Apply For A Home Loan Online
Apply for a home loan online from various financial institutions. No processing fees*. We also help you identify a property.
Apply for a Home Loan. No Processing Fees*
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* Processing fees will be reimbursed after the loan disbursement
Apply for a Home Loan from Top Financial Institutions and Banks
When you apply for a home loan, we link you up with various financial institutions that we’re tied up with. If you have not identified a property so far, you could send across your property requirements. We will help you identify your dream property.
Also, once you apply for a home loan and the loan amount is disbursed, your processing fees will be reimbursed. That way, you save on the processing fees as well.
Go ahead, use the form above, and apply for a home loan today!
Home Loan is offered by lending institutions to customers for different real estate requirements such as the purchase of a new home, under-construction home, land, or plot for constructing a home or renovating an existing home.
This facility is offered at a rate of interest starting from 8.0% p.a. and a period that varies from 20 to 30 years, depending on various factors, including the age of the applicant, type of property, amongst more.
Every youngster strives to construct a home and makes it the first priority. The possible homeowner must first lookout for the household’s regular monthly earnings and then lookout for a loan that is generous so that he need not invest his whole life repaying the loan.
It is a well-known fact that if you own land, then it is simple to build an area on your own which is comfortable and special. A number of home loans are now available from numerous banks in order to meet your dreams.
Plot Loans or Land Loans are also available in a different range like loans for plots, building, and construction, remodeling, etc.
It provides robust service which includes quick approval of loans. Lenders ensure that they provide high requirements of principles, integrity, and simpleness.
This information will assist you in comparing the rates between different banks prior to applying for a house loan. Slash in home loan rates will certainly provide an opportunity for those who were waiting for the ideal time to take a home loan.
Different Types Of Home Loans in India
Owning a property, be it a plot or a house is a dream for just about anyone. It likewise offers monetary stability along with emotional security.
In India, there has actually been a fantastic need for loans from the very start. Numerous businesses that work under lots of banking sectors are useful in offering faster approval of loans.
When it comes to home loans there are numerous categories that consist of:
Home Construction Loans
A mortgage is given to those people who are most likely to develop a brand-new house in the way they desire instead of buying a property that has been currently built.
The process in which home building and construction loans are acquired is somewhat different from that of the typical loans tended to housing.
When making an application for home building and construction loans the customer should have an idea of the cost that will sustain and apply for the loan accordingly. Once the debtor provides the necessary files to support his claim, House construction loans in most cases are easy to get.
Home Purchase Loans
One of the most popular and typically availed loans would be house purchase loans.
These loans are used when an individual purchases a home from another owner. It is likewise needed to take adequate care in purchasing homes from another owner.
The loans are given on both fixed and floating interests or even as hybrid loans.
These kinds of hybrid loans are the ones that include floating interests and fixed interests combined in an ideal way.
Almost all the banks give out home purchase loans. When compared to home building loans, this loan consists of a little intricate procedure.
House Improvement Loans
When a residential or commercial property has to undergo renovations and other repair works, House enhancement loans are those that are provided.
The kind of costs that are covered under this consists of painting works, repair both internally and externally, electrical work, pipes works, waterproofing your house and likewise when constructing overhead tanks or underground tanks.
Home Extension/ Expansion Loans
When people tend to broaden or extend their present home, growth or extension loans for houses are provided out. This consists of the addition of an additional bedroom, living room, a larger restroom or a brand-new floor, or space for a veranda. It is nothing but the modification in the structure of a home.
Home Conversion Loans
These are the loans that are supplied to such people who wish to move into another home with the existing loan. If incase the individual wants to move into a brand-new place they have an option of moving by paying some additional quantity or pre-payment on the prior loan.. When this is done there is no need of paying a loan for the previous home.
NRI Home Loans
For the application of NRI loans, the applicant must be of a minimum age of 25 years and the age limit would be 60 years. The loan is provided for an optimum of 20 years of tenure and no loans will be offered for workplace premises.
These loans are otherwise called short-term loans which are used up by owners of a house. Swing loans help individuals to bridge the space between an old house and a newly bought plot. These sort of loans are extended for not less than 2 years which will later require finance files of the brand-new home.
Stamp Duty Loans
When a property is bought, it is required to pay the stamp duty charges also, apart from the rate of your home. A particular quantity of registration fee needs to likewise be paid.
Land Purchase Loans
As the name itself suggests, land purchase loans are offered in order to buy plots or lands. These loans are offered for both financial investment purposes and also residential or housing purposes.
Features and Benefits of a Home Loan
Home loan features are unique as compared to other loans. Some of the basic features are listed along with.
For resale or construction, purchase of a completely constructed home from home builders, extension or remodeling of an existing house.
Home loans amount totally depends upon the requirement; nevertheless, there is a limit in loan amount which is varying from Rs.2 lac to Rs.200 lac, and this is calculated on candidate’s eligibility, payment capability, and earnings.
All home mortgages are protected wherein security is a must.
20 years is the maximum loan tenure provided for a mortgage.
Advantages in Availing of a Home Loan
- Increases the likelihood of acquiring a house. Lots of, particularly in India will not have the ability to buy a house will complete cash readily available. This is where mortgage produces a chance for the low-class and middle-class communities to have a home of their own.
- This assists in capital gratitude; there is no doubt residential or commercial property rates have actually expanded in the past 5 years. Financial investment in a home is always a safe and clever relocation. The worth of land always increases and therefore grateful for your investment can be noticeably seen within a couple of years.
- Applicants can avail of tax benefits from mortgages. Under Section 80CCE of the Income Tax Act, 1961 payment of principal up to Rs 100,000 on a home mortgage is subject to tax reduction. As soon as all prescribed conditions are fulfilled, this advantage can be availed.
- Interested in finding out your EMI amount? Check out the HDFC EMI Calculator.
Document Checklist Required to Apply for a Home Loan
- Passport Size Photographs
- Identity Proof: Passport / Driving License / Voter ID / PAN Card / Aadhaar Card.
- Address Proof: Driving License / Registered Rent Agreement / Electricity Bill (up to 3 months old) / Passport.
- Employment Appointment Letter: Required if the current employment is less than 1-year old.
- Financial Documents: Last 3 months salary slip, 6-month bank statement, 2 years Form 16.
- Property Documents: Sale deed, Khata, transfer of ownership.
- Advance Processing Cheque: A canceled cheque for validation of bank account.
- Financial Documentation:
- For Salaried Individual: 3-month salary slip, Form 16, and bank statement
- For Self-Employed Individual: IT returns for the last 2 years along with computation of income tax for the past 2 years certified by a Chartered accountant
- For Self-Employed Non- Professionals: IT returns for the last 3 years along with computation of income tax for the past 2 years certified by a Chartered accountant
- Complete Home Loan Application form duly filled