Select Home Loan For Dream House

1. Select Home Loan For Dream House The term home equity loan refers to the loan given by a bank or an establishment either for the acquisition of the first house or for investing in an exceedingly residence. just in case of a home equity credit, the borrower of the loan who also happens to be the owner transfers the title to the lender on a condition that the title are going to be transferred back to the owner on completion of the payment of the principal amount together with the interest amount. It’s mandatory for the borrower to possess a collateral security to get a consumer credit. With regard to home loan interest rate, home loans have two kinds of interest rates namely fixed interest rates and floating interest rates. Features of Home Loans Loan Tenure - The tenure availed to repay the loan plays an important role because the short terms loans helps the borrower to pay less interest amount but has got to find yourself paying high principal amount. Interest Rate– the house loan offers the borrower to settle on either from the fixed or floating interest rates during the tenure of the loan period. Under the floating rate of interest, the interest rates move together with the market rates and are subject to RBI’s decision associated with the national cash rate. Whereas under the fixed interest rates, the interest rates remains firm and glued regardless of market movements. The sole backdrop of fixed rate of interest is that the borrower may find yourself paying high interest rates where as others encompasses a chance to pay lesser interest rates supported market interest rates. Frequency of Loan Repayment– the amount chosen by the borrower to repay the loan is a vital factor as this needs to be done after carefully evaluating the budget of the individual. The utmost tenure within a private has got to repay a equity credit line in India is 30 years. Purpose of Loan– The borrower can avail home equity loan from banks or financial institutions either for purchase of a replacement house from builder or a house meant for resale or for construction of house or for extension of an existing house. Collateral– Housing Loan may be a secured loan and hence collateral or security could be a must to avail the loan. Processing Fees– The processing fee may be a just once charges which a bank or a financial organization levies on the borrower at the time of processing of the loan. This fee differs from one bank to a different and it either depends on specific percentage of loan amount or it's a set amount of cash. The processing fee is non – refundable in nature. This particular fee needs to be borne by the purchasers whether or not the loan isn't sanctioned. a number of the banks have introduced zero processing fee equity credit line for a limited period of your time to draw in more customers. greenwallfinance.com | +91-9873999068 Page 1

2. Select Home Loan For Dream House greenwallfinance.com | +91-9873999068 Page 2

3. Select Home Loan For Dream House Loan Amount - the whole amount of housing loan prominently depends on the income of the borrower, age of the borrower, credit history of the borrower, repayment capacity in addition as eligibility of the individual. Equated Monthly Installments (EMI)– The term equated monthly installments refer to the fixed payment amount which the borrower needs to make on a monthly basis to the lender on a specified date during monthly. The EMI is employed to pay both the principal amount moreover because the interest amount over a period of your time, until the completion of the loan fully. The EMI usually varies on the loan amount furthermore as its tenure which is chosen by the borrower. Types of Home Loans in India Home Purchase Loans -These loans are offered to those borrowers who are trying to find the acquisition of either a house or a flat. Plot Loans - this type of loan is obtainable to people who are looking to shop for a chunk of land or plot for construction of a house on that. New Home Loans -This loan is obtainable for those individuals who are looking to shop for a house or flat for the primary time. Housing Loan for Construction - this sort of loan is obtainable for people who are willing to construct a house of their own over an existing piece of land. Home equity credit -Top Up it's a form of facility which is obtainable by most of the banks and non – banking financial institutions which allows the present customer to borrow a specific amount over and above the present home equity credit. Renovation Loan - this is often a form of loan which is obtainable to those borrowers who are progressing to renovate or extend their existing house or property. Balance Transfer Loan - equity credit line this sort of loan is out there for the individuals who favor to transfer their remaining balance amount of loan from one bank to a different. this can be usually done to avail better interest rates (read as lesser interest rates). Pre – Approved home loan - credit this type of housing loan is obtainable to the eligible borrowers after taking into consideration the borrower’s creditworthiness, financial position, income so on. Eligibility for Securing Home Loans For Salaried Employees Age: The applicant should be in the age group between 18 years – 70 years. greenwallfinance.com | +91-9873999068 Page 3

4. Select Home Loan For Dream House Income: The applicant should have a minimum salary of Rs 1,20,000 per annum. Tenure of Loan: The tenure of loan can be chosen between 5 years – 30 years. Employment Status: The applicant should be a salaried employee and should be working for at least 3 years out of which the current employment should account for at least 1 year. Credit Rating: The applicant should have a good credit score (CIBIL score) of 750 – 900 points. For Self Employed Individuals Age: The applicant should be in the age group between 21 years – 70 years. Income: The applicant should have a minimum salary of Rs 2,00,000 per annum. Tenure of Loan: The tenure of loan can be chosen between 5 years – 30 years. Credit Rating: The applicant should have a good credit score (CIBIL score) of 750 – 900 points. Required Documents for Home Loans In case of Salaried Employees • Proof of Identity: Election ID Card, Driving License, PAN Card, Passport • Salary Slip for the last 3 months • Proof of Residence: Utility Bills (Electricity bill, Water bill), Passport • Bank statement of Salary Account for the latest 3 months • Duly filled in application form along with recent passport size photograph • Bank Salary Credit Statement for last 6 months In case of Self Employed • Duly filled in application form along with recent passport size photograph • Proof of Residence: Utility Bills including Electricity bill, Water bill or Passport • Proof of Identity: Election Identity Card, PAN Card, Driving License, Passport • Proof of Office Address • Education Qualification Certificate greenwallfinance.com | +91-9873999068 Page 4

5. Select Home Loan For Dream House • Income Proof of the self-employed: Audited financial report for the last three years, last six months bank statements are required. • Proof of Business: Certificate of Practice, GST Registration Certificate, Partnership Deed, Shop Act License, MOA & AOA, Qualification Certificate. Tag: home loan interest rate Best home loan rates calculators best home loan rates loan against property interest rate greenwallfinance.com | +91-9873999068 Page 5