Home loans or housing loans are available for purchase of underconstruction or ready to move homes. Housing loans can also be availed for construction of own house.
Home Loan
Home Loan is a mortgage facility offered by lenders to borrowers for various housing needs such as purchase of a new home, under-construction home, land or plot for building a house or renovating an existing home. This facility is provided at interest rate starting from 6.70% p.a. and a tenure that is up to 30 years.
Types of Home Loan
Owning a plot or home is the dream of every man. It also provides financial stability as well as emotional security. In India, there has been great demand for loans from the very start. Several companies that work under many banking sectors are helpful in providing faster approval of loans. So we provide these type of loans with faster approval process and in less time.
Home Construction Loans
Owning a plot or home is the dream of every man. It also provides financial stability as well as emotional security. In India, there has been great demand for loans from the very start. Several companies that work under many banking sectors are helpful in providing faster approval of loans. So we provide these type of loans with faster approval process and in less time.
House Purchase Loans
One of the most popular and commonly availed loans would be home purchase loans. These loans are used when a person buys a property from another owner.The loans are given on both fixed and floating interests or even as hybrid loans. These kinds of hybrid loans are the ones which include floating interests and fixed interests combined in an ideal way. Almost all the banks give out home purchase loans.
House Improvement Loans
House improvement loans are those that are provided when a property has to undergo renovations and other repair works. The kind of expenses that are covered under this includes painting works, repair works both internally and externally, electrical work, plumbing works, waterproofing the house and also when constructing underground tanks or overhead tanks.
NRI Home Loans
For the application of NRI loans the applicant must be of a minimum age of 25 years and the age limit would 60 years. The applicant must be working abroad at least for a period of 1-3 years. Only a person holding a degree of diploma, graduate, post graduate or any kind of professional degree is eligible. The loan is provided for a maximum of 20 years of tenure.
Land Purchase Loans
As the name itself mentions, land purchase loans are provided in order to buy lands or plots. These loans are provided for both investment purpose and also residential or housing purpose. The banks provide upto 85% loans when purchasing a plot or land. These loans are mostly taken in order to build a house..
Home Loan Eligibility Criteria
The home loan eligibility criterion mainly depends on your employment. i.e. Whether you are a salaried person Or a self-employed person. you can check it below.
Age
- 21 years to 70 years
- NOTE: This home loan can be availed only till an individual remains an income contributor.
Employment
Individuals working under the following can apply:
- Government Institution
- Private sector
- Public sector
- MNCs or related companies
- Partnership Firms
- Proprietorship concern
- NGOs or related organisations
Co-applicant
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
- Co‐applicant can be spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
- All co-owners of property should be on loan structure
- Friends cannot be co‐applicants (allowed only if they are coming in the capacity of Partners/Directors/Shareholder)
Age
23 years – 70 years
Employment
- Self-employed professionals (doctors, architects, etc)
- Business owners, proprietors, partners of partnership firms, etc.
Co-applicant
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
- Co‐applicant can be spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
- All co-owners of property should be on loan structure
- Friends cannot be co‐applicants (allowed only if they are coming in the capacity of Partners/Directors/Shareholder)
Documents Required for Home Loan
When you apply for a home loan there are certain documents required for home loan that are mostly based on the profession/occupation of the applicant. However, most of them are common for all. you can see it below:
-
PAN Card
Identity Proof
Here is the list of the acceptable ID proofs –
- Passport
- Driving License
- Aadhaar
- Voter’s Identity Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of photo / name
Address Proof
Here is a list of the acceptable Address proofs –
- Passport
- Driving License
- Aadhaar Card
- Voter’s Identity Card
- Utility bills like Telephone Bill /Electricity Bill etc.
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of photo / name and address.
Property-Related Documents
- Stamped agreement of the sale/ Sales Deed or the letter of Allotment
- NOC from the builder/ housing society
- Possession Certificate
- Detailed Construction cost estimation
- Bank Account statement
- In case of Constructed Apartment – Occupancy Certificate
Passport Size photographs