HOME LOAN
Live in your own house with hassle-free finance process
INFORMATION
Home Loan
A home loan is a secured product where the bank provides finances for the purchase or construction of a residential/commercial property. Customers can get a home loan to buy a plot of land and then construct on it. It can also be given for extending, repairing, and altering a new or second-hand property. A home loan is taken against property/security to be bought, it is done by giving the banker conditional ownership over the property i.e. if the customer fails to pay back the loan amount then the bank can retrieve the lent money by selling the property.
Banks get the property valued independently and provide loans based on the estimated value. The point to remember is that Banks valuation is frequently less than the actual cost so, the requirement of customers goes up. Home loans in Indian Banks are provided up to a maximum of 80% and 90% for a maximum amount of 20 lakh of the value of the house. Home loans are repaid using equated monthly installments (EMIs) distributed over a fixed tenure.
Eligibility
Eligibility of borrower depends on the loan or finance requirement and specific criteria fulfillment of the loan type. Though there are some common points which one must consider prior to applying for a loan are as follows Income tax return and salary slip, Average bank balance, Location of residence or business work premises, Existing borrowing status, repayment history, CIBIL Score, selection of financial institution for fund requirement, project presentation and most important personal discussion with the authority where we play a key role with you.
- IT Return
- Salary Slip
- Residence Location
- Work Location
- Existing Borrow Status
- Repayment History
- CIBIL Score
- Selection of Bank/NBFI
- Presentation of Proposal
- Discussion With The Authority