Home Loan
Home Loan
A home loan is a type of loan provided by banks to help individuals purchase or construct a house. It is a secured loan, which means that the borrower needs to provide collateral in the form of the property being purchased or constructed. In India, home loans are available with varying interest rates depending on the borrower's credit history and repayment capacity. The most common interest rate is the floating rate, which fluctuates according to market conditions.
How we get Home Loan?
India offers a variety of home loan options to its residents. The most common type is a traditional fixed-rate loan where the interest rate remains the same throughout the tenure of the loan. Another popular option is a floating rate loan, where the interest rate fluctuates according to the market conditions. There are also specialized loans for first-time homebuyers, such as the Pradhan Mantri Awas Yojana (PMAY) scheme, which provides subsidized interest rates for low-income families. Additionally, there are loans available for those looking to renovate or construct a home. The eligibility criteria for these loans may vary, but most lenders require a steady source of income and a good credit score. With the various types of home loans available, it is important to research and compare the different options to find the one that best suits your needs
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In India, there are several types of home loans available to suit the needs of different homebuyers. Some of the major types of home loans are: - Fixed Rate Home Loan: In this type of home loan, the interest rate remains constant throughout the loan tenure. - Floating Rate Home Loan: In this type of home loan, the interest rate is linked to the market conditions and may fluctuate. - Home Loan Balance Transfer: This option allows the borrower to transfer the outstanding loan amount to another lender at a lower interest rate. - Home Construction Loan: This is a loan specifically designed for those constructing a house. - Home Extension/Renovation Loan: This loan is for those who want to renovate or extend their existing house.
More About Home Loan?
Features and Benefits of our Home Loan?
- Home Construction Loan: If you have a plot of land and lack financial support to construct a home on that piece of property, you may choose a house construction loan. Such borrowing is mainly made to construct or repair a major part of your home.
- Home Extension Loan: Should you already own a home, and feel the need to extend the building, add an annexe, or build another floor, etc., Home Extension Loan is your go-to option that finances such needs.
- Home Improvement Loan: All of us wish to improve and upgrade our homes for a better life. From your old-age furniture, fixtures to faulty lightning systems, Home Improvement Loan funds all your plans.
- NRI Home Loan: If you are a patriot, a Non-Resident Indian, and wish to own residential property in India, NRI Home Loan is your answer. Though the formalities for application may be a little different.
Eligibility Criteria For Home Loan?
- You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
- Salaried Person - 21 years to 58 years
- Self-Employed Person - 25 years to 65 years
- Salaried Person - Minimum Rs. 10,000 per month
- Self-Employed Person - Minimum Rs. 2,00,000 per year
- Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person - Minimum 3 years of Experience in the current field
- A credit score of 750 is considered a good score for approval.
Documents required to apply for Home Loan?
Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Employment Proof - Employment Certificate, Office address proof
- Duration of Employment Evidence
Self-Employed Individuals
- PAN
- Trade License
- Partnership Deed
- SEBI Registration Certificate Month Bank Account Statement
- Memorandum of Association
- 6 Months Bank Account Statement
- Business Address Proof
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
