There are various home loan products that you can choose from based on your requirements:

• Capital appreciation
• Sense of accomplishment
• Tax benefits on interest and principal components
• Zero prepayment charges
• Home loan top up and balance transfer facility
• Long repayment tenure of up to 30 years
• loan amount of up to 5 Crores (can be more in some cases)
• Makes it easy to purchase a new or resale house/apartment/plot, house construction, or even renovation of an existing house.
• Repayment holiday facility
• Loan available as term loan and overdraft
• Fixed, floating, and hybrid rates of interest available

Some common types of home loans available in India are:

• Home loan for purchase of a flat in an apartment complex: Banks finance their customers to buy flats in residential complexes. Here you have the concept of an Undivided Share (UDS) in the land.
• Home loan for purchase of an individual house: This is similar to the type of Home Loan described above however there is no concept of ownership of UDS. The entire land belongs to the borrower. Naturally, such houses have a better resale value.
• Home loan for purchase of land/plot: Banks finance their customers for the purchase of vacant plot or land for subsequent construction of house. Usually, banks stipulate that the construction of the house should begin within one year of purchase of land for the loan to be treated as a home loan.
• Home loan for construction of a house on own land/land: You can avail a loan for constructing your house on your land. Banks have their methods of determining the cost of construction. Naturally, you need to obtain the requisite permission from the local municipal authorities for constructing your house on the land. You need to have an approved plan as well.
• Home loan for home improvement/extension: You can approach a bank for financing home improvement or for extending the house. In the latter case, you need to have the requisite approvals and plans in place.
• Home loan balance transfer: This facility allows you to switch over your Home Loan from one bank to the other. If you have a high-interest Home Loan, availing this facility can be useful. You could transfer your outstanding loan amount to another lender at low interest rate, thus saving on interest cost.

We have made the procedure of applying for a housing loan very simple.

• You can contact us by mail or call
• Our Manager will take your profile details on call.
• We will send you our cheetlist for required documents.
• Our manager meets you to collect the documents and sign the application form.
• We will discuss your loan proposal and decide the lender bank as per your requirement.
• File will login to Bank
• Valuation unsecure legal done
• Bank officials will meet you or call
• Sanction of Loan
• Disbursment of Loan

You can now apply for a home loan online using a few simple steps:

• Click on the ‘Compare and Apply’ option.
• Fill in the necessary details and get all the latest home loan details.
• Fill up the online submission form for a home loan that you are eligible for and upload the home loan document required.
• Once the application has been received by the bank, you will get a sanction letter if it is approved.
• The loan is disbursed into your account based on the terms in the sanction letter.

Various factors go into the determination of your Home Loan eligibility. The basic rules for salaried people and self-employed people are the same. Some banks stipulate a higher take-home pay percentage for self-employed persons.

• Your current income: Salaried employees can submit salary slips for the last three months and furnish a bank statement for the past six months where their salary is credited. Self-employed professionals should submit the statement of accounts for one year where they receive the credits for the services rendered by them.
• Continuity of employment/business: Salaried employees can rely on their income tax returns, Form 16, Form 26AS, etc to display their continuity of employment. They can also show a statement of the Provident Fund account to establish the links. Self-employed businessmen and professionals can furnish the income tax returns along with other financial statements like balance sheet and profit and loss statements. They can also furnish copies of invoices raised by their clients.
• Current obligations: It is possible that an applicant might have pre-existing personal loans, vehicle loans, and other loans for which they might be paying instalments. You have to account for these instalments as well while calculating Home Loan eligibility.
• Credit history: The repayment track record of the applicant is of utmost importance. Every bank or financial institution is a member of CIBIL or another credit bureau. These bureaus keep track of the loan activities of every borrower. Based on this information, they generate your credit history profile and quantify the same by generating your credit score. This is a number ranging between 300 and 900. The higher your score, the better are your chances of getting a loan. Naturally, it goes without saying that defaults, frequent requests for loans or missing payments can pull down your credit score. A score of 600 and above is considered fair for determining HL eligibility.
• Value of the property: The value of the property you purchase is important. The financing bank needs to determine the cost of the project it is going to finance. Banks usually finance up to 75% - 90% of the value of the property (also known as LTV or Loan to Value Ratio) with the balance being your contribution or margin as they call it.
• Legal position: The prime security for any home loan is a mortgage of the land and building they have financed. You have to create the mortgage and register the same with the respective registering authorities. In order to do so, you must be legally empowered to create the mortgage. Hence, banks and financial institutions insist on a legal scrutiny report from their panel of advocates who carry out a search for the previous 30 years to establish the ownership chain.
• Age of the borrower: The minimum age of the borrower at the time of home loan application should be 21. The age at the time of maturity should generally be 65 years. Some banks stretch this limit to 70 years.