bear in mind that you are actually turning them into a long-term debt which means that you will likely end up paying more in terms of overall interest. You will be better placed to reap the full benefits of debt-consolidation when it is combined with a commitment to reduce your spending or make extra repayments.