HOME LOAN

HOME LOAN DETAILS

Home Loan is a mortgage facility offered by lenders to borrowers for various housing needs such as the purchase of a new home, under-construction home, land, or plot for building a house or renovating an existing home. This facility is provided at an interest rate starting from 6.70%* p.a. and a tenure that is up to 30 years.

 Housing is one of the most basic needs for humans along with food and clothing. Every youngster strives to build a house and makes it the first priority. This is preferred over other expenditures in household and basic needs. Housing is a major investment that allows a family to cut down on many other expenditures. The potential homeowner must first look out for the family’s monthly income and then look out for a loan that is generous so that he need not spend his entire life repaying the loan.

 It is a much known thing that if you own can land, then it is easy to build a space for yourself that is comfortable and unique. Several home loans are now available from various banks in order to fulfill your dreams. Plot Loans or Land Loans are also available in a varied range like loans for plot, construction, renovation, etc. it provides robust service which includes fast approval of loans. Lenders make sure that they provide high standards of principles, integrity, and simplicity. 

HOME LOAN TYPES

Home Construction Loans

Home loans are given to those people who are likely to build a new house in the way they desire instead of buying a property that has been already constructed. The process in which home construction loans are obtained is slightly different from that of the common loans provided for housing. When applying for home construction loans the borrower must have an idea of the cost that will incur and apply for the loan accordingly. House construction loans in most cases are easy to obtain once the borrower provides the necessary documents to support his claim.

 House Purchase Loans

One of the most popular and commonly availed loans would be home purchase loans. These loans are used when a person buys a property from another owner. It is also necessary to take adequate care in buying properties from another owner. The loans are given on both fixed and floating interests or even as hybrid loans. These kinds of hybrid loans are the ones that include floating interests and fixed interests combined in an ideal way. Almost all the banks give out home purchase loans. This loan includes a little elaborate process when compared to home construction loans.

 House Improvement Loans

House improvement loans are those that are provided when a property has to undergo renovations and other repair work. The kind of expenses that are covered under this include painting works, repair works both internally and externally, electrical work, plumbing works, waterproofing the house, and also when constructing underground tanks or overhead tanks.

NRI Home Loans

For the application of NRI loans the applicant must be of a minimum age of 25 years and the age limit would be 60 years. The applicant must be working abroad at least for a period of 1-3 years. Only a person holding a degree or diploma, graduate, postgraduate, or any kind of professional degree is eligible. The loan is provided for a maximum of 20 years of tenure and no loans will be provided for office premises. 

House Extension / Expansion Loans Expansion for homes are given out when people tend to expand or extend their present house. This includes the addition of an extra bedroom, living room, a bigger bathroom a new floor, or a space for a balcony. It is nothing but a modification in the structure of a house.

 House Conversion Loans

These are the loans that are provided to such people who wish to move into another home with the existing loan. If in case the person wants to move into a new place they have an option of moving by paying some extra amount or pre-payment on the prior loan. When this is done there is no need to pay a loan for the previous home. 

Loan eligibility is dependent on primarily the following factors:

Cumulative net monthly salary of the applicant and co-applicant.

1. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current home loan that you are trying to apply for) exceeds 50-60% of your total net take-home salary.

2. Loan to asset Value (LTV) ratio of 75% which means that the customer has to fund the remaining 25% through his savings or any other source.

REQUIRED DOCUMENTS FOR HOME LOAN (SALARIED)

· PAN CARD
· ADHAR CARD
· ADDRESS PROOF
· 3 MONTH SALARY SLIP
· LAST 6 MONTH BANK STATEMENT
· 2 YEARS FORM 16
· OFFICE ID CARD
· PHOTO
· PROPERTY PAPER /ALLOTMENT LATTER COPY
· 1 CHEQUE 6K( FOR LEGAL VALUATION)

 REQUIRED DOCUMENTS FOR HOME LOAN (SELF EMPLOYED)

· PAN CARD
· AADHAR CARD
· ADDRESS PROOF
· 3 YEAR ITR WITH FINANCIAL
· LAST 1 YEARS BANK STATEMENT OF ALL ACCOUNT
· GST REGISTRATION
· GST RETURN LAST 1YEAR 3B GSTR
· 3 YEAR OLD BUSINESS PROOF REQ
· OWNERSHIP PROOF REQ
· PHOTO
· NOMINI PAN CARD ,ADHAR CARD ,PHOTO REQ
· PROPERTY PAPER /ALLOTMENT LATTER COPY
· 1 CHEQUE 6K( FOR LEGAL VALUATION

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