Fundamental Of Home Loan "Home is wherever the center is", an area that offers you emotional and spiritual warmth. The growing realty costs have created shopping for a property a day dream for most of us. Home Loan is the best way of method, that brings you nearer to your 'dream home'.
Types of Home Loan
You can avail if for constructing a home, purchasing a ready built house / flat (from builder or a resale property), residential plot, LAP etc.
Types of Home Loan interest
loan interest rate normally depends on the amount of loan you wish to avail. It too depends on the type and term of the loans. Banks will offer you with an option of Fixed rate or Floating rate of interest.
Fixed interest rate: - It allows the repayment in fixed equal monthly installments (EMI) over the entire tenor of the loan as it does not change with market fluctuation. But essentially this is not the case. All the banks include the reset clause on fixed interest rate in their Home Loan agreement papers which clearly denote that the bank can revise the rate even during the period of agreement because of unforeseen alteration in the money market condition.
Floating interest rate: - It refers to interest rate that depends on market and varies according to economic condition of the country. A customer can always pre-pay a part loan or repay the entire loan any time during the tenor based on the lenders norms for the same.
An application form duly signed by the applicant
Proof of educational qualifications (if applicable)
Details about the property (if finalized)
A processing fee cheque
It is a non-refundable fee normally charged by all banks for every home loan application. The same varies from bank to bank and is generally between 0. 50% to 1% of the loan amount. At LoansMumbai.com we are offering many clients home loan deal at 0 processing fees.
Home loan eligibility
The income of an individual establishes his loan amount eligibility. However, banks have their own set methods to estimate the eligibility. The loan tenor and the interest rate too play an important role in calculating the loan amount. A good employment, repayment track record increases the probability of getting a housing loan. Customers meet the grade of availing the most effective rates reckoning on their profile, income, turnover, reimbursement history, builder profile etc.
How much would the bank finance?
Banks largely finance eightieth to ninetieth of the market price as a loan. The client at the start must build a payment (the distinction between the property price and therefore the loan amount), on his own. Banks generally even fund the registration price and therefore the stamp tax as a district of equity credit line.
All leading banks like ICICI, HDFC et al. cowl the loan with insurance to safeguard the family from loan liabilities just in case of unfortunate ending of the receiver.
We in loansmumbai.com assist you to care for the dream of owning your "owned home". we tend to here have tied knots with SBI, IDBI, Citibank, customary leased and Axis Bank to require the trouble out and assist customers with the foremost expedient Home Loan plans. we tend to here guide you with attractive rate of interests, easy documentation, quick process and clear info.
Loansmumbai.com is toppest aggregator in Mumbai, Navi Mumbai & Thane. We provide best deals on Housing Loan and Home Loan Balance Transfer + Top Up deals from top banks and NBFCs.