• Features:

Home Loan Purchase, Home Construction, Home extension / Renovation, Home Conversion Loan, Balance Transfer Loan, NRI Home Loan are the types of Home Loan. Home loan interest rates are lower when compared to unsecured personal advances. Whether you need a house to stay in or for investment purposes, home loan can be availed from a bank of your choice. Repayment mode is monthly and Pre-Payments are allowed. Tenure is usually between 5 to 30 years. Home loans allow for joint loan applications. Since the loan quantum is high and the tax benefit also is good, banks allow for co-application or joint application of home loans.

  • Eligibility:
    • Age: Min age at the time of loan is 21 and Repayments have to be completed before the age of 60 or 65.
    • Profile: Salaried/ Self Employed Professionals/ Self-employed for at least 3 years of which current employment should account for at least 1 year.
    • Income: A minimum income varying between Rs.5 – 7 lakhs would be required.
    • Residence: At least one year of stay at the current residence is required to display stability with respect to employment as well as financial. This is an indirect indicator but is taken into account by almost all banks while calculating home loan eligibility.
    • Credit Score:  A good credit score is required (a score of 750-900 from CIBIL is considered good).
  • Interest Rates:8.30% to 13% p.a. depend on financing bank.Fixed Rate of Interest and Floating Rate of Interest are available with banks.
  • Documents Required:
Salaried:

1.        Photo ID with Photograph – PAN,Passport/Voter ID/ AADHAR/ Driving License

2.        Address Proof- Elec Bill/Tele Bill (within 2 months)/Bank Statement or Passbook with address

3.        Signed Application form with photograph

4.        Last 3 Months Salary Slip

5.        Form 16/ ITR for last 2 years.

6.        Identification of signatures from present bankers

7. For existing loans, 18 months repayment statement required.

Self Employed

1.        Photo ID with Photograph – PAN, Passport/ Voter ID/ AADHAR/ Driving License

2.        Address Proof- Elec Bill/Tele Bill (within 2 months)/Bank Statement or Passbook with address

3.        Signed Application form with photograph

4.        last 3 years ITR with computation of income

5.        Last 3 Years CA certified /Audited Balance Sheet & Profit and Loss Account

6.        Identification of signatures from present bankers

7. For existing loans, 18 months repayment statement required.

 

  • Repayment options:Monthly Repayment (EMI), Partial Pre-Payment.
  • Tenure: Min 5Years to Maximum 30Years
  • Fees & Charges: Processing Fees/ Late Payment Fees/ Pre-Payment fees/ Legal Fees/ Administrative Fees

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