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Home Loan

ARE YOU LOOKING TO BUY A NEW HOUSE.

No matter how well enough you have saved to pay for the price of the property, there are chances that you may fall short of money. In this situation, banks and non-banking financial companies offer loans in the form of a housing loan.

Why Buying a Home Is Better than Renting?

jackassociates.in home loan service imageHome Sweet Home! That’s what we all want, right? Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. There are also certain tax benefits available on your home loan under the Section 80C/80EE of Income Tax Act.Primarily, there are two types of home loans based on the interest rate- floating and fixed. In case of fixed rate loan, the interest rate doesn’t change with market fluctuations and is usually capped at 1-2.5% higher than floating rate home loan. Whereas, floating interest loan varies as per the market conditions.The borrower can avail home loan from banks or financial institutions either for purchase of a new house from builder or a house meant for resale or for construction of house or for extension of an existing house.

Types of Home Loan:

  • Purchase of Residential Property.
  • Construction of a House.
  • Construction of a House.
  • House Expansion
  • Home Improvement Loans.
  • Balance Transfer Home Loans.
  • Home Conversion Loans

Interest Type

Some of the financial institutes offer pure Fixed interest rate that remains fixed for the entire tenure of loan or for certain period. Nowadays, some lenders offer Dual Rate where the interest rate remains fixed for certain tenure like 1- 10 years and then gets converted to floating rate of interest.

In Floating rate, the interest rate fluctuates with market conditions. The rate of interest is tied up with the Base Rate (BR) of the bank or Prime Lending Rate (PLR) of the Housing Finance Companies and gets affected whenever there are changes in the Repo Rates announced by RBI or any changes in Base Rate / PLR of the lender.

Final Loan Amount Calculation

As per norms, all the banks and NBFCs finance 80% to 90%of the agreement value of the property. As per RBI circular, banks do not fund Stamp Duty and Registration Charges anymore.

The final loan amount is dependent on the factors like income and regular outgoings, existing loans, repayment track record, valuation of the property by the bank or lender etc.

To increase the eligibility amount, you can add the earning of your parents / spouse / children and in some cases, earning of brothers, as co-borrowers to the loan or your rental incomes etc.

Documents Check-list

To initiate the loan process, the lender will require the Loan Application Form signed by the applicant and co-applicants along with a photograph

KYC Documents

  • Proof of Identity  Pan Card / Valid Passport / Voter ID card / Valid Drivers License.
  • Proof of Address  Aadhaar card / Electricity /  Phone Bill of latest 3 months.

Proof of Income

  • Form 16 for the previous 2 years.
  • Salary slip for previous 3 months.
  •  Latest bank statement/Passbook from where you can show salary/income being credited for the previous 6 months.

Other Documents

  • Employee contract or appointment letter in case of current employment is less than 1 year.
  •  Passport size photograph of all the applicants / co-applicants to be affixed on the application form and signed across.
  •  The Cheque for processing fee.

Property Documents

Chain of Sale Agreements if it is a resale property with Draft Agreement if it is a builder purchase.Occupancy Certificate and Approved Plan or Commencement Certificate.

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