We are living in the era where a home becomes the major part of an individual’s life. No matter, how small or big is your house, but all have a desire to get their own house. Home provides security, privacy, identity and many more. If you want to buy a home or you want to renovate your house but you have a shortage of money, then Home Loan plays a major role. Banks help to make your dream of purchasing a home a reality. But before applying for a Home Loan, read all the information that will help you to understand it in a better way.
B.D.S Private Limited provides a Home Loan in Dehradun with minimum inetrest rate.
What is Home Loan ?
A Home Loan is a Secured loan (in which an applicant have to give some collateral to borrow the money). In Home Loan or Housing Loan, an applicant can borrows money from the bank or any money lending company in order to purchase a house or flat, construction of a house or renovation of the existing house. Here, the property is kept by the bank or lender till the borrower repay the full amount of loan with interest .
What are Purposes to take Home Loan :
An applicant can take the Home Loan to :
- Buy a house or flat
- Construct a house
- Renovate an existing house
- Buy an investment property
What is the Processing fees for a Home Loan (In Dehradun) :
In the processing of loan, there are some processing fees that is charged by the bank. The processing fees charged by the lender is from 0.5% to 1% of the total loan amount.
Eligibility Criteria for a A home Loan :
- Age : For Salaried as well as Self-employed employed person : 21 to 65 years
- Income of an individual must be minimum of 25,000/month.
- The Credit Score of an applicant must be good(from 750 to 900).
- A borrower must have a work experience of minimum 2 years.
- As it is a Secured Loan, so property should be submitted to the bank or lender
- Home Loan can be avail by Salaried individual, Self-employed individual, professionals, or by some companies.
What is the Loan tenure for a Home Loan :
The loan tenure for a Home Loan is up to 30 years.
What are the factors that can affect the interest rate of a Home Loan :
- Income of an applicant : Generally, an applicant who has a very high income source then he/she will get a loan on the basis of low interest rate.We can categorize this into 3 parts :
a. Salaried Employee : If someone work under any government department of any private based company,they are considered as Salaried Employed.
b. Professional : Freelance workers, Doctors, Engineers, Accountant etc.are coming under this category.
c. Self-Employed :If you are doing any business or you have any company, then you come under this category.
- Age : Age is the important factor in loan disbursal. An applicant with young age can avail more terms up to 30 years without any trouble. However, old aged applicant can get less tenure as compare to younger one. Young aged applicants also get low interest rate because they have more years or services as compare to old aged applicants.
- Credit Score : A borrower who has a very good Credit Score can get a low interest rate on the loan.
- Loan Tenure : If you are opting for a longer tenure, EMIs will reduce but you have to pay more number of interest.
What is the Loan Amount in Home Loan :
The Loan amount in Home Loan depends on the property value. however, there is no such limit in the loan amount of the Home Loan.
Can Borrower get loan for under construction property :
Yes, Borrower can get loan for under construction property. However, the loan amount will disbursed according to the progress of the construction of the property.
What are the factors that can be considered by the bank or lender while approving a home loan :
There are many factors that can be kept in mind while approving for a Home Loan :
- Age of the borrower
- Monthly Income of the borrower
- Residential status
- Existing loan status(if any)
- Good Credit Score
Home Loan Interest Rates (in Dehradun) :
|Banks||Loan to Property Value||Interest Rates||Processing Fees|
|ICICI BANK||Up to 85%||6.80%-8.40%||Rs 10,000+ AT or 0.25% + AT ( Which ever is lower)|
|LIC Housing||75% – 80%||6.80%-8.40%||Up to 0.5 % of loan amount + GST|
|AXIS Bank||75% – 80%||6.80%-8.40%||Up to 0.5 % of loan amount + GST|
|PNB Housing Loan||75% – 80%||8.40% -9.70%||0.35% of the loan amount Minimum- Rs. 2,500/ Maximum- Rs. 15,000/|
|CANFIN HOMES||75% – 80%||6.95%-12%||Up to 0.5 % of loan amount + GST|
|TATA CAPITAL||75% – 80%||8.50%-9.50%||Up to 0.5 % of loan amount + GST|
|Canara Bank||75% – 80%||7.30%- 7.70%||Up to 0.5 % of loan amount + GST|
|GIC Housing Finance||75% – 80%||8.75%-9.75%||Up to 0.5 % of loan amount + GST|
|IDBI Bank||75% – 80%||8.90%-9.10%||Up to 0.5 % of loan amount + GST|
|Bank of Baroda||75% – 80%||8.75%-9.75%||Up to 0.5 % of loan amount + GST|
|Bajaj Finserv||75% – 80%||9.05%-11.15%||Up to 0.5 % of loan amount + GST|
|HDFC Bank||6.80%-8.40%||8.75%- 9.75%||Up to 1.25% of the loan amount or ? 3,000 whichever is higher, plus applicable taxes|
What are the documents required for a Home Loan (in Dehradun) :
|Documents||Salaried employed applicant||Self-employed applicant|
|ID proof||Pan Card/Voter ID Card||Pan Card/Voter ID Card|
|DOB proof||Pan Card/ School leaving certificate/High School mark sheet||Pan Card/ School leaving certificate/High School mark sheet|
|Address proof||Passport/Aadhar Card/Voter ID Card/Driving License/Landline bill||Passport/Aadhar Card/Voter ID Card/Driving License/Landline bill|
|Bank statement||3 months Salary account||6 months Saving/Current/CC account|
|Income proof||3 months Salary slip and Form 16||2 years Financials(ITR/Computation/Balance Sheet) and Business Registration proof|
Property Documents required :
- Sale deed copy, agreement to sale
- Complete chain of titles deeds 15yrs (i.e.,1994 to till date).
- Mutation/ Assessment order from Nagar Nigam from 1994 to till dated /Khata Kathuni or Farad from Tehsil or Bandobast.
- Approved Map in case of MDDA approved or Gram Pradhan Approved map.
- Detailed estimate of Construction (80% Loan applicable only) in Case of construction or renovation of property.
- Land Used Certificate.