Home Loan
Buying a house is one of the biggest dreams come true for most people and an extravagant affair altogether. Imparting life to such a dream requires a lot of effort from the buyers’ end and the best one can do to accommodate the home in their budget is through a home loan.
Photograph, Identity and Residence proof, Last 6 months bank statements, Cheque.
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A home loan can be opted to buy a new house/flat or a plot of land where you construct the house, and even for renovation, extension, and repairs to an existing house.
Types of Home Loans in India
Home Purchase Loan
Home Construction Loan
Home Mortgage Loan
Home Loan Balance Transfer
Home Purchase Loan
This is the most common type of home loan availed to purchase a house. There are many housing finance companies, public banks, and private banks that offer housing loans where you borrow money to purchase the house of your choice and repay the loan in monthly instalments. You can get up to 80%-90% of the house’s market price in the form of financing. The lender will hold the house until you completely repay the loan
Home Construction Loan
This is the right home loan type if you already have a plot of land and you need financing to construct a house in that land.
Home Mortgage Loan
A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid
Home Loan Balance Transfer
The current home loan interest rate may be overwhelming, or you may not be happy with your current lender’s service; you can transfer the home loan’s outstanding balance to a different lender who offers a lower interest rate and better service. Upon transfer, you can even check out the possibilities of a top-up loan on your existing one.
Documents Required
Agriculturists
- Application form with photograph
- Identity and Residence proof
- Last 6 months bank statements
- Processing fee cheque
- Copies of Title Documents of Agricultural Land depicting Landholding
- Copies of Title Documents of Agricultural Land depicting crops being cultivated
- Statement of previous 2 years of loans availed
Salaried Customers
- Application form with photograph
- Identity and Residence proof
- Last 6 months bank statements
- Processing fee cheque
- Latest Salary Slip
- Form 16
Self Employed/Business
- Application form with photograph
- Identity and Residence proof
- Last 6 months bank statements
- Processing fee cheque
- Educational Qualifications Certificate and Proof of Business
- Business Profile and Previous 3 years Income Tax returns (self and business)
- Previous 3 years Profit/Loss and Balance Sheet