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Home Loan

Home Loan

Home Loan in Mumbai

The biggest loan that most people ever take is home loan is probably. Not only in terms of the loan tenures amount, but also loan amount, which is usually 15 years to 30 years. The only way a person can buy a house is a home loan is among the cheapest interest rates available in the market. A home loan is usuallya ‘good’ loan because it helps you acquire a asset that appreciates in value over the long term. And the total final loan amount  and interest that one ends up paying at the time of last emi of loan, can be double of what was borrowed.

Many home seekers ask question is should I rent or should I buy, especially when the rent paid is very high as compared to home loan emi. It makes sense to buy a house if you plan to live in it.  Then you should buy it. Other factors to consider is whether you want to live in that house or it’s for investment. If you are looking to buy a home as an investment, then one must look at the compounded annual returns on investment the home can give, and the risk involved in it, just as you would calculate with any other investments

Financial advisers say.  One should buy a ready-to-move-in house. As its a fact that many housing projects by builders in India continue to be delayed by long years,

Home Loan rates in Mumbai

Benefits & Features of Home Loan in Mumbai

Fixed EMI for the whole tenure period

Interest rate are low per annum

Interest subsidy available via PMAY CLSS scheme

Special rates for women borrowers

Option to take top-up loan for the above purposes

Tax exemptions of up to Rs. 1.5 lakhs and Rs. 2 lakhs on principal and interest portion, respectively, throughout the loan, even if the money is used for home renovation/extension/reconstruction

The maximum tenure is up to 30 years   

Home loan balance transfer facility

Processing Fee on the loan amount are less   

Loan amount depends on the outstanding balance of the existing home loan subject to LTV ratio

Availability of substitute income documents - ITR or annual turn over

You can additional income of Co-borrowers in loan eligibility.

Co-borrowers of the loan can also avail tax benefit if they are co-owners of the property as well.

Different Types of Home Loans

The types of home loans offered by NBFCs/Banks in India are as follows:

  1. Land Purchase Loans/Plot Loan
  2. Home Purchase Loan ( New and Resale )
  3. Home Improvement Loan
  4. Home Construction Loan
  5. Home Extension Loan
  6. Home Conversion Loan.

Fees & Charges on Home Loan

Home loan charges you need to pay are listed as below:

  • Processing fee
  • Application fee
  • Technical evaluation fee
  • Administrative fee
  • Legal fee
  • Franking fee on loan agreement
  • Franking fee on sale agreement
  • Intimation of registration fee
  • Notary fee
  • Adjustment fee
  • Indemnity cost
  • Document fee
  • Fire insurance fee

How to get a Home Loan?

Getting a home loan through us is very simple. You just need to call us check the requirements and your eligibility . fo this you need to follow the below steps:

  1. Call us and fix the appointment
  2. Fill up the application form properly
  3. Submit the form and Submit the required documents to us.
  4. Submit processing fee cheque

Details required to be filled on form for a Home Loan

  • Full name, city name, date of birth, contact number and email ID
  • Select employment status and mention monthly income
  • Enter desired loan amount.
  • Mention property details such as property value,
  • Co-applicant's gender, residence address,
  • Select employment status and mention monthly income

Documents required for Self-Employed (Professionals and Non-Professionals)

  1. Identity Proof - Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
  2. Home loan application form filled and signed
  3. Passport size photograph/s
  4. Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill
  5. Address Proof - Passport/Aadhaar Card /Utility Bill
  6. Business Existence Proof - 3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license
  7. Income Proof - Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
  8. Bank Statement - Latest 1 year bank statement both current and savings.
  9. Advance processing fee cheque
  10. Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
  11. Property Documents - Copy of agreement executed / Sale deed, Share certificate, Latest maintenance bill, list of documents & sanction letter given by existing banker (If applicable)
  12.  

Documents required for Salaried

  1. Home loan application form filled and signed
  2. Address Proof - Passport/Aadhaar Card /Utility Bill.
  3. Advance Processing Cheque
  4. Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill.
  5. Identity Proof- Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
  6. Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
  7. Income Proof - Latest 3 months Salary Slips and Form 16
  8. Bank Statements - Latest 1 year statement where your salary is getting credited
  9. Property Documents - Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If applicable)
  10. Job Continuity Proof - Current Employment Certificate /Current Job Appointment letter (if more than 2 years)/Experience Certificate (including your previous job certificate or appointment and relieving letter)
  11. Passport size photograph/s

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