Ever wonder what's the most treasured dream of an average middle class Indian? No, it's not about an enchanting world tour!! No matter how much Indians fantasize about their most cherished dreams, buying a new home would always rank at the top among the most important things that they can ever wish for. However, buying a new home is no more a dream for an average-income Indian today - thanks to home loans!!
Getting a home loan has become remarkably simpler today, and pocket-friendly too. Review and compare different home loan rates in India on policybazaar.com and make the best choice that not only fulfills your dream, but proves wallet-friendly as well.
Home Loan Eligibility Calculator:
Before you apply for a home loan in India, make sure that you are eligible for the same. While the eligibility criteria for home loans are different for different banks and financial institutions, the eligibility calculator will help you know whether you will at all qualify for the loan as per the standard norms and procedures in India. Moreover, our eligibility calculator will enable you to determine the maximum amount of home loan, which may be approved to you. And it's much simpler and time-efficient than moving around in home loan banks to shop for the best deal. Fill up the information needed in our home loan eligibility calculator, and we will tell you in seconds whether you are at all eligible for a home loan in India, and what is the maximum loan amount that you can qualify for.
Types of Home Loans:
If you want to invest in your property or house, there is a multitude of home loan choices available for a wide range of purposes, from purchase to construction to renovation. The housing finance institutions in India now offer different choices to people while shopping for the best home loan in India:
- Home Purchase Loans: These are the standard forms of loans available for buying a new home in India.
- Land Purchase Loans: Such types of loans are available for purchasing a land for both investment or construction purposes.
- Home Construction Loans: These types of home loans are available for constructing a new home.
- Home Improvement Loans: Such home loans are offered for important home improvement requirements such as repair works, renovations, or healing an already-purchased home.
- Home Conversion Loans: This special type of loan is offered to individuals who have an existing home loan, and wishes to buy and move to another home, for which additional funds are necessary. With such loan, you can transfer the existing home loan into a new loan amount that includes the extra fund required and eliminates the pre-payment amounts for the previous loan.
- Home Extension Loans: If you wish to extend or expand your existing home, this is the best home loan for you.
- Bridge Loans: Such loans are available for people who want to sell their existing home and buy a new one. The bridge loan offered by home loan banks will finance your new home unless you find a buyer for the previous one.
How to Apply for Home Loan?
The steps to avail for a home loan in India typically include:
The important documents to be submitted for approving the home loan are:
- Submission of loan application form with relevant documents.
- Verification of the respective property and its supporting documents. This step takes 5 to 7 working days.
- On the 7th day, the loan is sanctioned.
- Original property documents to be submitted, followed by which the loan agreement is signed.
- The loan cheque is disbursed on the 10th to 15th working days.
- Identity proof.
- Residential proof.
- Properly filled loan application form.
- Sale agreement.
- Last 6 months bank statement.
- For business applicants – documents describing the type of business, and IT returns.
- For salaried applicants – last 3 month's salary slips and From 16A.
Home Loan EMI Calculator
Wondering what your EMI will be? Our EMI Calculator for a home loan will enable you to calculate the Equated Monthly Installment payable every month for your loan. Our EMI Calculator is quick in delivering results and extremely easy to use. The calculator will help you to judge how affordable a home loan can be for you. In addition to calculating your loan EMI, you can also get the results for total amount of interest that is payable on your loan, yearly interest amount, and flat rate of interest per annum or per month.
Compare Home Loan Interest Rates:
The competition in the home loan segment is tremendous, with several home loan banks offering different interest rates and tenure choices to attract more consumers. Compare home loan rates in India, duration, EMI, and total fees charged by different banks and financial institutions here; choose the best home loan that is cost-effective and more convenient for you.
Shopping for a home loan has never been easier before!! We help you review and compare the offers from different banks online, and make a smart choice in home loans. We make your journey to a lucrative home loan much easier and convenient.
Call us to learn more about home loans in India. Make your dream come true with us!!