For some, individuals paying the aggregate cast of the new house in one go is inconceivable. Here Property Loan or Home Loan gives a major help to purchase your new house. Home credit can help you from numerous points of view, it can be useful for buying another home or building a current private property.
Owning a home isn’t just a keystone of wealth, it’s what gives us and our families, stability and emotional security. If you’re hesitant about buying a home because you feel that getting a home loan is a daunting task. Don’t worry! Applying for a home loan, is an incredibly simple process.
Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.
Types of Home loans :
Home purchase loans
- These are the most common type of home loans that is granted to individuals and they are granted for the purchase of an apartment.
Home construction loan
- This type of loan is granted to individuals for the construction of a house on a plot of land that is already owned by the applicant.
Home Expansion/Extension Loan
- This loan is specifically granted to individuals who want to expand their current home to include a new construction such as an additional floor, room, bathroom, etc.
Home Improvement Loan
- Existing home owners who lack sufficient funds to renovate their existing home can apply for this loan to upgrade their home with a new paint job, electrical wiring, water proofing, etc.
Home conversion loans
- Using this type of home loan, an existing home owner can add to their existing loan so that they can purchase a new house. This type of loan is only applicable to existing home owners.
NRI Home Loans
- These home loans are specifically designed to provide non-resident Indians with financing so that they can purchase a home in India.
Advantages of Home Loans?
What are the Documents required for Home loan?
- Completed Loan Application
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving
- Statement of Bank Account/ Pass Book for last six months
- 3 Passport size photographs
- Property tax receipt/ Passport/ Voters ID card)
- Proof of business address for non-salaried individuals
- Signature identification from present bankers
- Proof of residence
What is process for getting Home Loan?
- Applying for Home loan With the Home Loan Application form and Required Documents to be submitted
- Home Loan Sanction Bank Official will determine the financial eligibility and they will value the property.
- Home loan Disbursement Signing the home loan agreement and Loan Disbursemen