One common dream every Indian has is owning a house in India. If you have the same dream, we can help you to achieve this dream.
Are you planning to buy a new house, renovate the existing one? We can assist you to obtain the best home loan quickly at the lowest possible interest rates at creditsathi.com.
A home loan is also known as a housing loan. It is defined as debt or money borrowed to purchase or renovate a house. Normally individuals take a home loan to purchase an apartment, house, a plot of land for construction of a house, or home renovation. Unlike a personal loan, the home loan is a secured loan where the property is mortgaged to the lender as security.
A home loan helps individuals to own a house which is the dream of everyone. A home loan can be used to purchase an apartment, house, a plot of land for construction of a house, or home renovation. As per the requirement, many types of home loans are available and provided by many loan providers.
As the name suggests this type of loan is opted to purchase a house. Between 80 to 85% of the price of the house is given as a loan amount.
This type of loan can be availed for house renovation purpose. Individuals who want to renovate their existing house can apply for a home renovation loan. Many loan providers are offering this loan.
Shyam wants to build his own house rather than purchasing an apartment. So he thought of buying the land on which he will construct his own house. Any person who has a similar wish can always look for the home loan for land purchase.
Any individual having a house with a home loan and planning to buy a new house can apply for this type of loan.
NRI’s can also purchase or build a house in India. If they require any financing for the dream home, they can opt for NRI home loan.
This type of loan realizes the purpose of extending or expanding an existing house may be for renting purpose to start a secondary income. Home extension loans are offered by many banks and NBFC’s.
Rajeev bought land three years back. Now he wants to build his house on that land which will cost him a couple of lakh rupees so he has decided to take a home loan for construction of the house which is offered by many loan providers at a very low-interest rate.
As the price of the land is increasing day by day due to high demand, it becomes difficult to own your house these days. A home loan helps individuals to own a house which is the dream of everyone.
Below are some benefits of home loan: –
Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.
Eligibility for home loan differs from provider to provider however below is the generic information.
Eligibility Criteria | Salaried Applicants | Self-employed Applicants |
---|---|---|
Age | 21 years to 60 years | 24 years to 65 years |
Employment | Minimum 2 years of experience | Minimum 5 years of experience |
Co-applicant | Not mandatory. If needed, then the family members can be mentioned | Not mandatory. If needed, then the family members can be mentioned |
Credit score | 750 or above | 750 or above |
Maximum loan on property value | Up to 85% | Up to 85% |
Maximum EMI per income percentage | Up to 60% | Up to 60% |
Documentation plays a vital role in obtaining a home loan. Proper understanding of what documents are needed will help you to get the loan with ease.
Below is the guide for the documentation for a home loan.