Home Loans PKT- July 2015-PRE

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| By VirenS

VirenS

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Quizzes Created: 3 | Total Attempts: 116

| Attempts: 19

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1/10 Questions

Base Rate is the minimum rate below which banks are not permitted to lend barring certain exceptions.
- True
- False

About This Quiz

This quiz assesses knowledge on home loans, focusing on regulatory aspects, tax benefits, and loan-to-value calculations as of July 2015.

2.

Property value is 40,00000 and lender is giving loan of 36,00000. The LTV will be
- 90%
- 80%
- 75%
- 95%
Correct Answer

A. 90%

Explanation

The loan-to-value (LTV) ratio is calculated by dividing the loan amount by the property value and multiplying by 100. In this case, the loan amount is 36,00000 and the property value is 40,00000. Dividing 36,00000 by 40,00000 and multiplying by 100 gives us 90%. Therefore, the correct answer is 90%.

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3.

Recording statement can be mentioned at the end of the call.
- False
- True
Correct Answer

A. False

Explanation

The given answer is "False". This implies that the statement mentioned at the end of the call is not a recording.

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4.

Stamp duty & Registration charges are funded by ___________.

Correct Answer
HFC
BPLR
FOIR
Credit Union

Explanation
Stamp duty and registration charges are funded by various sources such as Housing Finance Companies (HFCs), Basic Prime Lending Rate (BPLR), Fixed Obligation to Income Ratio (FOIR), and Credit Unions. These entities provide financial support to individuals or organizations for the payment of stamp duty and registration charges.

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5.

As per Income Tax Act one can claim tax benefits under section
- 24
- 44
- 90
- 34
Correct Answer

A. 24

Explanation

Section 24 of the Income Tax Act allows individuals to claim tax benefits on the interest paid on home loans. This section allows for deductions on the interest paid on loans taken for the purpose of acquiring, constructing, repairing, or renovating a house property. Therefore, the correct answer is 24.

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6.

Both borrowers get Tax benefit in Co-Applicant Loan scenarios.
- True
- False
Correct Answer

A. True

Explanation

In a co-applicant loan scenario, both borrowers are eligible for tax benefits. This is because both borrowers are jointly responsible for repaying the loan, and therefore, both can claim deductions on the interest paid on the loan. The tax benefits can help reduce the overall tax liability for both borrowers, making it a favorable option for individuals seeking financial assistance.

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7.

For self employed customers _____ years of Balance sheet is required for Home Loans.

Correct Answer
2
two
Two
TWO

Explanation
For self-employed customers, two years of balance sheet is required for home loans. This means that individuals who work for themselves and do not have a fixed income from an employer need to provide their balance sheet for the past two years as part of the documentation required for obtaining a home loan. This helps the lender assess the financial stability and creditworthiness of the self-employed individual before approving the loan.

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8.

The ___________ is the difference between the cost of the property and the loan amount approved by the lender
- Down Payment
- Partial Payment
- Half Payment
Correct Answer

A. Down Payment

Explanation

The down payment is the amount of money a buyer pays upfront towards the purchase of a property. It is the difference between the cost of the property and the loan amount approved by the lender. This payment reduces the loan amount and demonstrates the buyer's commitment to the purchase. A higher down payment can result in a lower loan amount, lower monthly mortgage payments, and potentially better loan terms.

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9.

Full form of LAP is
- Loan Against Property
- Loan Available on property
- Loan Acceptable property
Correct Answer

A. Loan Against Property

Explanation

The correct answer is Loan Against Property. This term refers to a type of loan where an individual can borrow money from a financial institution by keeping their property as collateral. The borrower can use the property as security to obtain a loan for various purposes such as business expansion, education, or medical expenses. This loan is considered less risky for the lender as they have the property as a backup in case the borrower defaults on the loan.

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10.

Father and _________ Daughter relationship can be considered for Co Applicant Loans
- Unmarried
- Married
Correct Answer

A. Unmarried

Explanation

Co-applicant loans typically require a strong financial relationship between the individuals involved. In the case of a father and unmarried daughter, they may have a close bond and a shared financial responsibility, making them suitable candidates for a co-applicant loan. However, if the daughter is married, her financial obligations may be primarily tied to her spouse, making it less likely for her to be considered as a co-applicant with her father.

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Apr 14, 2023

Quiz Edited by
ProProfs Editorial Team
Jul 21, 2015

Quiz Created by
VirenS

Home Loans PKT- July 2015-pre

Base Rate is the minimum rate below which banks are not permitted to lend barring certain exceptions.

Quiz Preview

Property value is 40,00000 and lender is giving loan of 36,00000. The LTV will be

Recording statement can be mentioned at the end of the call.

Stamp duty & Registration charges are funded by ___________.

As per Income Tax Act one can claim tax benefits under section

Both borrowers get Tax benefit in Co-Applicant Loan scenarios.

For self employed customers _____ years of Balance sheet is required for Home Loans.

The ___________ is the difference between the cost of the property and the loan amount approved by the lender

Full form of LAP is

Father and _________ Daughter relationship can be considered for Co Applicant Loans