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Housing Finance – Assess Yourself

Housing Finance – Assess Yourself

Ready to assess yourself ?

1. Which of the following provides home loan?

RBI

Credit Institution

Credit Bureaus

Credit Rating agencies

2. Which of the following does not lend home loans for residential properties?

Banks/ NBFCs

NHB

HFCs

Private insurance companies

3. You are likely to receive a better interest rate on a loan if you:

Put down a larger down payment.

Have a high credit score.

Select a loan that has a shorter loan term.

All of the above.

4. Timely repayment of loans results in?

Good financial reputation

Reduced stress

Easy availability of loan in future

All of above

5. A Defaulter of a loan means

Not paying loan instalments

Bad reputation

Illegal activities

None of above

6. Can a customer get a preapproved home loan before she finds a house she wants to buy?

Yes

No

7. Interest rates are generally lower for secured loans compared to unsecured loans. Because?

With a secured loan, the lender has a charge on the asset. If the borrower fails to pay, the lender can repossess the asset. This reduces lender risk, which is reflected in the interest rate for the loan.

Individuals who buy asset that can be secured under the terms of a loan typically have better credit scores.

Asset purchased with secured loans generally hold their value for a longer period of time than assets purchased with unsecured loans

Individuals who prefer secured loans generally earn higher income over the loan term and will have better repayment capacity.

8. Which of the following is not a characteristic of an "amortizing loan"?

You pay the same amount every month over the term of the loan

The amount you pay every month towards interest and the principal stays the same over the loan term

Over the loan term, the amount you pay for interest each month will decrease while the amount you pay towards the principal will increase.

You can repay the loan at any time during the loan term by paying the outstanding loan balance, plus any interest accrued from the first of the month until the date the loan is re-paid.

9. A loan amortization schedule shows:

The amount of principal and interest paid during each repayment period

All of the payments you've made while repaying a loan by amount and date.

The process and timetable for obtaining a loan from the time you fill out an application until your loan is approved.

How the loan amount actually increases over time if you don't make the full payment each month.

10. Which of the following is a legal tool used by lenders to recover loans from defaulters?

CICRA

CERSAI

SARFAESI

PMAY

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