




What is the eligibility for home loan ?
Broadly speaking, anyone aged between 23 and 65 years and is not retired is eligible, The following criteria are also important because they determine your potential to repay the loan: Purpose of the loan, you income assets and liabilities, your spouse’s income in case you’re applying for a joint loan educational qualifications, professional experience, credit score (the prospect of getting a loan increases with a good credit score), residential status and number of dependents, Most of the financial institutions determine your potential to repay based on the above parameters.
What are the different types of home loan ?
There are various types of home loans depending upon your specific requirement. Some of the key ones are as follows:
What do banks consider when granting a home loan ?
Once repayment capacity determines your eligibility to apply for home loan, lenders consider the following factors:
Can I avail home finance for renovation or construction of house ?
Yes. Home loans are offered under various sub-heads. Renovation of property or construction of house is also offered by all major banks in the country and you can do it with the help of home loan easily.
What kind of property documents required at the time of housing loan application ?
Every bank has its own set of mandatory documents to process the loan but this is a generic list:
Is there any tax benefit on getting a home loan?
The tax benefit on home loans is given both on repayment of the principal amount and on interest paid:
What are the key parameters to consider while looking for a home loan in India ?
Firstly, you will have to decide whether you’re planning on purchasing a ready for possession house or a plot and construct a house later. Then you have to consider your loan eligibility amount, interest rate, EMI processing fee, pre-closure fees and pre-payment fees.
What are the tenure options for home loan ?
A home loan can be taken for any time period between 5 and 30 years. The tenure varies as per the lender and eligibility of the customer, It is important to remember that your eligibility ends after the age of 65, or when you retire – whichever comes first.
Can I apply for a housing loan with a co-applicant ?
Yes, you can apply for a loan with a co-applicant, All you have to do is specify it in the application form, Having a co-applicant increases your chances of availing an increased loan amount, depending on his/her profile, income and obligations.
How long does it take to get my housing loan application processed and the loan sanctioned ?
The entire process could take anywhere between 7-10 days for processing a home loan application if all the necessary documents are in order, Additionally, it may take a week or two for the bank to inspect the property papers and make the disbursement, The faster you complete documentation, the faster your application moves.
Do I need to take an insurance for my property ?
Yes, you will have to insure the property against fire and other hazards, as required by the bank during the loan tenure.
Can I avail loan to buy a property in other city ?
Yes, banks provide loan to purchase property in other cities after validating the property documents.
Are there any additional charges to be kept in mind while purchasing a house?
Yes , there are some charges over and above the cost of home. These are mainly:-
When should I consider home loan transfer ?
You should consider home loan transfer when:
What is pre-EMI Interest ?
When banks sanction you a home loan, the EMI payments may not start immediately. In such a situation, the bank is liable to charge a pre-EMI interest on your loan. This interest is payable monthly from the time the loan is disbursed till the time the EMI payments start off. The pre-EMI interest amount is lower than the home loan EMI as the principal payment portion is excluded for pre-EMI interest payments.
What is Home loan preapproval ?
Home loan pre-approval is a facility provided by banks and NBFCs to their customers, which allow those interested in purchasing a house with the particulars regarding their eligibility even before they have decided on a property to purchase.
How long is the home loan pre-approval valid ?
The pre-approved home loan offer is valid for only a limited period, which varies from one bank to another as per the lender’s internal rules and regulations. However, these pre-approvals are usually valid for no more than 3 months.
How large a loan can I avail of ?
Banks or financial institutions can lend up to 75-90% of the cost of the property depending upon the market value of the property. You are expected to pay 10-25% of the amount as a margin money for the home.
What are the physical events of Home Loan ?
The physical events involved are
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Housing Loan by Harpreet:
We are providing Housing loan with leading Banks & Financial Institutions.
Without Income proof also we able to provide loan as per your income.
Required Documents:
1. Address Proof & Id Proof
2. Property Document
3. Income Proof
4. Bank Statement
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