What is Home Loan?

For some, individuals paying the aggregate cast of the new house in one go is inconceivable. Here Property Loan or Home Loan gives a major help to purchase your new house. Home credit can help you from numerous points of view, it can be useful for buying another home or building a current private property.
Owning a home isn’t just a keystone of wealth, it’s what gives us and our families, stability and emotional security. If you’re hesitant about buying a home because you feel that getting a home loan is a daunting task. Don’t worry! Applying for a home loan, is an incredibly simple process. Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.

Types of Home loans :
  • Home purchase loans :
    These are the most common type of home loans that is granted to individuals and they are granted for the purchase of an apartment.
  • Home construction loan :
    This type of loan is granted to individuals for the construction of a house on a plot of land that is already owned by the applicant.
  • Home Expansion/Extension Loan :
    This loan is specifically granted to individuals who want to expand their current home to include a new construction such as an additional floor, room, bathroom, etc.
  • Home Improvement Loan :
    Existing home owners who lack sufficient funds to renovate their existing home can apply for this loan to upgrade their home with a new paint job, electrical wiring, water proofing, etc.
  • Home conversion loans :
    Using this type of home loan, an existing home owner can add to their existing loan so that they can purchase a new house. This type of loan is only applicable to existing home owners.
  • NRI Home Loans :
    These home loans are specifically designed to provide non-resident Indians with financing so that they can purchase a home in India.

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What are the Documents required for Home loan?

Completed Loan Application
Statement of Bank Account/ Pass Book for last six months
Property tax receipt/ Passport/ Voters ID card)
Signature identification from present bankers
Proof of identify (photo copies of Voters ID card/ Passport/ Driving
3 Passport size photographs
Proof of business address for non-salaried individuals
Proof of residence
What is process for getting Home Loan?
  • Applying for Home loan With the Home Loan Application form and Required Documents to be submitted
  • Home Loan Sanction Bank Official will determine the financial eligibility and they will value the property.
  • Home loan Disbursement Signing the home loan agreement and Loan Disbursemen