Home loan

It is key to many people’s Dream Home!

A home loan can help people when they need money to buy a house.

Maybe like a mortgage or similar and Sometimes people can not get a mortgage so just get a loan, and call it a home loan, a bank loan indeed.The average mortgage lasts 20- 25 years.

Home Loans DELHI  & NCR

Current Home Loan Rates Offered by Banks:

Floating Rates

Loan Amount —– Rate of Interest
10-30 Lakhs ——– 8.75%
30-50 Lakhs ——– 9.00%
Above 50 Lakhs —– 9.00%-9.25%

Latest offer :Transfer your existing home loan from other banks @8.75%

Register your details to be contacted for your loan requirement by leading financial institutions within minimum possible time.

Home, built out of your dreams. A place where one return after a hard day’s work and relax, a place where one shares precious moments with family.

Banks helps you realise your long cherished dream of owning your home through hassle free and customer friendly home loans.
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Home Loan Process

The moment you decide to buy a home, you can put in your application for Home Loan. Yes, you can apply for a loan even before you have selected the property.
The property need not even be in the same city where you are residing. The only condition being that Bank has home loan operations in both the cities.Oneshopfinance helps you to compare home loan interest rates in DELHI  & NCR.

Home loan process is basically divided in three stages
1 Pre-Approval
2 Legal and Valuation
3 Disbursal

Pre-Approval

Pre-Approval is basically individual credit approval based on the specific set of financial and identity documents.

Legal and Valuation

Legal and Valuation is the process of evaluation of the property documents by the banks empanelled lawyer and valuer , Lawyer checks the legality of the documents wherein the valuers determines the market value of the property

Disbursal

It’s the process of preparing the payorder after submitting all the original documents as per the lawyers report and signing of the agreement between the bank and the applicants of the loan.

If it is refinancing you are interested in, it is possible within 6 months from the date of purchase of property

Eligibility

A number of factors are taken into account when assessing your repayment capacity. Your income, age, number of dependants, qualifications, assets and liabilities, stability/ continuity of your employment / business are some of them.

However, there are ways by which you can enhance your eligibility.

• If your spouse is earning, put him/her as a co-applicant. The additional income shall be included to enhance your loan amount. Incidentally, if there are any co-owners they must necessarily be co-applicants. One can include Spouse/Parents/Children as Co-Applicant if you require higher eligibility subject to maximum of three applicant.

• Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility

Following are eligible to apply for Home Loan

• Salaried Individuals
• Self employed Professionals/Business men
• NRIs

To apply for Home Loan

• You must be at least 21 years of age when the loan is sanctioned
• The loan must terminate before 58 years or retirement ,whichever is earlier in case of salaried and for selfemployed before 65 years.
• The maximum tenor that the banks gives the loan is from 5 years to 20-25 years subject to the retirement age.
• Your must be employed or self-employed with a regular source of income

The final amount to be sanctioned will depend on your repayment capacity. However, what you ultimately are entitled to will have to conform within the limits fixed for each loan.

Also, when the company looks at the total cost, registration charges, transfer charges and stamp duty costs are included.

Features of Home loan

• Banks offer attractive interest rates
• Door-step service from enquiry till loan disbursal
• Can go for balance transfer from other bank
• Maximum loan
• 85% of the cost of the property (including the cost of the land) and based on the repayment capacity of the customer.
• Maximum Term
• 20 years subject to your retirement age.
• Applicant and Co- Applicant to the loan
• Home Loans can be applied for either individually or jointly. Proposed owners of the property, will have to be co-applicants. However, the co-applicants need not be coowners.

Floating and Fixed Home Loan Interest Rates in DELHI  & NCR.

• Adjustable Rate Home Loan

  Loan under Adjustable Rate is linked to Retail Prime Lending Rate rates of banks. The rate on your loan will be revised every time, if there is a change in Retail prime lending rate . However, Generally the EMI on the home loan disbursed will not change If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting in an extension of term of the loan, and vice versa when the interest rate decreases.

• Fixed Rate
  Fixed rates depends on the products which you choose from banks, some banks have fix only for 3-5 years,Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of the title deeds or such collateral security as may be necessary.

Repayment

You normally repay the loan through Equated Monthly Instalments (EMIs) comprising both principal and interest. If the final disbursement is however still pending, you pay interest on the portion of the loan disbursed before the EMI commences.

Documents

The following documents needs to be submitted for Pre-Approval

The following documents needs to be submitted for Pre-Approval
Salaried Customers	Self Employed Businessman	Salaried NRI
Application form with photograph	Application form with photograph	Application form with photograph
Identity and Residence Proof	Identity and Residence Proof	1. Passport with Valid Visa Stamp
		2.Overseas Residence Address Proof (Driving License/Electricity Bill/ Telephone Bill
		3. Work Permit /Iqama
Last 3 Months Salary-slip	Education Qualifications Certificate and Proof of business existence	Last 3 Months Salary Slip
Form 16	Last 3 years Income Tax returns (self and business)	Last Year Income Certificate ( I20/P07/ Annual Tax Certificate)
Last 6 months bank statements	Last 3 years Profit /Loss and Balance Sheet	1. Last 6 Months overseas Bank Statement reflecting salary Credits in bank statement
		2. Last 6 Months NRE/NRO Bank statement if having any NRE/NRO Account
Processing fee cheque	1. Last 6 months bank statements	1. Last 6 months bank statements (self and business)
	2. Processing fee cheque	2. Processing fee chequ

Security for the loan

Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. Interim security may be required, if the property is under construction.

Fees

0.5%- 1% of the loan amount applied plus applicable service taxes and cess

No Charges for

• Part Prepayment of loan upto 25% of loan outstanding in a financial year (except in case of prepayment through a refinance from other bank or institutions prepayment charges will be applicable)

FAQ’s

For what purpose can I avail a home loan?
You can take a loan for constructing a house, purchase of a ready built house / flat or a flat in resale, the takeover of existing loans from approved banks / housing finance companies, the purchase of a plot of land, for renovation of the house and extension of the house

What are the borrower categories who can avail of the loan?
Banks offer loans to salaried individuals, self employed professionals or businessmen and for NRI individuals

Who can be a co-applicant for the loan?
You can include your spouse/parents/children as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants

What is the security to be provided?
Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely

Can I repay the loan ahead of schedule
Yes. You can repay the loan ahead of schedule, however if the loan is prepayed or transferred to another bank or HFC, a nominal fee @ 2% of principal outstanding is charged

Are the Bank policies subject to change
Yes. These policies are reviewed periodically.

How is the loan repaid?
All loan repayments are done via equated monthly instalments (EMI).

What is an EMI?
An EMI refers to an equated monthly instalment. It is a fixed amount which you pay every month towards your loan. It comprises of both, principal repayment and interest payment.

When does the repayment start?
EMI payments start from the month following the month in which the full disbursement has been made.

How is the EMI paid?
The EMI is to be paid every month through post-dated cheques (PDCs) or Electronic Clearing System (ECS)

What if a PDC bounces?
In the case of a bounced cheque or delayed payment, charges and outstanding dues will be charged as per the prevailing company policy.

What is pre-EMI interest?
In the case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called pre-EMI interest (PEMI) and is payable monthly till the final disbursement is made, after which the EMIs would commence.

What is the minimum loan amount?
You can get a home loan starting from Rs. 5 lakh . The loan amount depends on your repayment capability and is restricted to a maximum of 85% of the cost of the property or the cost of construction as applicable.
Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability, continuity of occupation and savings history

How much time will it take for my loan to be approved?
It takes a week for your loan to be sanctioned after you have submitted all the documents

When will the loan be disbursed?
Your loan will be disbursed on:
- Your identification and selection of the property.
- Submission of the legal documents.
- Legal and technical clearance of the property
- Investment of your contribution towards the property

What is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan

Can I get IT certificates in the name of both the Applicant and co-Applicant separately
As per the IT rules only one certificate can be issued for a home loan and hence one certificate will be issued in the name of both applicant and co applicant

When is the IT certificate issued?
The IT certificate will be issued at the end of a financial year. You can expect to receive your copy of the IT certificate in the month of April or May. Mortgage,Mortgage Refinancing,Mortgage Refinance,Mortgage Commercial, Mortgage Calculator,Mortgages,Mortgage Rates,Real Estate, Refinancing, Refinance,Estate Agent,Realty,Properties,Loans,Loan Business loans, Business loan,Commercial real estate Commercial Property,Bank,Banks,Bank of,Loan Rates,Loan Rate,best loan rate, best loan rates,loan interest rate,Business loans,Business loan, small Business loans….Register for this requirement at Top

How can I get the tax benefit during the year?
You can request for a provisional IT certificate that can be issued any time during the course of the year.

So Contact us and get your Dream home NOW !

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