Serving Our Clients For Over 25 Years
Home loans help you with a lump-sum advance of funds towards buying your desired
property, this amount will be repayable with interest. However you can re-pay the
amount advanced via EMIs (Equated Monthly Installments), thus enabling you to
approach realizing your home dream in a convenient and structured way.
What Is A Home Loan?
A home loan, also known as a housing loan is simply the sum of money borrowed from a
lender to purchase a home or to construct one. Home loans can also be taken for
extension of existing homes. Home loans are available in both fixed and adjustable
interest rates, and payment terms. There are several types of home loans available:
How Does A Home Loan Work?
For purchase of residential property
For construction of a residential property
For purchase of land
For home expansion
For balance transfer
Loan amount is the principal amount of money that you are eligible
to borrow for your home. The home loan amount that you can borrow will largely depend on
your home loan eligibility calculated on the basis of several factors – CIBIL score,
employment type, income, among others. To determine your home loan eligibility, all we
will need is your documentation proofs.
A home loan amount is said to be disbursed when the amount is
transferred to your bank account after checking your eligibility and documentation
A month following the day on which you received full loan
disbursement, your Equal Monthly Instalment will start. To repay your home loan amount,
you need to shell out equal, fixed amounts on a monthly basis to repay your home loan.
A loan is closed when you pay your EMIs up until your loan tenure,
paying off the principal amount and the interest. Generally, home loans are to be paid
off within the tenure or term for which they were taken but foreclosure or prepayment of
home loans can be made. In case of floating interest rates, no charges will be
applicable for prepayment but in case of fixed interest rates, charges may apply. If you
do not prepay your loan, you will have to faithfully pay your EMIs up until your loan
tenure is over following which a loan closure will take place. Meaning, your books of
home loan will be closed.
Are You Eligible For A Home Loan?
will be determined based on the following criteria –
What Are The Documents Required To Apply For A Home Loan?
You must be between the ages of 24 and 65
Salaried employees must have a minimum salary of Rs. 30,000 and at least two
years of work experience
Self-employed individuals must have at least three years of work experience in
their current field
In case of NRIs or Non-Resident Indians; they should be salaried individuals
having at least three years of work experience
Documents Required for all Home Loan Applicants:
The following are the accepted documents for a home loan application. An applicant needs
to produce only one/two from each of the following category –
4 Reasons Why You Deserve A Home Loan
Home is a good investment for your future
Age Proof – Valid Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card, School Leaving Certificate
Photo Identity Proof – Voter ID Card, Valid Passport, Driving License, Aadhar Card, PAN Card
Address Proof – Utility Bills, Bank Statements, Property Registration Documents, Property Tax Receipt, Voter ID Card
Business Proof – Registration Certificate for Commencement of Business, your Business Profile on letter head, copy of the last two years’ Income Tax Returns
Income Proof – Last six months’ operative current account statement, copy of the last three years’ P/L Projection Statement, Bank Statements for the last six months of CC, OD facilities (if taken)
Existing Loan Details – to be provided via bank statements
Processing Fee Cheque – to be issued from your business account
Home buying is not just fulfilling your immediate need, but it is also a good investment as the property value increases over the years. Whether it is a plot, home or apartment you want to invest in, it will provide better returns over the course of time. This is one investment that will continue to pay dividends for the rest of your life.
Fix anything that’s broken
Over the years, even the best of homes end up suffering through a little wear and tear. Show your home a little love and fix all the little leaks and creaks through Home Loan.
Upgrade to make it Eco friendly
A lot of home owners now upgrade their homes in an effort to reduce their carbon footprint. With just a few upgrades, you will be setting a great example for your children and neighbours.
Because you deserve a place to express yourself
Your home is where you and your loved ones find a sanctuary away from the hustle of the outside world. Why would you want to compromise on that? Turn your children’s room into a fantasy playground or get yourself more space by adding a room.