- Buying a home could be one of the biggest achievements of a person's life. In most cases, it takes an entire lifespan to fulfill the dream of purchasing one's own home.
- Selecting the ideal property involves a lot of research and planning.
- Arranging for finance is probably the toughest and the trickiest part of the process.
- You could dip into your savings for the entire payment OR
- Decide to get a Home Loan at a good interest rate
- A decade or so earlier, borrowing from a bank used to be a cumbersome process but today financial institutions have simplified the entire Home Loan application and disbursement process.
- All leading financial institutions offer Home Loans with attractive interest rates, flexible repayment periods, quick turnaround times and unique product features.
- Before finalizing on a lender, one must understand the ins and outs of a Home Loan
- How should I compare what each bank is offering me?
- Is there anything in the fine print I should be worried about?
- Let pooja consultancy help you get the ideal Home Loan - let's seal the deal!
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Rate of interest
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- MCLR linked the rate of interest.
- Home loan current rate of interest range in between "8.40%" per annum to "11%" per annum depends on the profile of "Customer" and Parameters of the " Home Loan Programme.
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Loan tenure
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- Minimum 5yrs and Maximum 30 years
- For salaried -30 Yrs Maximum (Subject to Maximum Age of Applicant should not cross 65 Yrs.)
- For Businessmen-20 yrs Maximum (Subject to Maximum Age of Applicant should not cross 70Yrs)
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Nature of Home Loan
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- Secured against the property being purchased
- Property should be cleared from all the aspects like "NA NOC Title Clear", "Legal Title Report" etc.
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Partial Prepayment
Foreclosure
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- Partial repayment refers to repaying a part of the outstanding loan amount before the maturity date.
- Home Loan full foreclosure refers to closing a loan in full before the maturity date and is available at the NIL fee.
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Income Tax Benefits
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- Income Tax benefits can be claimed on the principal and interest amount of Home Loan under Section 80C and Section 24 of the Income Tax Act, 1961.
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Loan to value ratio (LTV)
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- Varies between 75% to 90% of Property Market value.
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Processing fee+Other Cost
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- Ranges between 0.25% to 2% of the sanctioned loan amount.
- Insurance Cost- Life Insurance and Property Insurance (It's optional in some bank otherwise compulsory)
- Notary, Franking, Registered Mortgage and Advocate legal Fees Etc.
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- Buying a property within a residential development currently under construction.
- Purchasing a ready-made property from a builder or the current owner of the property.
- Purchasing a plot in a private development, from the current owner or from the government development authority
- Construction of one's own property
- Purchasing a plot as well as financing the construction of the home
Eligibility: Before sanctioning a Home Loan, banks will check your eligibility based on certain factors to decide whether you are eligible to apply for a loan. Based on the eligibility check, your home loan amount will be sanctioned.
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Age
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- 21 years and above at the time of loan application
- 70 years at loan maturity
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| Credit Score/ Credit History |
- Credit Score should be 650 or above
- Credit History includes repayment of existing and past loans and credit cards payments
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| Type of Employment/ Stability | - Salaried or self-employed
- Job or business stability- at least 2 years
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| Income (Higher the income, higher the Loan Amount) | - Salary in case of salaried employees
- Business turnover, annual income, net-profit, etc. in case of self-employed basis latest filed financials
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The above-mentioned factors affect your loan amount considerably. Once your loan application is accepted you need to furnish some key documents that will support your identity and stability as a citizen of a country. Some of the key documents are listed below:
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| Age proof | - PAN Card
- Aadhar Card
- Voter ID
- Driving license
- Passport
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| Address proof |
- Registered Rent Agreement
- Driving license
- Lease or Passport
- Aadhar card
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| Financial documents | - Last 6 months salary slips in case of salaried employees
- Last 3 years Income Tax Return in case of self-employed
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Other documents
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- Loan application form
- Photographs
- Signature ID proofs
- 12 Month bank Statement
- Property Documents
- Initial Processing Fees Cheque
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Home Purchase Loan: This type of a Home Loan is availed for purchasing a new house.
Home Loan For Purchasing Land: This type of a Home Loan is availed to purchase a piece of land either for construction or investment.
Home Construction Loan: This loan availed especially for the construction of a house. Banks typically offer this type of loan for constructing a house on existing land.
Home Improvement Loan: Borrowers can also avail a Home Loan for renovating, improving or repairing their current house. The interest rates charged for this type of a Home Loan is similar to a Conventional Home Loan.
Home Extension Loan: A loan taken for expanding an existing house.
Information about Home Loans is available on the internet and we have also given you some relevant information above but the important question is - How can Pooja Consultancy help in getting me the best loan deal?
Today every bank and NBFC claims to offer you the best deal. This is indeed a confusing ordeal for most people, but we are here to help you at every step. The best loan deal not only covers the low rate of interest but also covers various other loan terms including processing fee, documentation, loan turn around time, foreclosure terms and conditions, and other transaction charges.
Pooja Consultancy is a leading player in this marketplace. We are armed with over 15 years of experience to help you bag the best loan offer covering all loan benefits. Our Mortgage Specialists take special care to help you obtain the loan that is the best fit for you.
- Each Relationship Manager thoroughly analyses your profile and document kit that includes among other things your financial statements and previous repayment track.
- Over the decades, our specialists have been working to develop an in-depth understanding of various bank policies and offers.
Contact
pooja consultancy now and seal the deal!