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Questions (FAQs) on
What is a Home Loan ?
A home loan is a kind of loan or borrowing of money by an individual from a bank or housing finance companies for the purpose of buying a house or land or for repairs or for furnishings. Bank or Housing Finance companies offer home loans at certain rate of interest and accordingly you have to pay back the loans in equated monthly installments (EMIs). The home loan can be taken for both residential & commercial properties.
What are various types of home loan ?
New Home Purchase Loans
Plot Purchasing Loans
Home Loan for Construction of a house
Home Extension/Renovation/Repairs Loans
Home Conversion or Shifting Loan
Property Registration Stamp Duty Loans
Home Loans amount Top Up
Balance Transfer Home Loan from one bank to another
NRI Home Loan
A home loan can be taken in single or joint names as well.
Which companies offer most popular home loans ?
Many of the banks & all housing finance companies offer home loans. But their rates, terms, criteria etc may differ. Some of the most popular home loans are :
ICICI Bank home loan | Axis Bank home loan | Yes Bank home loan | SBI home loan | HDFC Home Loans | PNB Housing Finance | Indiabulls Home loans | Diwan Housing | Bank Of Baroda Home Loans | Andhra Bank Home Loan | IDBI Bank Home Loan | Tata Capital home loan etc
Eligibility Criteria for Home Loans
Though the banks & housing finance companies have their own eligibility criteria to process your home loan application, yet the most common points are :
Your Annual Income. In case of joint holder, annual income of both.
Employment & stability of the job
IncomeTax Return (ITR filing) for last 3 years
Your Banking transactions history
Your personal assets at that time
Other loans & outstandings and their repayment history
Your Credit Score (CIBIL)
How does a Home Loan Advisor help you ?
Home loan in itself is a complicated product. Various banks & housing finance companies have different rates and that too you get even more perplexed in floating rate vs fixed rate. Since the loan amount runs in lakhs or in some cases in crores and the repayment period is also as large as 20-30 years, so the cost of interest becomes a very significant factor. Even a difference of 5 basis points (meaning .05%) can reduce your home loan EMI by a decent margin. On top of that there are other ancillary charges such as loan processing fee, late payment charges, pre-payment charges etc which need to be all taken into account while you draw the comparison. What makes home loan the most cumbersome is the lengthy documentation process.
Because of the inherent complexities, it is always advisable to contact a Home Loan Advisor for your home loan needs. A home loan expert advisor not only helps you picking the best home loan plans but also facilitates processing of your home loan application.