Margin money is the owner’s or the promoter’s contribution which is calculated as a percentage of the total project cost. In case of a loan, you have to gather this margin money amount before the loan sanction. Generally, financial institutions demand a minimum of 25% of the total project cost as margin money.
CIBIL (Credit Information Bureau (India) Limited) score is a three-digit numeric summary of your credit history. The score is derived by using details found in the accounts and enquiries section on Credit Information Report (CIR). CIR includes particulars of credit you’ve availed over time; such as home loan, automobile loan, credit card, personal loan, overdraft facilities. CIBIL score is one of the first checks by a lender, when evaluating your loan proposal.
A guarantor is an individual who guarantees to repay the loan and interest amount in case the borrower is unable to, or does not repay the same, on the due date.
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