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

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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...