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Home Loan

The most preferred home loan provider LIC HFL, SBI Home loan, HDFC Home loan, ICICI Bank

What Is A Home Loan?

Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. The Housing Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.Investing in a home is considered as one of the most significant financial investments in ones life. In fact, it is one of the most important decisions an individual ever makes. Hence, it is advisable to get into a detailed market research as well as survey prior to finalizing on a specific property.A home or a property in India is usually bought through home loan. It is a kind of secured loan. The loan provides prospective buyer with the necessary amount to buy their dream home.

Home Loan

We are working constantly to get you the BEST Loans Deal & have brought a small guide which would answer some important questions related to Home Loans, Balance Transfer, Lap & help you decide your loans deal.

Loan Interest Rates

Loan Interest Rates?

Loan Eligibility

Loan Eligibility?

Processing Fee?

Processing Fee?

Loan Tenure?

Loan Tenure?

Prepayment Charges

Prepayment Charges?

Interest rate is the most important thing that has to be taken into consideration while you opt for any type of loan. Interest rates differ with type of loans and banks. So, one has to be careful while applying for loans and must compare interest rates before choosing the amount as well as the bank.

Home Loan Criteria By Various Banks

The borrower’s eligibility of getting a housing loan depend upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse’s income, age, number of dependants qualifications , assets, liabilities, stability and continuity of occupation and savings history. Eligibility Factors in Housing loan. Your Home Loan eligibility is determined by your repayment capacity, taking into consideration, factors such as: Your:

Income

Income

Qualifications

Qualifications

Age

Age

Spouse's income

Spouse’s income

No. of dependants

No. of dependants

Stability and continuity of occupation

Stability and continuity of occupation

Assets/Liabilities

Assets / Liabilities

Savings history

Savings history

DOCUMENTS REQUIRED ( FOR APPLICANT & CO-APPLICANT )

HOME LOAN (SALARIED INDIVIDUAL)

  • Pan Card and Aadhar Card
  • Photo Applicant & Co-Applicant.
  • Proof of identity
  • Current & Permanent residence address proof
  • Qualification Proof
  • Latest 2 Financial Year Form 16
  • Latest CTC (Cost to Company)
  • Latest 6 Months salary slip
  • Salary account Bank statement for 6 Months (updated)
HOME LOAN (SELF EMPLOYED PROFESSIONAL)
  • Pan Card and Aadhar Card
  • Photo Applicant & Co-Applicant.
  • Proof of identity
  • Current & Permanent residence address proof
  • Qualification Proof
  • Company profile & Office proof
  • Latest 3 years ITR (with all schedules – CA Certified)
  • Current & Saving Bank statement for 1 year (updated)
HOME LOAN (SELF EMPLOYED NON PROFFESIONAL)
  • Pan Card and Aadhar Card
  • Photo Applicant & Co-Applicant.
  • Proof of identity
  • Current & Permanent residence address proof
  • Company profile & Office proof
  • Latest 3 years ITR (with all schedules – CA Certified)
  • Current & Saving Bank statement for 1 year (updated)
HOME LOAN (NRI – NON RESIDENT INDIAN)
  • Pan Card and Aadhar Card
  • Photo Applicant & Co-Applicant.
  • Proof of identity
  • Passport & Valid Visa
  • Overseas residence & Permanent (Indian) residence address proof
  • Qualification Proof
  • CBR report (Credit Bureau Report)
  • Latest Contract Letter & Latest CTC (Cost to Company)
  • Latest 6 Months salary slip
  • Overseas Salary account Bank statement for 6 Months (updated)
  • NRE / NRO bank statement for 6 Months (updated)
HOME LOAN (NRI – MERCHANT NAVY)
  • Pan Card and Aadhar Card
  • Photo Applicant & Co-Applicant.
  • Proof of identity
  • Passport & Valid Visa
  • Current & Permanent residence address proof
  • Qualification Proof
  • Latest Contract Letter & Latest CTC (Cost to Company)
  • CDC – Continuous Discharge Certificate (For Latest 3 Years)
  • NRE / NRO bank statement for 6 Months (updated)

Home Loan Balance Transfer

Home Loan Balance transfer need not only mean saving money, you can also utilize the same for investing in different options. After all securing a home loan is not the end of journey. Balance transfer – by switching to another lender may give you a better deal. While a balance transfer will certainly reduce your EMI outgo, there is no one-size-fits-all solution for everybody. To know if it will help you, you need to decipher its workings and calculate the actual benefit before taking a call. All you need to do is know your existing home loan rate and prepayment charges and based on that it gives you detail of four other bank rates as well and tells you how much you can save.

Why the Switch

Many a times, it is possible that the new lender may be offering buyer a lower interest rate as compared to the present lender. However, prior to switching, one must consider few important things in order to make sure that the home loan transfer from one lender to another is actually profitable.

What to consider before the switch?

  • Loan Tenure
  • Prepayment Charges
  • Home Loan Process & various steps involved
  • Loan Against Property