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Basic Eligibility Criteria

Good Credit Score

Above 23 Years of Age

Valid Bank Account

Resident of India

Self-Employed or Salaried Professional

Aadhar Card , Voter ID / Driving License and PAN Card

Bank Statements for The Last Three Months

Salary Slips for The Last Three Months

What is a Home Loan?

Owning a home has always been enormous part of every Indians Dream, and it's always a good idea to purchase property, either as an investment or as a location to reside.

But it is also a large investment and, more often than not, it is better to buy it by making use of a home loan facility. This enables you to make use of tax breaks as well as allowing you to repay the loan in distinct ways depending on the terms of the loan while you purchase it.

Home loans are primarily of two kinds, fixed and floating. Fixed loans have a greater down payment, but the repayment period is longer, and the interest rate is fixed. This generally results in reduced monthly payments and insulation from the chance that interest rates may increase in the future. Conversely, the floating rate may initially have a reduced interest rate, but then the interest rate may be amended after a set period and then the rate may be updated periodically.

Why should I get Home Loan?

Property as an asset has been one of the fastest-growing investment possibilities for a number of individuals looking for long-term investment at a decent pace of return. However, as estate prices keep rising every year, it is becoming more and more hard for regulars to cough up the entire quantity required to buy a home in advance. This is where home loans come in and save the day for numerous numbers of individuals who could likely never afford to purchase real estate otherwise.

In many households, it is deemed necessary to have a home shortly after you begin your career and, as such, it is not always probable that you will be able to afford to pay the full quantity you need to buy it in advance. In such cases, the banks will help you to step in and pay up to eighty per cent of the purchase cost that you need to pay back with some interest rate over a long period of time. This is a good deal for both the sides concerned, as the bank earns a good stake on the quantity lent over a lengthy period of time, and you, as the client, gain possession of your own property that you need to pay back in tiny sums over time, while still receiving tax advantages and possibly even a secondary source of revenue if you put it up for rent.

What are the features of Home Loan?

The characteristics of your specific home loan will depend on your contract with the bank. However, based on the RBI rules and the prevalent characteristics of home loans provided by banks, there is a set of popular characteristics for home loans: interest rates for home loans are of two kinds, floating or fixed, or a combination of two kinds. In the case of a fixed rate loan, the interest rate is fixed for the duration of the loan and cannot be changed.

In the event of floating interest rates, the banks adjust the interest rate at set intervals, for instance on an annual basis. This adjustment may improve or reduce your interest rate based on a broad variety of variables and may be dangerous if your luck is bad.

  • Since the acquisition of land is a capital-intensive undertaking, the cash placed in by banks is significant compared to other kinds of loans, and the repayment period is also one of the shortest compared to other kinds of loans.
  • Home loans can be used irrespective of whether you use the loan to purchase a home to live in or for investment reasons.
  • Home loans are generally made against collateral. This implies that, in the event of default on the repayment of the loan, the bank reserves the right to seize your property or collateral in order to recover its fees.
  • Apart from the principal amount and the interest levied on it, residential loans also attract processing fees and other one-time charges levied by the bank at the time the request is processed.
  • Earlier, the prepayment of the loans used to attract some prepayment charges, but permitted you to decrease the liability as and when you could. However, today, most banks have removed such fees, making it highly easy to pay off these debts whenever you choose to.
  • The EMI paid out on these loans is tax deductible under the IT Act 1961, making them excellent investment choice.
Am i eligible for a Home Loan?

Home Loans are a big investment and require collateral from the bank. In addition, each bank has a distinct set of criteria as it deems essential for candidates and, as such, your experience may differ across banks.

Proof of employment is essential as the loan is provided on the premise that you can repay the quantity of the loan comfortably. In the case of self-employed businessmen, the requirements are slightly different and you need to have a business for at least three years or more and, in the case of salaried employees, you need to have worked for at least three years, of which one year is in the current employer's office.

Age evidence will be required when applying for a home loan. You must be at least 21 years of era to apply for a loan, and the loan period should finish before you reach the age of 60.

Income Proof is requested by banks to demonstrate that you have the capacity to repay the quantity of the loan. It depends on the bank and the amount you're planning to take out of the loan, but a minimum income of between five and eight lakhs would be advisable to make sure you get the loan.

Banks will also check your credit rating to see if you have a decent economic history and are going to be prepared to repay the loan. This is highly essential for an organization that authorizes a loan, and a bad credit rating may lead to your request for a loan being dismissed.

Residential evidence is requested by banks to confirm that you are clearly well established in terms of your job and should demonstrate at least one year.

Any other exceptional loans and liabilities need to be declared in order to guarantee that the bank can check your capacity to repay the housing loan if it is authorized. Depending on the customer's pre-existing liabilities, the bank chooses how much they are prepared to lend.

Frequently Asked Questions

What are the documents i need for a Home Loan?

The list of papers that you are requested to submit may vary depending on the bank you apply for. Most banks, however, will ask you to at least provide the following papers when applying for a home loan, so you should maintain them handy while applying.

  • Keep any government issued evidence of identity as a passport or driving permit with you.
  • Proof of Residence for your address as entered in the form.
  • Proof of income like your employer's wage certificate.
  • Bank statement for the last six months or passbook entries for the same period.
  • List of your private property and any liabilities you have incurred.
  • Copy of your income tax returns for the last 2 or 3 years, depending on whether you are employed or self-employed.

Why should I go for BankAlert for my home loan needs?

We at Bankalert are dedicated to assisting you find the ideal home loan that best fits your needs from a broad range of choices depending on multiple variables such as type of interest, varying interest rates, type of loan and more. We attempt to demonstrate you the loans that you may be qualified for and assist you compare and contrast them in order to find the one that best fits you, and once you zero in and decide to apply for one, we will direct you to the website of the bank involved for request and further formalities. We're giving you all the details about the loan you're considering through our portal and we're committed to keeping the most up-to-date information on our website, so you don't have to face any unpleasant hidden surprises later.

Comparison of distinct loans and their subsequent terms and conditions is a major challenge and is used to require you to go through distinct banks ' websites and read the terms and conditions page to discover the best one for you. We're trying to simplify this process as much as possible by providing you with an easy way to compare alternatives across various distinct suppliers and by allowing you to discover the best one to suit your requirements.

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