How can we find the best home loan offer?

Housing Loan
Housing Loan

Do you want to buy a house and you have money to buy a house If you do not have money to buy a house then you can take a loan from any bank or NBFC? Nowadays banks are giving you the least rate of interest loan to buy a house. Now if you are buying a municipal authority approve house in any city, then you will get a minimum rate of interest rate up to 6.5%. If you are buying a house in the regularise colony of that city, then from nbfc you will get a home loan at 9.5%.onword..

Applicant profile for Housing Loan

Now the bank sees what is your income. Are you a salaried man or a businessman? If you are doing job, then you can get a home loan of four times your annual income, if no EMI  is going on then , if any our EMI is going on, the bank will give you that loan amount except for, which will become your eligibility according to bank policy.

If you are a businessman then you will get a home loan of 7 times of your annual income. If no EMI is running then, if any your EMI is going on, the bank will give you that loan amount except which will become your eligibility according to bank policy.

All bank policy are differ

All the bank loans in the country, Process to all the bank’s loans vary. The interest rate of all banks is different, the terms and conditions of all banks are different. If we follow them then we get loan easily. Before taking a loan, we need to know the bank terms and conditions, before taking a home loan, we should know the interest rate, processing fee insurance, and additional deductions.

Low-interest rates for home loans are a great hope for those who have been looking to buy their dream home for a long time. However, no one would like to waste a day due to lack of documents in their loan application. Therefore, you need to collect certain documents before starting the loan application process.

For ladies home loan at low interest rates

Now the convenience of home loan at concessional rates is not limited to men only, now working women can also take loan through new schemes implemented by various lenders. In today’s modern society, now along with men, women are also playing an important role financially for their family’s prosperous life.

Most of the banking, non-banking organizations and non-banking finance companies have come out with many offers for home loans for women at lower interest rates than men. Generally, women than men 0.05% get home loan at the lower interest rates. Finance companies and lenders consider giving loans to women less risky. Because of this, women also get loans easily.

Home loan required Documents:-

Usually almost identical documents are required to be shown for all the banks. Here we are giving the list of required documents, according to this, complete your paper for home loan.

Documents required for all types of applicants and co-Applicant

Identity Card

Loan Application– Fill your loan application form and three passport size photographs with it.

Identity Proof– PAN, Passport, Driving License, Voter Card. One of these ID cards.

Residence certificate -telephone bill, electricity bill, water bill, copy ofgas pipeline bill; Passport, Copy ofDriving License or Aadhar Card. any one of these.

Property Papers

  1. Approved for building (if you have it Applicable case)
  2. Registered for agreement allotment letter or Stamped Agreement for the
  3. Occupation certificate
  4. Maintenance bill sale, electricity bills, property tax receipt
  5. Approved Plan copying (Xerox blueprints) and the builder Registered Development Agreement, Conveyance Deed (For New Property)
  6. Payment Receipts or Bank Account Statement showing all payments made to the builder or seller
  7. The last six months of bank account statements (Applicant and co- applicant)
  8. If someone took a loan from other banks or lenders loan statements of the past year

Salaried applicant, co-applicant, all guarantor income Proof

  1. Last 6 months salary slip or salary certificate
  2. The last six months of bank account statements (Applicant and co- applicant)
  3. Form-16 for last two years or copy of IT returns of last two financial years

Non-salaried applicant, co -applicant, Income proof of guarantor

  1. Business address Proof
  2. Last three years of iT returns
  3. Last three years of the balance sheet and profit and loss account
  4. The business license details
  5. TDS certificates (form 16A, if Applicable so)
  6. The last six months of bank account statements CA/Saving both (Applicant and co- applicant)
  7. CA, qualification certificates to doctors and other professionals

FAQ(HOME LOAN)

You will need to get the ACH signed again to change the EMI from one bank to another for home loan payment.
Home loan can be availed after registration which we call home loan refinance.
According to RBI, home loan EMI bounce charge can be up to Rs 750/-.
One can get a loan to build a house on the plot, which is called Home Construction Loan.

Some Important article link, Read also

1 thought on “How can we find the best home loan offer?”

Leave a Comment