1.7 Loan Requirements

This topic describes the section of the application form where applicants provide information about the home being purchased and the loan itself.

In this step, you are required to specify information pertaining to the property for which you wish to avail the loan and also specify loan details such as the down payment amount, the amount you wish to borrow and the tenure of the loan.

Figure 1-10 Loan Requirements

Description of "Figure 1-10 Loan Requirements "

Note:

The fields which are marked as Required are mandatory.

For more information on fields, refer to the field description table.

Table 1-10 Loan Requirements - Field Description

Field Name	Description
Loan Details
Loan Purpose	The purpose for which the loan is being availed. If this field is a dropdown, the options are: Buy new home Construct home Home renovation Other Note: Depending on the maintenance in OBO, this field can be a dropdown or an input field.
Property Type	The type of property being purchased. The options are: Independent Villa Apartment Other
Property Location	The state and city in which the property is located.
Property Address Overlay	This overlay is displayed when you click on the Click Here link available under the Property Address field. On this overlay, you can enter the property address line by line or even select it on the map that is provided.
House/Unit Number	Enter the house number of the property.
Building Name	Enter the building name of the property.
Street	Specify the street address of the property.
Locality	Specify the locality in which the property is located.
Zip Code	Enter the zip code of the property.
City	The city in which the property is located.
State	The state in which the property is located.
Country	The country in which the property is located.
Current Market Value	The current market value of the property.
Down Payment Amount	The amount that you are willing to pay from own funds for the purchase of the property.
Loan Term	The tenure of the loan in terms of years, months, and days. Note: The loan term must be within the minimum and maximum allowed range defined at the product level. The units in which the loan term can be captured will depend on the maintenance for the same in OBO.
Loan Amount	The loan amount that you would like to borrow.
Interest Rate Type	The type of interest rate to be applied on the loan i.e. fixed or floating. Note: In the event that a single type of interest rate is defined for the loan product, this field will be designated as read-only, and the corresponding applicable interest rate type will be presented alongside it.

1. From the Loan Purpose list, select the purpose for which the loan is being applied, if the field is a drop-down.
   If the field is an input field, enter the purpose of the loan.
2. From the Property Type list, select the type of property for which you wish to avail the loan.
3. In the Property Location field, enter the name of the state and city in which the property is located.
   If you have clicked the Click Here link, the Property Address overlay is displayed.

   You can specify the property address as follows:

   1. In the House/Unit Number field, enter the house number of the property, if applicable.
   2. In the Building Name field, enter the name of the building/house, if applicable.
   3. In the Street field, enter the name of the street on which the property is located.
   4. In the Locality field, enter the locality in which the property is located.
   5. In the Zip Code field, enter the zip code of the property.
   6. In the City field, enter the name of the city in which the property is located.
   7. In the State field, enter the name of the state in which the property is located.
   8. In the Country field, enter the name of the country in which the property is located.
   9. Click Update to add the property address details.

      The Loan Requirements page displays the property address.

4. In the Current Market Value field, enter the current market value of the property along with the currency.
5. In the Down Payment Amount field, enter the amount that you will be willing to pay from your own funds towards the purchase of the property.
6. In the Loan Term lists and field, define the term of the loan in years, months and/or days.
7. From the Interest Rate Type field, select the type of interest rate you want to be applied on the loan.
8. Select the View Repayment Schedule option to view the loan repayment schedule in a detailed tabular form.

   Figure 1-11 Loan Repayment Schedule

   
   

   
   Description of "Figure 1-11 Loan Repayment Schedule"

   
   
9. Perform one of the following actions:
   • Click Continue to proceed to the next step in the application.
   • Click Back to navigate back to the previous step in the application.
   • Click on the Scan QR-code anytime to continue on mobile link to continue the application on mobile or tablet device.