A home loan, usually referred to as a mortgage, is a kind of loan given by financial organizations, like banks or mortgage lenders, to assist individuals or families in buying a property. It is a long-term loan that must be repaid over a long period of time, usually between 15 and 30 years, with consistent monthly payments and there are many best banks for home loans where you can apply.
A home loan eligibility criteria has a set of requirements that are almost equivalent to those for any other bank loan. The following criteria must be met in order for a home loan amount to be eligible:
| S.no | Criteria | Salaried | Self-Employed |
|---|---|---|---|
| 1 | Age | 21 to 60 years | 30 to 70 years |
| 2 | Minimum per annum Income | Rs. 1 lakh per annum | Rs. 1.5 lakh per annum |
| 2 | Tenure duration | 12 - 360 months | 12 - 300 months |
| 2 | Minimum experience | 3 years | 4 years |
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Get a home loan by providing simple documents . Here are the list of documents required for applying for a home loan :
If you wish to purchase a property that has already been built or that is currently being built, you should choose this financing. You may obtain a home loan from a lender for up to 90% of the property's worth in accordance with RBI regulations.
If you want to buy a piece of land or construct a house, this loan is an option. When you provide the necessary documentation pertaining to the acquisition of the land, the first installment of the loan is disbursed. The progress of the house's development will determine any additional payments.
Even for renovation or repair costs, you can obtain a home loan. The repayment period is typically shorter in this situation. This is due to the fact that the funding provided for a house renovation is generally less than for a full residence. However, the interest rate for loans for home improvements is normally the same as for a regular loan for real estate.
If you require financing for building, this lending instrument is available. This kind of loan is only available if you already own a plot of land and intend to build a house there. The disbursal is based on the stage of construction, just like a composite loan.
This lending facility is an option if you want to increase the size of your house. Financial institutions often distribute funds through this type of lending in an amount that can reach 90% of the expected cost of construction. This distinguishes it from a loan for home renovations because the sanction amount depends on the loan size and the Loan-To-Value ratio.
Typically, young professionals who have recently started their careers will take out this form of loan. Your first EMI payment is reduced using this lending programme. The key benefit of this type of loan is the ability to gradually increase the EMI amount.
A loan overdraft facility is comparable to this. Your home loan account is here immediately connected to your bank. Prepayments reduce the amount of interest due by any money put in the bank account above the EMI amount.
Here are few steps , that you have to follow for applying online home loan
Firstly fill up all the details and personal information related to the loan requirement.
A list of qualified home loan offers will show up in accordance with the information provided. From the list of available home loan options, compare interest rates, processing costs, and the maximum loan size.
Fill out an application for the home loan package that best fits your financial needs. You will receive a confirmation of your home loan application, along with a reference number for future use, once your application has been filed successfully. Our loan specialist will then contact you within 24 hours to proceed with your application.