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 | What is PLR / PTLR? |
| It is minimum lending rate at which credit line is offered to prime borrowers. This rate is also offered to certain loan schemes like the education loan sechme for all borrowes.
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| | When does PLR/PTLR change? |
| Under guidelines from regulatory authorities & at the appropriate time the Board changes the PTLR.
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| | Who can become a guarantor to a loan? |
| A credit worthy person acceptable to the Bank for the repayment of the loan in the event of default by the borrower can become a guarantor.
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| | Is it necessary that guarantor should be account holder of Cosmos Bank? |
| | What is margin money? |
| It is the contribution by the borrower towards the cost of project for which loan is applied for. |
| | What is a clean loan? |
| It is a loan where primary or collateral security is not inisted upon from the applicant of loan.
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| | Is an additional guarantor required for Housing Loan? |
| Yes, depending on merits of the case.
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| | Why insurance of house is required in case of housing loan? |
| It helps in recovery of bank dues, in case of untoward incidence and reduces the liability of the borrower to a certain extent. |
| | Is a housing loan available for purchase of land? |
| Only for purchase of land, it cannot be availed. However, purchase of land is allowed along with construction of house within 2 years, which is mandatory. It is a composite loan for land & construction of house. |
| | Is cost of stamp duty considered in the housing loan? |
| Yes, maximum upto Rs.1 Lakh
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