Home Loan plays an important role in helping one with easy availability of your dream home. There are a number of banks that offer home loans at low interest rate. You may want to either want to buy a new home or construct one; it has few formalities starting from submitting the application for disbursement of loan amount. Keeping basic documents ready in hand saves time and effort. MoneyMindz.com, Best On-Call Financial Advisory Portal helps you with the required knowledge on home loans.
Home Loan amount varies from person to person depending on the repayment capacity, age and income of the loan seeker, his/her dependents and so on. The loan is available to those who are eligible for a contract such as any person who is not less than 18 years, must not be insane and should not be insolvent or bankrupt. Loans are offered to salaried individuals, professionals or businessmen or self-employed individuals and NRI’s.
For a home loan to be sanctioned, you need to submit basic documents along with application. It determines the rate of interest and amounts to be sanctioned as home loan. The amount varies for each person depending upon their repayment capacity and credit rating. Following documents are essential for getting sanction of home loans.
- Duly completed application form with passport size photo
- Repayment track record of existing loans (if any)
- Proof for photo and age
- Residences address proof and signature verification proof.
- Copy of sanctioned plan and sanction letter
- Fee cheque
Additional documents required are the following
In Case Of Self Employed person
Bank Statement for 6 months (Operating Account in case of self occupied)
Income Tax return/ Computation of Total income Certified by Charted Accountant (CA) for last three years
Tax Challan, Balance sheet and Profit/Loss Account for last three years
In Case Of Salaried
TDS Certificate and Identity card
Bank Statement of Salary Account for 6 months
Last three months salary slip and Form 16
Types of Home Loans
Home Loan is mostly used for purchase of new home or property. Most of the borrowers consider home loan only for buying a home or property but there are different home loans for meeting different needs. Some of them are as follows:
Home Purchase Loans: This for purchase of new home and most of borrowers use this type of loan in purchase of new home or property. These are very common and are basic home loans.
Home Improvement Loans: It is a loan sanctioned or disbursed for the repairs and renovation in existing home. This is very helpful for borrowers who wish to renovate or implement some repair works in existing home or property.
Home Extension loans: This is a loan given for extending or expanding existing home. This can be used for modification of rooms or adding an additional or extra room.
Land Purchase Loan: The name itself states the purpose of loan. It is the loan sanctioned for the purchase of land. Land can be either for construction or investment purpose.
Home Construction Loan: The loan is available for construction of new home. It is a loan sanctioned for constructing a home in existing land or property.
Home Conversion Loan: This loan sanctioned for existing borrower who have financed present home with home loan and wished to move new home which needs an extra funds. This loan helps to transfer existing loan to new home with extra amount and helps to avoid pre-payment charge of previous loan. Bridge Loan: Bridge loan is a loan for those who want to sell existing home and buy a new home. This loan helps you to finance new home until you find a buyer for existing home.
How we help you?
It is very obvious that as a common man you will not be much aware of the financial products, plans and schemes. Lack of financial knowledge can make you take a wrong decision in life. So, it is very important that you take advice from the professionals who can ensure you with the best financial guidance. Our certified financial planners can help you by making proper research upon your financial product and suggest the best home loan plan. Don’t waste your time and consult our trusted financial expert in taking an advice in purchasing the finest home loan plan for you and your family.
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