What is Home Loan?

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?

Lower interest rates as its secured loan.
Helpful for all Home related expenses.
Greater Credit Eligibility.

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