Home Loan of housing loan is the money borrowed from either a financial institution or an individual for a fixed amount of time. The purpose of the home loan is either to buy a residential property or to repair a residential property. After a certain time period, the borrower would have to return the loan along with the proposed rate of interest of that amount.
This Format of loan has been the primary source of finance for the house seekers all over India. To that end, most major banks and certain businesses all over the nation provide this facility to the Indian populace. Its significance is so great that the term “easy home loans” has become the dominant factor when it comes to an advertisement for the banks.
Buying a hose is essentially the most important decision that an individual has to make in their life. However, the costs they have to bear when it comes to construction and purchase tend to be a bit too much. To that end, home loans provide the necessary financial assistance. They have therefore become an indispensable form of income for most major banks in India.
However, Banks are not the only institutions who provide such a service, for there are individual corporations that are Non-banking Financial Companies that provide the same. However, Availing home loans can be quite harrowing when you consider all the hoops and documents involved. Therefore, registration wall assists in providing you with the best assistance for loans.
The answer to the question of “Why take a Home loan?” is pretty self-explanatory. However, buying a house for your own might not be the only reason to avail home loans. There are other reasons that avail such finances; the most common of which entails investment opportunities. Furthermore, with time, the costs of lands and buildings have become quite extravagant. Therefore, a home loan is not merely an option anymore, it is a necessity.
However, if we go into the details of why home loans are so prevalent, you will find out that it has a lot more perks than you can actually observe.
The types of home loans depend upon the type of property that you are buying and the amount of loan you are asking for. To that end, Banking and Non-Banking Financial Companies provide the following types of housing loans for you:
You would be happy to know that the eligibility criteria for the home loans are almost consistent throughout the banks. If there is some deviation, it is because of the intrinsic policies of the bank. However, the basic form remains the same.
The following are the documents that are required from all the guarantors:
As for the guarantor, the following documents will be required
If you are a salaried employee, the following documents will be needed from you
If you are a self-employed professional, you will need to provide the following documents:
Home loan is the financial assistance that a bank or any other financial institution grants for the purpose of buying or renovating a residential property. Home loan is a broad category and the more defined the purpose of the loan is, the deeper the categories develop.
The banks lend home loans to those who can assure repayment after a certain period of time. This factor plays out even in the age limit of when the loan is granted. Therefore, the age limit within which a bang grants loan to a person is 21-65 years of age.
Seeing that the size of home loans tends to be big, the time that bank provides to the financial institutions or banks provide to the lender to repay the home loan is 30 years. However, this is just a universally considered tenure. Therefore, the entire factor of loan tenure depends upon the banks.
An NBFC is an abbreviated term for “Non- Banking-Financial-Institutions”. This term refers to the financial institutions that act and works like a bank, but in actuality is not one.
The interest rates of banks and NBFC are different. The interest rate of NBFC falls under the Prime lending rate, while the interest rates that bank provides falls under Marginal Cost of Funds Based Lending Rate. It means that it is mandatory for the banks to link all loans to MCLR. Therefore, the rates of banks tend to be in accordance with the government rules. However, NBFC is free to set their own rates.
Yes, you can apply for a joint home loan. However, there are some conditions associated with it. The first and foremost condition entails who can be your joint members. Only family members are allowed to be joint members.
If the rate of interest of the homeland varies during the tenure of the loan payment, then that rate of interest is considered a floating home loan rate.
If the loan’s rate of interest doesn’t change during its repayment tenure, the rate is considered to be fixed.
Yes, you can switch your interest rate from floating to fixed. However, the procedure to do so differs for every financial institution. You can get in touch with our connected banks and inquire about the procedure.
Helping entrepreneurs and businessmen in staying competent in all spheres of business
On Time Delivery
We know that on-time delivery is one of the most important things to consider when dealing in legal matters. That's why we go the extra mile to meet our delivery time commitments to you.
We promise that our prices will always be completely transparent; we promise that all charges will be clearly explained. There will never be any dodgy deals with Registrationwala.
Tech Driven Platform
Technology driven online service delivery when and where you need it. A team of industry experts to assure you of integrity and authenticity of checks. No Spam. No Sharing. 100% Confidentiality.
Our skilled and experienced professionals are the forefront of our quality delivery mechanism. Backed by tremendous industry exposure, they believe in helping clients in all related matters in a proficient and reliable way.
In all our endeavors, we strive to maintain high level of information confidentiality. For us, it is prerequisite and all our communication activities ensure that there is no data leak or security breach at either end.
It is our stronghold in business services landscape that makes us the most sought after choice for our esteemed clients. And we leave no stone turned to make business incorporation and management easy for them.
Join Registrationwala’s ‘Become an Associate’ program if you’re a CA/ CS ,CMAs, Lawyers, Angel Funds, Startups Hubs, Corporates, Business Consultants, Investor. We work on a client revenue share model with professionals by sharing warm leads.