Home Loan provides a lump-sum amount to purchase a property you desired and this lump-sum amount will be repayable with interest. Home loan is provided to purchase a house/flat, construction of house on a plot of land or for renovation of the existing house.
In the home loan 80%-90% of the property value is financed by the lender and rest of the 10%-20% is a down payment born by the borrower.
Eligibility for the loan is checked by the income of the borrower & by the value of the property according to market rate.
Types of Home Loan we offer
- Home purchase Loan | House purchase Loan
- Home Construction Loan
- Home improvement Loan
- Land purchase Loan
- Home Extension Loan
- Home Loan balance transfer
- Joint Home Loan
- Top-up Home Loan
- Areas We Serve – Home loan is available in these areas – Dehradun, Vikasnagar, Mussorrie, Roorkee, Haridwar, Rishikesh, Saharanpur.
- During home loan the property is being kept as collateral (security) to the lender till the borrower repay the whole amount of loan with interest. The interest can be fixed or floating for home loan.It is also mostly necessary to have co applicant in loan. If someone is the co-owner of the property than he/she is mandatory to be the co applicant in loan. But, if borrower is a sole owner of the property than any of his/her family member can be the co applicant in loan.
- For the further process of loan, the lender asks borrower to submit the documents such as identity proof/address proof, income proof i.e. the latest salary slips, form16 authenticate by the employer (for salaried) and income tax return, balance sheet (for businessman/self-employed) and six month’s updated bank account statement and property papers (agreement, registry, mutation, approved map, estimate of construction etc) along with the processing fee cheque to the lender. On the basis of documents, lender decides to provide a loan or not to the borrower. If the lender decides to provide the loan to the borrower, they will give a sanction letter stating loan amount, loan tenure, interest rate and important terms of home loan to the borrower.
- After the sanction of loan, disbursement is made to the borrower. Loan is disbursed in full or in installments. In case of construction of the house the loan is disbursed in installments based on the progress of construction, and these installments does not exceed three in number of time. In case of property purchase the disbursement is made in full.
- In between the process of loan, there are the several charges of loan which is also called processing fee. The lender charges processing fee according to their percentage which is likely from 0. 5% to 1%. Lenders also call it technical evaluation fee.
- Once the loan get disbursed, the borrower has to repay the whole amount of loan with interest in mode of EMI which starts from the month following the month in which the borrower takes the full disbursement.
- EMI includes both principal and interest.