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    Home Loan

    Home Home Loan

    Home Loan

    A home loan, as the name implies, is a sum of money borrowed from a bank or financial organisation to purchase residential or commercial property. The individual must then repay the lender in Easy Monthly Installments (EMI) at a fixed home loan interest rate.

    Today, most banks offer Home Loans that not only assist you in purchasing ready-made homes but also in the construction of a house from the ground up. You can also obtain Home Loans for renovation or repair needs.

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    Our Process

    A home loan, as the name implies, is a sum of money borrowed from a bank or financial organisation to purchase residential or commercial property. The individual must then repay the lender in Easy Monthly Installments (EMI) at a fixed home loan interest rate.

    Today, most banks offer Home Loans that not only assist you in purchasing ready-made homes but also in the construction of a house from the ground up. You can also obtain Home Loans for renovation or repair needs.

    Home Loan Varieties

    • Home purchase loan: A loan used to buy a home.
    • Home improvement loan: A loan taken out to restore or renovate a home.
    • Home building loan: Used to construct a new home.
    • Land purchase loan: Used to acquire a plot of land on which to build one’s own home.
    • Home extension loan: Used to expand extra floor, room, garage, bathroom, or kitchen, among other things.
    • Joint house loan: A loan obtained by two or more people, such as couples.
    • Home loan balance transfer: This allows you to switch lenders and transfer your outstanding loan amount to get better terms and cheaper interest payments.
    • Top-up house loan: Allows you to borrow funds above the outstanding loan balance at nominal interest rates and for any reason.
    • Formal application with photograph.
    • Identification and evidence of residency.
    • Bank statements for the previous six months.
    • A cheque for processing charge.
    • Fill out the Housing Loan Application Form and include all required documentation.
    • Make payment for the processing charge.
    • Discuss your requirements with the bank.
    • Documents must be submitted (KYC, income & bank statements)
    • Process of sanctioning/approval
    • The offer letter is being processed.
    • Property paperwork processing, followed by a mandatory legal check
    • Processing any technical checks and estimating the site
    • Finalizing the financing agreement
    • Signing the contract
    • The loan disbursement
    What exactly is a home loan?
    A home loan is a loan made by a bank or financial institution (lender) to an individual for the purpose of purchasing a home. The lender retains ownership of the property until the loan is repaid in full, including interest.
    Home loans are long-term borrowing instruments with minimum and maximum terms of 5 and 30 years, respectively. The term of your personal loan is determined by the loan amount approved by the lender, as well as other factors.
    Anyone with a regular source of income, whether self-employed or salaried, is eligible to apply for a home loan. One must be at least 21 years old when the loan period begins and no older than 65 years old when the loan period ends or at the time of superannuation. This is the general eligibility criteria for a home loan, and specifics such as the minimum and maximum age limits, the minimum income level, and so on, may vary from lender to lender.

    Home Loan Eligibility

    Home loan eligibility is described as a criterion that a financial institution or any bank uses to determine a customer’s creditworthiness to obtain and repay a specific loan amount.

    Home loan eligibility is determined by several criteria, including:

    • Monthly income
    • Present age
    • Credit score
    • Fixed monthly financial responsibilities
    • Credit history
    • Property cost
    • Retirement age