Apply for - Home Loan, Loan Against Property
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Take benefit of our EMI calculator to check affordability of your Home Loan EMI
Home is a dream place for every person where he relaxes and spends beautiful moments with loved ones. It is a big financial decision to buy a house and comes with a great responsibility. It is among the toughest decision one can ever make and needs a lot of financial support. Lending money from a bank is the simplest and secured way to finance your dreams.
Home loan is basically a secured loan. Secured against the value of property, the property can be personal or commercial type. There are a number of banks and NBFC’s that lend money for housing purpose. It may be for any purpose either from constructing a brand new house to renovating old one. Home Loan Balance Transfer Facility is available for customer to reduce the burden of increased interest rate.
Types Of Home Loans
The Housing Finance Companies (HFCs) now offer individual various alternatives to choose from while buying a Home Loan. The availability of Home Loans offered varies as customer requirements.
Home Purchase loans: A Loan borrowed for the purpose of purchasing a new home. That may be for buying a flat in a society or purchasing an already built house.
Home Construction Loan: Home Loans can be availed for the construction of a new home. If a borrower start constructing his house and he would purchase a plot within a year, most HFCs will include the cost of land as a component to value the whole cost of the property.
Home Improvement Loan: This loan is required for implementing housing renovations and repair works that have already been purchased by a borrower. It may be lend for internal works like tiling and flooring, plumbing, electrical work, painting or external works like structural repairs, waterproofing, etc.
Home extension Loan: A Loan helps borrower to meet the expenses for any modification to the existing house like addition of an extra room or an upper storey etc.
NRI Home Loans: It is meant to fulfill the financial needs of Non-Resident Indians who wish to construct or purchase a home or other commercial property in India.
Home Loans are available for other purpose like Home conversion loans, Land purchase loans, Stamp duty loans, Bridge loan and Refinance Loans.
Home Loan Process
Home Loan Eligibility
While computing home loan eligibility, banks take into account the age of the applicant, their salary, repayment/credit history, savings, profession, location of property, and other debts. Some professions are categorized as risky by the lenders while some jobs fall in the preferred list. As a thumb rule, the EMI for your home loan must not exceed 40 percent of your gross monthly income.
Basic Eligibility Criteria:
*Special Note: We do not provide home loan or loan against property on B Khata Property.
Most importantly, all Home Loan deals agreed and supported by relevant papers. Self employed and salaried require different documents to support the deal. Before signing the Home Loan documents, recheck all terms and conditions.
A customer must understand and agree with each of the clauses in the documents. Do not sign any blank documents.
For Salaried customers:
Home Loan Interest Rates
Before applying for a home loan, know the rate of charges, penalty or fee charged by your lending company or bank for default in monthly EMI. Know the processing charge and in case a person decide to switch their loan from current lender to a new lender, current lender will charge penalty or fee for pre-closure of your loan.
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