Loan For Home

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All About Loan For Home

Loan For Home : Dialabank.com Helps You To Find The Most Suitable Offer

Loan For HomeLoan for Home Personalised Service: Our trained Relationship Managers will understand your requirements and your profile and will help you to find the most suitable Loan for Home offer.

Loan for Home Rate Comparison : We help you understand the details of all costs involved in taking a loan for home and help you find the Cheapest Offer.

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Loan for Home Research : Get Benefits from our detailed research on all the products from the leading loan for home players in the market and make the right choice.

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Unbiased and Transparent Search :Our objective is to simplify your loan for home search and we provide information in an unbiased and transparent manner.                                                                                                                                                                       


 

Find The Right Loan For Home Offer With Help of www.dialabank.com

  1. Online : Fill in your loan for home requirements in the online application form and our trained Relationship Manager will contact you with the best loan for the home offer basis your profile.
  2. Dial “60011600” and get the personalised service of a trained Relationship Manager who will help you with your loan for home requirements

Types of Loans For Home

The Housing Finance Companies (HFCs) now offer individuals with various alternatives to choose from while buying a loan for home. And the availability of loan for homes offered is as varied as their requirements.

Home Purchase loans: This is a basic type of loan for home for the purchase of a new home. This type of loan for home is for the purpose of buying a flat in a society or purchasing an already built house.

Home Construction Loan: This loan for homes are provided for the construction of a new home.  If you have purchased this plot within a period of one year before you started construction of your house, most HFCs will include the land cost as a component, to value the total cost of the property.

Home Improvement Loan: These loans are given for implementing repair works and renovations in a home that has already been purchased by you. It may be requested for external works like structural repairs, waterproofing or internal works like tiling and flooring, plumbing, electrical work, painting, etc.

Home extension Loan: An extension loan is one which helps you to meet the expenses of any alteration to the existing building like extension/ modification of an existing home; for example addition of an extra room etc. 

Home Conversion Loan: This is available for those who have financed the present home with a loan for home and wish to purchase and move to another home for which some extra funds are required. 

Land Purchase Loan: Land Purchase Loans are available for purchase of land for both home construction or investment purposes. So, you can be granted this loan even if you are not planning to construct any building on it in the near future.

Stamp Duty Loans: These loans are sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.

Bridge Loans: Bridge Loans are designed for people who wish to sell the existing home and purchase another. The bridge loan helps finance the new home until a buyer is found for the old home.

Refinance Loans: These loans help you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.

NRI loan for homes: This is tailored for the requirements of Non-Resident Indians who wish to build or buy a home or property in India.


Types Of Interest On Loan For Home

Fixed interest rate loan for homes allow the repayment in fixed equal monthly installments over the entire period of the loan. The interest rates in such a case are fixed and don’t change with market fluctuations.  A fixed rate loan for home is excellent for those who are good at budgeting and want a fixed monthly repayment schedule, which is easy to budget and doesn’t fluctuate.

Floating interest rate loan for homes are tied up to a base rate plus a floating element thereof. So, if the base rate varies the floating interest rate also varies. If the floating rate goes over the fixed rate, it will be for some period of the loan, not for the entire tenure. The interest rates will surely fall over a long period and thus floating interest rate brings a lot of savings.


Income Tax deduction On Interest paid on the loan for home

As per Sec 24(b) of the Income Tax Act, 1961 a deduction up to Rs. 150,000 towards the total interest payable on the loan for home towards purchase / construction of house property can be claimed while computing the income from house property. (The deduction stands reduced to Rs 30,000 in case of loans taken prior to March 1, 1999). The interest payable for the pre-acquisition or pre-construction period would be deductible in five equal annual instalments commencing from the year in which the house has been acquired or constructed.

Tenure Of The loan for home

Loans are usually for a maximum period of 15 years (which may go up to 20 years in some cases). Longer tenure loans have smaller monthly instalments. You can still get a large loan on a relatively small monthly salary by choosing to take a longer period loan. However, longer period loans maybe more expensive (higher rate of interest) even though the monthly instalment payment is lower.

Documents Required

Most importantly, all loan for home deals and offers agreed upon are supported by relevant papers. Self employed and salaried require different documents to support the deal.So make sure you always ask for a letter on the banks letterhead mentioning the likes of, exact rate of interest, processing fees, pre-payment charges along with interest-schedule.

Before signing the loan for home documents, make sure you recheck all terms and conditions.
Do make sure you understand and agree with each of the clauses in the documents. Do not sign any blank documents.

Documents required for the loan for home are different for salaried and self employed:

  1. Salaried Individuals
  2. Self-Employed/Businessmen
  3. If a flat is purchased from the builder
  4. If the property is being purchased is in Cooperative Society
  5. If constructing on own land

 

Loan For Home Eligibility

When computing loan eligibility, banks take into account the age of the applicant, his salary, repayment/credit history, savings, profession, location of property, and other debts. Some professions are categorized as negative or risky by the lenders while some jobs fall in the preferred list. As a thumb rule, the EMI for your loan for home must not exceed 40 percent of your gross monthly income.

 

Following are other factors helping in the evaluation of loan for home eligibility:

  1. Nature of Job of Individual: Nature of Job of the Individual: Most home financing companies carry a list of ‘negative’ professions. This can cause a lot of hassles for the individual coming from such professions before being finally getting the loan amount
  2. Location of the Property: Likewise, they may consult another list known to carry ‘negative areas’. Any    individual applying for the loan to get a home in such areas may not be granted the loan by home finance companies. The same is the case with the property falling within the geographical limits as defined by the home financing institutions.
  3. Personal Details of individual: Personal details of the individual are another factor that is taken into account by home finance companies. It may or may not contain credit history of the individual as per the formalities to be filled with the concerned institution. All these factors help the lenders in deciding the individual’s home loan eligibility.

 

Loan For Home Interest Rates

Before applying for loan for home, 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 you decide to switch your loan from the current lender to new lender, current lender will charge penalty or fee for pre-closure of your loan.

 

Leading Home Loan Providers (Click to Apply)

IDBI Home Loan

Axis Bank Home Loan

SBI Home Loan

CitiBank Home Loan

Other Bank

 


 

REMINDER SERVICES CURRENT HOME LOAN INTEREST RATES EMI CALCULATOR
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Loan For Home

 

Disclaimer: The information provided on www.dialabank.com is collected from public sources and is believed to be accurate and genuine. This site should be used as a information provider for different product offerings of Insurance companies and the visitor should make an independent verification with the Insurance companies to verify the claims made in the policy before making any purchase. The decision to Apply and/or Purchase a policy is at the sole and complete discretion of the website visitor and Dialabank.com cannot guarantee or can be held liable for loss or damage caused by claims made by insurance companies through their agents, partners, products or services, directly or indirectly.

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