Banking Exam

Which of the following statements, in the context of a mortgage, is false?Select one:a. A mortgage is an agreement, which allows onlyimmovable property to be kept as security for theloan.b. A mortgage is an agreement, under which the borrower cannot rent out the mortgaged property,during the tenor of the loan.c. A mortgage is an agreement, which provides the lender, a claim over the mortgaged property. Incorrectd. A mortgage is an agreement, which allows the lender to seize or sell the borrower's property in case he defaults in his loan repayments.____________________­____________________­____________________­____________________­____________________­____________________­______________Himesh, aged 50 years, co- owns a property with his wife Vinita, aged 42 years. They mortgaged their property, with Wealth Bank for 15 years, withtheir son Aditya as a co- borrower. If the EMI for the loan comes to INR 50,000, are they eligible to get a loan? Consider the following: Wealth Bank has a maximum age limit criteria of 60 years, Acceptable DBR of 50%. Himesh earns INR 40,000 p.m., Vinita earns INR 60,000 p.m. with existing EMI payments of INR 10,000 and Aditya earns INR 80,000 p.m. with no existing debt repayments.Select one:a. Yes, they are eligible to get a loan as Himesh's and Vinita's income is sufficient to repay the EMI Incorrectb. No, they are not eligible for the loan as Himesh's and Vinita's income will not be sufficient to repay the loanc. Yes, they are eligible to get a loan, as Himesh'sincome need not be considered for repayment of the loand. No, they are not eligible, as Himesh will cross the maximum age limit____________________­____________________­____________________­____________________­____________________­____________________­___________Which of the following is not likely to be a credit evaluation criteria, for a PL?Select one:a. How long an applicant has lived in her current address Incorrectb. The age of the applicantc. The marital status of the applicantd. The current salary/income of the applicant____________________­____________________­____________________­___Which of the following is not possible in case of a Loan Against Property (LAP)? More than one option is correct.Select one or more:a. Mr. Shukla has taken a LAP for which he has been given a limit of INR 75 lakhs. 2 years later his limit was reduced to 65 lakhs, due to a drop invalue of the propertyb. Mr. Patel has taken a LAP from Smart Bank, with a limit of INR 90 lakhs. 5 years later his limit was extended to 1.15 Crores due to increase in value of the property. Smart Bank's policy for a LAP is a maximum of INR 1 crore.c. Arnab took a LAP of a limit of INR 80 lakhs. He withdrew INR 20 lakhs in the first year, INR 30 lakhs in the second year and repaid INR 10 lakhs in the third yeard. Kamlesh has taken a LAP against his house, worth INR 1.5 Crores, for 30 years Correct____________________­____________________­____________________­____________________­____________________­_____________Which of the following statements is unlikely, about a home extension loan?Select one:a. Rajesh has built the ground floor of his house, with a loan from Magic Homez, which is still outstanding. He now applies to GKC Housing Finance, for a loan to build the first floor. The loan is approved.b. Rajesh has built the ground floor of his house, with a loan from Magic Homez, which is still outstanding. He now applies to Magic Homez, fora loan to build the first floor. The loan is approved. Incorrectc. Rajesh has built the ground floor of his house, with a loan from Magic Homez, which has been fully repaid. He now applies to GKC Housing Finance, for a loan to build the first floor. The loan is approved. GKC places a charge, or lien, onthe entire property.d. Rajesh has built the ground floor of his house, with a loan from Magic Homez, which has been fully repaid. He now applies to GKC Housing Finance, for a loan to build the first floor. The loan is approved.____________________­____________________­____________________­____________________­____________________­____Your organisation has an unsecured FOIR cap of 35%, and a total FOIR cap of 60%. If an applicant has a gross income of INR 300,000 p.a, a car loanEMI of INR 12800 and is applying for a PL with EMI of INR 5200, would he be eligible?Select one:a. No, as his total FOIR is 72%b. Yes, as his unsecured FOIR is 2% Incorrectc. Yes, as his total FOIR is 6%d. Yes, as his unsecured FOIR is 21%____________________­____________________­______

Relaxation of upper age limit for bank po exams.....