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Home Loan

Home Home Loan

A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. Lenders cover up to 75-90% of the cost of the home and you must make an initial payment (down payment) amounting to the remainder. Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIs. After repayment, the property's title is transferred back to the borrower.

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Advantages of Home Loan

Sense of accomplishment

Buying a home is one of the biggest financial investments you may make in your lifetime; and that's not just because of the sentimental values. The sum that most of us sink into our home does make it the largest component of our investment portfolio!

Tax benefits

To encourage more and more people, buy their own house, government of India provides tax deduction on the principal as well as interest paid on home loan. An individual is eligible to claim a deduction of up to Rs 1.5 lakh under Section 80C of Income Tax of India 1971 Act in a financial year. While a deduction of up to Rs 2 lakh is allowed on the interest portion under Section 24B of Income Tax of India Act.

No prepayment charges

Unlike other loans where lenders charge prepayment penalties on payment made towards home loan, there are no prepayment penalties on floating rate home loans. So, whenever you have surplus money, you can utilize it for making part payment towards your home loan and lower your burden.

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Makes it easy to buy dream home

For many people buying a house with their own money is not possible, home loan as it can be repaid in easy monthly instalments makes it easier to buy a house.

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Balance Transfer Facility

In case of home loan, you have the facility to transfer your home loan to a different lender if he offers you the loan at a lower interest rate

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High repayment Tenure

Among all type of loan, home loan has the longest repayment tenure which goes up to 30 years, so one can reduce the burden of equated monthly instalments by extending the tenure.

Eligibility for Home Loan

Your home loan approval depends on eligibility factors, such as credit score, existing loan, age, income, employment type, location, etc. Understanding the criteria that is required to be eligible for a home loan helps to ensure that the process of application becomes smoother and easier to you.

  • The applicant's age should be minimum 21 years and maximum 60 years at the time of applying for a home loan.
  • Applicant’s minimum income should be 25,000 per month.
  • The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company.
  • For home loan the cibil score should be 600 or higher.
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DOCUMENTS REQUIRED FOR HOME LOAN

You will need the following documents to apply for Home Loan.

  • KYC documents-Passport, voter ID card.
  • KYC documents-Passport, Driving License, Aadhar Card, and Voter ID card.
  • Your employee ID card.
  • Salary slips of last 3 months.
  • Bank account statement for last 3 months.

Conclusion

With the help of the home loans, salaried person can now make their dream of owning their home a reality. Home loan interest rates for all compared to salaried employees is more affordable, with attractive features and flexible repayment tenures, owning your own home is now possible without any hassles at all.