About Home Loan

Every one dreams of a house and we make it possible for you. Avail loan upto 360 months and upto 90% of property value.
Lets get to know about a home loan in detail
1) Age of Entry , 23 years to 55 years for salaried , 23 years to 60 years for business owners , May vary from bank to bank.
2) Min and Maximum loan amount , for urban areas 10 lakhs is minimum and maximum no limit provided one is eligible.
3) Rate of Interest is linked with REPO or any other bench mark rates. It keeps on changing from time to time Benchmark rate + spread is the ROI for a home loan in some cases Benchmark rates - Spread is the ROI for HL.
4) Minimum tenure 3 Years maximum 30 years.
5) Prepayment, partpayment and foreclosure is allowed in a home loan.
6) Loan to Value ratio.
a) Loan amount 0-30 Lakhs 90% of agreement value or market value which ever is less.
b) Loan amount 30-75 Lakhs 80% of agreement vlaue or market value which ever is less
c) Loan amount More than 75 Lakhs 75% of agreement value market value which ever is less.
7) In fully constructed resale property market value is given more importance while calculating LTV.
8) TDS of 1% has to be deducted by the buyer if the consideration value is more than 50 Lakhs.
9) If home loan is not possible on one income, Income of blood relatives can be considered for enhancing eligibility.
10)FOIR or DBR is that part of the income which is considered for emi paying capacity for calculating eligibility.
11)Floating rate Vs Fixed rate. A fixed rate in HL is always higher as compared to a floating rate, Most of the banks and HFC provides loan on floating rate of interest.
12)Property Insurance, Most banks insist on property insurance at the time of disbursement of loan.
13)Life insurance is optional but one should check all terms and condition before taking insurance as few banks give general insurance product for 5 years only.
14)Banks and HFC funds on agreement cost, GST and furniture and fixture but not on stamp duty and registration.
15)When ROI increases the bank prefers to increase the tenure keeing EMI same.
16)When ROI decreases the bank prefers to decrease the tenure keeing EMI same.
17)Documents varies for salaried, self employed , Merchant Navy, NRIs etc.
18)Documents related to property also varies from state to state but below are a few documents required
a) Property chain agreement or builder buyer agreement.
b) Sale deed and agreement to sale.
c) Approved plan
d) CC and OC
e) Share certificate both side.
f) Society registration certificate.
g) Property tax paid receipt and Maintenance bill.