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Getting home loans to purchase a house at our projects is an absolutely hassle freeendeavor.
Each venture of Vishal Projects carries legal documents and clear Titles. The company today has become a trusted entity for all Banking Institutions and Housing Finance Companies. Since the banks support only genuine ventures with clear titles, getting home loans to purchase a house at our projects is an absolutely easy job.
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To learn more about home loans, read on:
There are many financial institutions like Banks and Housing Finance companies which offer home loans to purchase a new
home or a flat. But you might be wondering about the following: |
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What are the eligibility criteria for a Home Loan?
Simple, to qualify for a home loan, most lending institutions in India require you to be:
- An Indian resident
- Above 21 years of age at the commencement of loan
- Below 65 years when the loan matures
- Either salaried or self employed
- Nationalized banks offer loans to NRIs too.
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What are the standard norms for acquiring a home loan?
| Securities required |
In most cases the property to be purchased becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some institutions may ask for additional security such as life insurance policies, FD receipts, share or savings certificates. |
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| Guarantors: |
Some institutions ask for 1 or 2 guarantors, others require no guarantors at all. |
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| Applying for loan: |
Loans may be applied before or after selection of a property. The loan amounts are sanctioned in principle to help buyers know what amounts they can avail of. This lets them decide their budgets and purchasing power. Actual disbursements are made after satisfactory verification of all necessary documents and completion of specific procedures. |
Documents required at the time of application
- Latest salary slip (proof of income for salaried individuals)
- Photographs
- Proof of age
- Identity papers
- Proof of residence
- Bank statements for the previous six months
- For self employed, certified copies of balance sheet, profit and loss statement and tax challans for the previous 3 years
- For partnership/private limited companies, the Articles of Association, partnership deed and details about the firm loan limit
Usually most financial institutions give up to a maximum of 85% of the cost of the house. The other 15% sometimes called 'seed money' will have to be provided by the applicant. Various factors like age, income, no. of dependents, monthly expenses and repayment capacity will be considered for the eligibility of the loan amount. This varies from case to case. |
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Rate of Interest: |
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Interest rates are different from institution to institution and generally range from about 8.5% to around 16%. The interest on home loans in India is usually calculated either on monthly diminishing or yearly diminishing balance method. The interest rates have two options - Floating rate of interest and Fixed rate of interest. |
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Monthly diminishing: |
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In this system the principal on which you pay interest diminishes every month as you pay your EMI. |
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Annual diminishing: |
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In this system the principal is reduced at the end of the year, thus you continue to pay interest on a certain portion of the principal which you have actually paid back to the lender. Which means the EMI for the monthly diminishing system is effectively lesser than the second system of calculating interest. |
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Floating rate Interest |
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In this option the interest rate varies from time to time depending on prevailing interest rates in the market. |
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Fixed rate of Interest |
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In this option the interest rate is fixed till the total loan amount is repaid. |
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Loan amounts vary from institution to institution and usually range from Rs.1 lakh to 1 crore. Repayment period options range generally from 5 to 15 years. |
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Leading housing finance institutions |
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| ICICI BANK |
LIC HOUSING FINANCE LIMITED |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
| 6-2-1012, TG Mansions, |
304, 305, 3rd Floor, Matrivanam, |
HDFC House,3-6-310, |
| Opp. Institution of Engineers, |
HUDA Complex, Ameerpet, |
Hyderguda Road, Basheer Bagh, |
| Khairatabad, Hyderabad. |
HYDERABAD - 500 038, |
Hyderabad 500029. |
| HYDERABAD , 500004 |
Ph:2373 0612, 5510 3338, 5561 2533 |
Tel : (40) 55475001 |
| web site:www.icicibank.com |
website:www.lichousing.com |
web site: www.hdfcindia.com |
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Kotak Mahindra Bank Ltd.
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IDBI BANK |
Citibank |
| Jewel Pawani Tower |
Mahavir House, |
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| 6-3-1109/1/P-G2 |
Basheerbagh Square,
| G. Pulla Reddy Building, |
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| Somajiguda |
Hyderabad - 500029 |
North Wing |
| Hyderabad 500 082 |
Fax 91-40-23229673 |
Greenlands Road, Begumpet |
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Ph:55838000 |
Ph: 91-40-23260000 |
Hyderabad 500016 |
| web site:www.kotak.com |
webSitewww.idbibank.com |
webSite:www.citibank.com/india |
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Sundaram Home Finance.Ltd |
Bank of Punjab.Ltd. |
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1st Floor, Amsri Plaza, S.D.Road, |
1-7-283/1,1-7-283/2, 126, SD Road, |
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Secunderabad-500003 |
Secundrabad - 500003 |
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Ph:27806002, 55446666. |
Ph:27813401,55323912/14 |
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webSite:www.sundaramfinance.com |
web site:www.bankofpunjab.com |
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