INR
Attractive Interest Rates
Minimal Documentation
30 Years of Tenure
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.
Home Loan Eligibility
Age
- 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
Income
- Salaried Person - Minimum Rs. 10,000 per month
- Self-Employed Person - Minimum Rs. 2,00,000 per year
Employment
- 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
Credit Score
- A credit score of 750 is considered a good score for approval.
Documentation for Home Loan
Income Proof Documents
1. Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Duration of Employment Evidence
2. Self-Employed Individuals
- PAN
- Trade License
- Partnership Deed
- Article of Association
- Memorandum of Association
- Import Export Code
- SEBI Registration Certificate
- ROC Registration Certificate
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet
- 6 Months Bank Account Statement
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
3. Documents Required from all Non-Resident Indians (NRIs) Applicants
- Income Proof Documents for NRI
- Property Papers
- Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property share certificate is required
- Occupancy Certificate
Fees and Charges for Home Loan
The fees and charges of home loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to home loans:
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.5% to 4% of Loan Amount |
| Loan Cancellation | Usually 3000 to 5% of Loan Amount |
| Stamp Duty Charges | As per the Value of the Property and State Tax |
| Legal Fees | As per actuals |
| Penal Charges | Usually 2% per month |
| EMI / Cheque Bonus | Approx 499/- to 599/- |
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Personal Loan FAQ's
What is a home loan?
A home loan is a loan used to buy a home. It is repaid over 15 to 30 years and is secured by the property being purchased. If the borrower fails to repay, the lender can take possession of the property.
How do I qualify for a home loan?
To qualify for a home loan, you typically need a good credit score (usually above 620), a steady income, and a low debt-to-income ratio. Lenders also consider your employment history. If you meet all of the lenders perimeters than you are eligible for a home loan.
Can I prepay my home loan?
Yes, you can usually prepay your home loan in two ways such as full prepayment and part prepayment. If you have the remaining principle amount availabe with then you can fully pay the amount and close the loan or the payment also can be made in parts and the principle will be reduced by the same amount.
Is it possible to secure a 100% home loan from a bank?
No, it is not possible to secure 100% loan from the bank.However banks provide upto 90-95% of the agreement value.
What is the maximum home loan that I can get?
The maximum home loan that you can get is not capped by any amount but it is given on the basis of the agreement value and also the borrorwers income eligibilty and credit history. generally banks provide 90-95% of the agreement value.
What documentation is required for salaried professionals applying for a home loan?
Salaried professionals applying for a home loan need to provide proof of identity, address, and income, along with employment proof, Professional certificate income tax returns, property documents, bank statements.
Can I apply for a home loan jointly with a friend or family member?
Yes, you can apply for a home loan jointly with a friend or family member. Lenders generally allow spouses, parents, siblings, or any other close relatives to be joint applicants for a home loan. Some lenders may also allow unrelated individuals to apply together, provided they meet the lender's eligibility criteria. However, it's important to note that all co-owners of the property must also be co-applicants for the loan.
Who can be joint borrowers in a Home Loan?
Joint borrowers for a home loan can include family members, spouses, or any two individuals willing to take joint responsibility for repaying the loan. Lenders typically require all co-owners of the property to be co-borrowers on the loan. Having a joint borrower can help increase the loan eligibility, as the income and creditworthiness of both borrowers are considered. It's important for joint borrowers to understand that they are equally responsible for repaying the loan, and any default can affect both borrowers' credit scores.
