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Prashant (Engineer)     29 March 2011

Home Loan- Own Funding Definition

Dear Sir,

 

What is the meaning of "own funding" when you go for home loan and bank say they do not charge for Part- payment if made from own funds. Can a wife's money can be used to make a part-payment without paying extra 2-3% even if loan is availed alone, (No joint loan with wife).

Regards,

Prashant



 2 Replies

kumar (NIL)     06 April 2011

Hey Prashanth,

If the co-applicant is your wife in your loan, then you can through any of your accounts. There will no charges if the co-applicant is wife. And you asked about " Own Funding " ????????? The answer is there itself in question. It's your OWN FUNDS..... tht's it...

Mandip Abhra (Marketing Manager)     27 May 2011

 Own Funding means... no external funding....just your money only....no money from outside resources!!!


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