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Frequently Asked Questions — Everything About Loans Answered
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info General Loan Questions
A minimum CIBIL score of 650 is usually required for personal loans, while home loans might require 700+ for the best interest rates. Lotus Financial also considers income stability and repayment history.
Typically, for personal and gold loans, approvals are instant. Once documents are uploaded and verified through our automated system, disbursement happens within 24-48 hours. Home loans may take 3-5 working days following successful property legal and technical verification.
Yes. Floating-rate loans carry no prepayment penalty for individual borrowers. For fixed-rate loans, a small prepayment fee may apply — please refer to your loan agreement.
house Home Loan Specifics
Identity proof, address proof, income tax returns for the last 3 years, salary slips for the last 3 months, and bank statements for the last 6 months. Self-employed applicants must additionally submit business proofs.
Yes. Under Section 24(b), you can claim up to ₹2 lakh per year on home-loan interest for a self-occupied property, plus principal deductions under Section 80C up to ₹1.5 lakh.
Absolutely. We disburse funds in tranches linked to construction milestones. Pre-EMI interest is payable until the property is fully ready.