Home Loan

Everyone has a dream that they should have their own home where they feel happy and their family is get secure environment.

Not everyone has that much of funds to buy home in urban cities because the property cost is higher then buyer expectations. When you buy the property you will require the bank loan or you need to visit local financer wherein the local financer will charge you the higher rate of interest of 13% to 20% on the loan amount. If you will get the loan from authorized bank then there will be lesser rate of interest which will be 6% to 8%. 

That is why we suggest if you require a home loan than you should go with the bank first because they are the people who will provide you the loan with the nominal interest rate also provide you the insurance which will provide security to your co applicant, so that if something happen with anyone in their loan tenure than their co applicant will not face any consequences to pay the loan.

Below are the some beneficial details for you which will help you to understand how you can get the home loan from bank.

Eligibility criteria to apply for Home loan:

1. Customer should be 21 years old but not more than 65 years
2. Customer should have bank account.
3. Customer should have salary slips or ITR.
4. Customer should have resident of India.

Documents Required:-

• Application form with details.
• Identity proof.
• Address proof.
• Income proof documents.
• Bank pass book or Bank Statements.
• Property documents.

Loan amount:-

• You Can avail home loan up to 5000000 depending upon the city you live in and it will be determined after assessing the individual’s requirement and the valuation of the property.

Maximum Period of Repayment:- 

• The maximum home loan tenure offered by Bank is 25 years.

 Repayment Options:- 

• The EMI can be paid through any bank ECS (Electronic Clearing System) where you need to provide a cancel cheque to Bank and they will process this ECS and debit the EMI amount from your bank account.

Factors that affect the EMI amount

•  This is the amount that an individual borrows from the Bank.
• Tenure: The EMIs are your repayment method which will be equally divide as per your loan amount.
• ROI : Rate of interest will be provide by the bank let suppose you have taken a loan of 100000 INR and your interest amount is 7%.
• Down payment amount: Making a down payment so let suppose you buy a property which has a value of 24lac INR and you paid 5 lac to them then your loan requirement will be 19Lac on which you have to pay to bank.

Please find the list of banks who will help you to provide home loan at reasonable rate of interest.