What is the maximum amount I can borrow?
Ans : The maximum amount that you can borrow depends on factors such as: The purpose of the loan. Whether it is for purchase of property or improvement or renovation. Or purchase of land for development etc. Besides, your residential status (whether resident Indian or Non-Resident Indian) will also be significant on the maximum quantum of loan that you can borrow. Typically Home Loans are provided for in the range of 70-85 % of the cost of the property, including cost of land.
The maximum amount you can borrow will be determined by 2 factors. Your capacity to pay and your overall point score, and a Lenders products and policy. Unsecured Personal Loans. Unsecured Personal Loans are often capped at $40,000, with some Lenders going to $50,000. The maximum limits are generally only given to borrowers that are assest backed; i.e. are home owners or have equity in their mortgage, or applicants that are strong in their overall score, taking into account all other factors, like credit history past and present, stability in residence and employment, savings etc. If you are looking at debt consolidation, the facilities you wish to payout like credit cards,store cards, and personal loans, need to have been paid on time, for personal loans; atleast the most recent 6 months, and credit cards the most recent 3 months; and without exceeding the credit limit either. Secured Personal Loans, or Car Loans. Secured Personal Loans generally has a maximum of $80,000 and again the
generally speaking, you can borrow a maximum of 80-85 per cent of the cost of the property (this includes stamp duty and registration charges). however, do remember that this limit is also linked to your paying capacity. usually the installment-to-income ratio (iir) ranges between 25-50 per cent. yet another factor would be the upper ceiling on the amount that the hfc itself can lend.
