Housing Finance – Home Loan Services

We are committed to provide the most convenient home loan to make your home buying experience more pleasant.

What is Home Loan?

The term “Home Loan”, “Housing Loan”or “Home Finance” is used when you borrow money from a bank or any  financial company at a certain rate of interest to buy a home. People do take home loans in India to buy a flat/house, new house building construction or old house renovation.

What Are the Types of Home Loans Available in the Market:

  1. Land/Plot Purchase Loan
  2. Home Construction Loan
  3. Home Renovation Loan
  4. Home Extension Loan
  5. Home Purchase Loan
  6. NRI Home Loan
  7. Home Loan Balance Transfer
  8. Bridge Loan

How do you Get a Loan to Buy a House?

After finalizing which house or Home land you want to purchase, you need to contact an expert who can help you check your credit score, assist you in collecting required documents, do any critical calculations involved, compare available offers based on the best return and  interest rates and suggest the best one for you, and will remain with you until your loan amount credited to you.

Home Loan Process in India

  1. Fill Home Loan Application Form
  2. Pay File Processing Fee
  3. Discuss with the Bank or Money Lending Firms
  4. Documents Evaluated by the Bank
  5. Home Loan Approval Processing
  6. Offer Letter Processing
  7. Legal Check after Processing Property Papers
  8. Site Estimation and Technical Checks
  9. Final Home Loan Deal, Sign Agreement, and Loan Disbursal
Home Loan Services in Kurukshetra

What are the Required Documents for Home Loan?

You need to maintain a file of all the mandatory paper. Let’s have a look at the List of the documents required to apply for a home loan:
1 Completed Home Loan Application Form
2 Passport Size Photographs

Proof of Identification(Any one of these) –

  • PAN Card
  • Passport
  • Aadhaar Card
  • Voter ID Card
  • Driving License

Proof of Age(Any one of these) –

  • Aadhaar Card
  • PAN Card
  • Passport
  • Birth Certificate
  • 10th Class Marksheet
  • Bank Passbook
  • Driving License

Proof of Residence(Any one of these) – 

  • Bank Passbook
  • Voter’s ID
  • Ration Card
  • Passport
  • Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)
  • Letter from a recognized public authority verifying the customer’s address

Income Documents:

For Salaried Individuals

  • Form 16
  • Certified letter from Employer
  • Payslip of last 3 months
  • Increment or Promotion letter
  • IT returns of past 3 years. 
  • Bank Statement(6 month/1 year)

For Self Employed:

  • Income Tax Returns (ITR) of last 3 years
  • Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)
  • Business License Details (or any other equivalent document)
  • The license of Professional Practice (For Doctors, Consultants, etc.)
  • Registration Certificate of Establishment (For Shops, Factories & Other Establishments)
  • Proof of Business Address
  • Bank Statement(6 month/1 year)

Property Documents Required For Home Loan:

  • NOC from Society/Builder
  • A detailed estimate of the cost of construction of the house
  • Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document)
  • Occupancy Certificate (in case of ready-to-move-in properties)
  • Property Tax Receipts
  • Maintenance Bills and Electricity Bills
  • Receipts of the advance payments made towards the purchase of flat (original document)
  • An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
  • Original of the land tax paid receipt and possession certificate as issued by the revenue authority
  • Payment receipt or bank account statements showing payments made to the Builder or Seller

What is the Eligibility for Home Loan?

Eligibility for a home loan depends on various essential factors and it varies with your age, occupation, income, and CIBIL score. Let’s take a look into it.

Main factors that determine eligibility for home loan are:

Age of the Applicant 21 to 60 years
Eligible Salary Rs. 15,000 per month and above
Work Experience for Salaried 2 years and above
Business Stability for Self Employed 2 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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