Home Loan

Purpose Of Home Loan:

The main purpose of home loan for buyers is to facilitate the purchase of a house or to finance the construction of someone dream home. This is the biggest investment most people will ever make in their life to safeguard their future, and few individuals could afford one without a mortgage. Mortgage loans provided to those individuals who has a good credit histories due to that access to lower interest rates. Thus, make it affordable to own a home within the two or three decades that the loan takes to pay off.

Home loans can also fund home renovations, which are very important for homeowners. Loans for home improvement, are usually a wise investment of money because it add value to a home and other home owners realised when they are thinking of selling it. Home loans can also save borrowers money by allowing them to pay for necessary repairs as needed, rather than waiting to save up money and finding that the damage is worse and the repairs more expensive that they would have been earlier. Home loans are considered to be an important purpose in the global economy. The money that homeowners borrow against home equity also goes into the economy.


Benefits And Features Of Home Loan:

1. Reasonable interest rates. Both floating and fixed options are available.
2. The home loan can be sanctioned from any bank as well as from financing agency before selection of the property.
3. A really smooth simplified documentation process and even faster documentation process for existing customers.
4. You get the freedom of enjoying a longer tenure with lower EMIs.
5. The ĎBalance Transferí feature allows you to transfer your existing home loan to any other bank. This is for you to enjoy long term savings.
6. With the Balance Transfer feature, you can enjoy up to additional top up loan amount. This can be up to 100% of the original home loan.
7. The Bankís home loan page provides unique online tools like Eligibility calculator and EMI calculator. Eligibility calculator allows you to find the home loan amount for which you are eligible and the EMI calculator calculates the monthly repayment amount towards the loan.
8. The individuals availing home loan can choose to repayment of loan amount Upto 30 years of loan tenure.
9. Enjoy a fixed interest rate for the for particular years, and thereafter a choice of fixed or floating interest rates.


Home Loan Eligibility Criteria For Salaried Person:

1. An individual applying for home loan must be an Indian.
2. The minimum age of individual is 25 years and maximum is 58 years for applying home loan.
3. For salaried, individual must have working experience of 3 years and more.
4. For self-employed, an individual must have 5 years of continuity in the current business.
5. The minimum home loan amount that an individual can avail is Rs. 30 Lakh and maximum is Rs. 10 crore.


Home Loan Eligibility Criteria For Self- Employed Person:

1. An individual applying for home loan must be an Indian.
2. The minimum age of individual is 25 years and maximum is 70 years for applying home loan.
3. For self-employed, an individual must have 5 years of continuity in the current business.
4. The minimum home loan amount that an individual can avail is Rs. 30 Lakh and maximum is Rs. 15 crores.


Documents Required to furnish a Home Loan For Salaried Person:

A home loan applicant must required to furnish following documents in addition to the loan application as listed below:

#
1 Home loan application form Yes
2 Photograph Yes
3 Identity proof (Any one) Driving License/ job card issued by NREGA/ Adhaar carrd/ Voterís ID/ Pan card
4 Income details Latest salary slip/ Form 16
5 Bank statement Last 6 months.
6 Address Proof (Any one) passport/ Driving license/ adhaar card/ voterís ID

Documents Required to furnish a Home Loan For Self-Employed Person:

#
1 Home loan application form Yes
2 Photograph Yes (Partner/ Directoreís)
3 Signature Proof Yes
4 Addrerss Proof passport/ Driving license/ adhaar card/ voterís ID
5 Identity Proof Driving License/ Adhaar carrd/ Voterís ID/ Pan card
6 Date Of Birth Certificate of Incorporation
7 Business Continuity Proof Five Years
8 Bank Account Statements Last 6 months
9 Partnership deed Yes ( for partnership)
10 Income Details IT returns and balance sheet and P/L account statement of the last two years
11 MOA/AOA Yes ( for companies )

Applicable Charges And Fees For Home Loan:

# Types of Fees Charges Applicable for Salaried Person Charges Applicable For Self- Employed Person
1 Processing Fees of Home loan 1 % of the loan amount for salaried. 1 % of the loan amount for self- employed.
2 Rate of Interest 8.85% NA
3 EMI bounce Charges Rs. 1000 for every bounce Rs. 2500 for every bounce
4 Secure Fee Rs. 3999 NA
5 Penal Interest 2% per month. 2% per month.
6 Loan statement charges Nil Nil
7 PDC swap charges Nil Nil
8 Interest & principle statement charges Nil Nil

How To Apply For Home Loan:

Get the home loan in few simple and easy steps.


Step 1: The individual is allowed to fill the personal details such as name, contact no., date of birth etc. Step 2: The individual is allowed to fill financial details. so , that the individual is allowed to choose the deal which suits their financial requirements.
Step 3: The individual is asked to provide the employment details like in which company he/she is associated with, for self employed, their all business details.
Step 4: Calculate the eligibility for what kind of offers you are eligible for and choose your plan as per your requirement.
Step 5: Give us the details of your new home, including its location and size, and we can help you get the best deal.
Step 6: Pay the fee online through secure pathway. Our Relationship Manager will get in touch with you to help you with the loan process and documents once you have paid the fees.
Step 7: Upload copies of all your documents, including ID, address, signature proof, photographs, employment and income details on the website of your financial agency or the bank.


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