Home Loan & BT
Home Loan Interest Rates Comparison in India
Quick Guide on Home Loan:
Purpose:
Home loan can be used for purchasing a new house, construction of the house on a plot, home improvement, extension, and renovation of your existing house.
Key Features :
1. Eligibility: Loan available for both salaried and self-employed borrowers within the age group of 21 and 75 years.
2. Security: Mortgage of home you are planning to purchase, renovate, or construct.
3. Loan Amount: In the range of Rs. 10 Lakh to Rs. 1000 Cr.
4. Loan to Property Value Ratio: Varies from 75% to 100%.
5. Loan Tenure: Can range from 5 to 30 years.
6. Interest rates: Home loan Interest Rates starting from 6.66%. Special rates for women borrowers.
7. Lowest EMI: Lowest EMI of Rs. 774 per lakh.
8. Processing Fees: Up to 1% of the loan amount or Maximum Rs. 10,000.
9. Prepayment Charges: Nil charges on floating rate home loans
10. Other Charges: Legal charges, technical charges, etc.
11. Documents Required: Address Proof, Identity Proof, Income.
Self Employed / Professional:
1. Application form completed with 2 photographs duly filled in and signed.
2. ID Proof : PAN CARD / PASSPORT / VOTER ICARD / Employer ID Card / Driving license.
3. Residence Proof: Latest Telephone bill / Bank Statement containing the address for the last 6 months / Electricity bill / Ration card.
4. Last 3 years ITRs ( SARAL, Computation of Income, Profit & Loss A/c, Balance Sheet, TDS Certificates ( if applicable ), Tax Paid Challans.
5. In case of a Partnership firm: ITRs for the last 3 years and Partnership Firm.
6.In the case of a company: Audit Reports for the last 3 years and MOA & AOA.
7. Bank Statement / Passbook of Current & SB A/C for last 6 months ( updated ).
8. Alternate Business Proof (Shop Registration Certificate Certificate etc.).
9. Processing Fees Cheque.
In Case Of Take Over:
1.Outstanding loan quotation.
2. Repayment Track Record.
3. List of Documents.
4. NOC for take over.
5. Copies of Property Agreement.
6. Sanction plan copy ( Blue Print ).
NRI:
1. Copy of Passport, Visa, Service Contract, Salary slip ( all duly attested by Indian Embassy / Notary / HFL Officials / Bank )
2. GPA (GENERAL POWER OF ATTORNEY ) in our format ( all duly attested by Indian Embassy / Notary / HFL Officials / Bank )
3. Bank Statement for the past one years of recent employment
4. NRI Bank Statement for 6 months
5. And see list of salaried documents
# above mentioned income documents are required for the Co-applicant also
if His/her income is considered.
Propery Related Documents To Be Attached: E or F or G or H whichever applicable: E) For Purchase of New Flats from Builders/ Promoters:
1. Agreement to sale with the builder and the Registration Receipts.(2 copies).
2. Blueprint of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red color for easy identification.
3. N.A. Permission and ULC order copy.
4. Title investigation report for the last 12 years (Search report for 12 yrs. Conducted within one year.
5. Development Agreement and Power of Attorney/sale deed in favor of the builder.
6. Receipts of payments made to the builder.
7. 7/12 OR CTS extract OR Property card.
8. NOC from the builder in a prescribed format.
9. Completion Certificate, if obtained.
10. Society documents mentioned below (I). ( if applicable
F) For Purchase of Resale Flat:
1. Agreement to sale with the vendor and the Registration Receipt. (2 copies).
2. Agreement to the sale between the vendor and the builder and its Registration receipt.
3. Copy of the conveyance deed between the builder and the society is registered.
4. Receipts of payments made to the vendor.
5. Documents 2, 3, and 4,5,7,8,9,10, of point (E).
G) For construction / Extension / Renovation of House:
1. Sale deed / Lease deed and its Registration.
2. 7/12 extract and Index II.
3. Demarcation / Layout certification.
4. Abstract & Detailed Estimate for construction / extension prepared & certified by a Licensed Surveyor / Architect.
5. Documents 2, 3,4,10, of point (E) above.
H) For Plots / Houses / Flats allowed by MHADA / PCNTDA / MIDC / MHB
1. Allotment letter.
2. NOC from the body.
3. Additional certificate (in PCNTDA) cases only).
4. Lease deed & its Registration receipts.
5. Blueprint of the sanction building plan and commencement certificate attested by the sanctioning authority.
6. Receipts of payment made to the body.
I) In point E, F, G & H above, if the flat / house is located in a registered society, the following
Additional Documents are to be submitted:
1. Society Registration Certificate.
2. Society Bye-laws.
3. Share Certificate.
4. Letter of allotment of flat/house / plot.
5. Society NOC. (prescribed format available with our office).
In the case of Builder APF or Reference:
1. Agreement to sale with the builder and the Registration Receipts.
2. Blueprint of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red color for easy identification.
3. Receipts of payments made to the builder. If cheque Payment then Bank clearance required.
4. NOC from the builder in the prescribed format.
5. Builder Demand Letter.
A home loan is a type of mortgage that allows you to borrow money from a lender to purchase a home. The loan is secured by the property you are buying, meaning that if you fail to repay it, the lender can take ownership of the property.
The most common types of home loans include:
Fixed-Rate Mortgages: The interest rate remains the same throughout the term of the loan.
Adjustable-Rate Mortgages (ARMs): The interest rate can change periodically based on market conditions.
FHA Loans: Government-backed loans designed for first-time homebuyers with lower credit scores.
VA Loans: Loans backed by the Department of Veterans Affairs, available to veterans, active-duty service members, and some surviving spouses.
USDA Loans: Loans backed by the U.S. Department of Agriculture for rural property buyers.
To qualify for a home loan, lenders typically look at factors such as:
Credit Score: Higher scores usually result in better loan terms.
Income: Lenders want to ensure you have a stable and sufficient income to repay the loan.
Debt-to-Income Ratio: This ratio compares your monthly debt payments to your monthly income.
Down Payment: The amount you can put down upfront on the home.
Employment History: A stable employment record can strengthen your application.
A down payment is an upfront sum you pay towards the purchase of the home. The amount required varies depending on the type of loan and the lender but generally ranges from 3% to 20% of the home’s purchase price.
Before applying for a home loan, consider:
Your Credit Score: Ensure it meets the lender’s requirements.
Your Budget: Understand what you can afford in terms of monthly payments and down payment.
Loan Terms: Compare different loan options and terms to find what suits you best.
Future Financial Goals: Ensure the loan aligns with your long-term financial plans.
To find the best home loan, compare different lenders and loan products, check their interest rates, fees, and terms. Consider getting quotes from multiple lenders and reviewing their offers carefully.
Feel free to customize these questions and answers to better fit your website’s tone and audience. If you need any more specific details or additional FAQs, just let me know!
Yes, many lenders allow you to pay off your loan early. However, check for any prepayment penalties, which could incur additional fees if you repay the loan before the term ends.
The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It affects your monthly payments and the total amount you repay over the life of the loan. A lower interest rate means lower monthly payments and less paid in interest over time.
It is possible to get a home loan with bad credit, but it may be more challenging and come with higher interest rates. Consider exploring government-backed loans or working with lenders specializing in bad credit mortgages.
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FAQ
Home Loan Questions
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