Getting home loans to purchase a house at our
projects is an absolutely hassle-free endeavor.
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.
Our growing list of satisfied customers, who secured home loans to purchase
houses in our projects, stands proof for this.
We have also associated with some banking institutions for home loans;
the executives from the Banking Institutions will come and assist you
in getting a home loan sanctioned within a short time.
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:
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.
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.
Guarantors: Some institutions ask for
1 or 2 guarantors, others require no guarantors at all.
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.
Rate of Interest:
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.
Monthly diminishing:
In this system the principal on which you pay interest diminishes every
month as you pay your EMI.
Annual diminishing:
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.
Floating rate Interest
In this option the interest rate varies from time to time depending on
prevailing interest rates in the market.
Fixed rate of Interest
In this option the interest rate is fixed till the total loan amount is
repaid.
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.
Leading housing finance institutions
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