79-Housing Loans

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Housing Loans for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

1. Which bank has the lowest interest rate for Home loans in India?

[A] SBI
[B] HDFC
[C] ICICI
[D] RBI

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2. What type of loan is a Housing loan?

[A] Unsecured Loan
[B] Secured Loan
[C] Corporate Loan
[D] Consumer Loan

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3. What is the meaning of the term Repayment Capacity?

[A] It is how much you pay in each EMI.
[B] It is the time in which one can repay Housing Loan.
[C] None of the options
[D] It is based on your monthly disposable income and other factors like spouse’s income, assets,

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4. What is an amortization schedule?

[A] It is a table that gives details of the periodic principal and interest payments on a loan and the
[B] It is convenient for borrowers who are in the beginning of their careers.
[C] It is the schedule at which commercial banks charge their customers who are most creditworthy.
[D] All of the Above

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5. What is the full form of BPLR?

[A] Beginners Prime Lending Rate
[B] Benchmark Primary Lending Rate
[C] Benchmark Prime Lending Rate
[D] Beginners Prime Lending Rate

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6. What is the full form of APR?

[A] Annual Priority Rates
[B] Annual Percentage Rates
[C] Amoritized Priority Rates
[D] None of the above

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7. On how much amount of interest repayment ,an income tax rebate is available in India?

[A] 1.5 lakh per annum
[B] 2 lakh per annum
[C] 3 lakh per annum
[D] 2.5 lakh per annum

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8. Which of the following committee has great role in forming a public grievance system for a customer suffering from grievances related to Housing Loans?

[A] Goiporia Committee
[B] Jilani Committee
[C] Mitra Committee
[D] Rangarajan Committee

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9. Which of the following best defines the Reverse Mortgage Loan Scheme?

[A] A reverse mortgage is a loan for seniors age 62 and older.
[B] These loans are secured over a residential property.
[C] These loans typically do not require monthly mortgage payments.
[D] All of the Above

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10. What is the repayment period for the Home loan for a NRI?

[A] 30 Years
[B] 40 Years
[C] 60 Years
[D] 65 Years

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