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Home Loan : Overview

We need a home to dream more dreams. But, at the same time, we understand that it’s not that simple to buy a home. We know prices have skyrocketed and our years of savings are not sufficient for that. Thanks god there is a home loan, else we would never have even thought of buying a home, let alone actually planning for it! Without the support of banks and lending institutions, most of us would never be able to own a home.

So, you can plan a home loan, set your own budget, decide on a flexible repayment plan and negotiate easy terms. You can choose from a variety of home loan options based on their interest rates and other buyers-friendly features. You can avail home loans based on your existing financial capability or worth and repay it over a period of time.


Documents Required

Home loans are easy to get these days. All you need to do is to have some documents. Banks and lending institutes require proof of your identity, address and income to provide you with the loan. These are some of basic documents you need to submit to the banks to avail the loan.

Documentation requirements may vary from banks to banks, but more or less, they all need all those documents that testify you and strengthen your credentials. It would be better if you knew the documents required by different banks for home loans. That way, you can plan better and get the loan sanctioned in quick time.

At Loanexpertise.com, we have put together a list of all documents required by different banks for availing home loans. Go through the list and get your home loan in an easy and hassle-free way. You can also compare document requirements of different banks and choose the one where the paperwork and documentations is the minimum.


Documents
Salaried
Self Employed Professional
Self Employed Non Professional
Application form with photograph duly signed
Identity, residence and age proof
Last 6 months bank statements
Last 3 months Salary-slips
Processing fee cheque
Form 16 / Income Tax Returns
Proof of business existence
Business profile
Education qualification certificate and proof of business existence
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


Eligibility

Home loans are available to a variety of individuals. One should, however ,meet some eligibility norms to avail of the available loans in the market. The most important criteria, of course, include the financial repayment capacity of the individual. So, factors like income, type of employment, age, etc. can be taken into consideration by banks while giving loans to individuals.

Most importantly, eligibility criteria tend to vary from banks to banks, and you would be better served in knowing the rules of different institutions. After all, their purpose is to provide a home or housing loans to as many people as they could possibly do.

So, what would you know to be aware of home loan eligibility criteria set by different banks? Simple, just visit Loanexpertise.com and find eligibility criteria from different banks and financial institutes.

Some of basic eligibility criteria for home loan include:

  • Any individual, be self-employed or salaried or professional, can apply for a home loan.
  • Any individual filing income tax returns or producing professional stability document can apply for a home loan.
Home Loan - Process

Home loans are a ubiquitous commodity today, with a growing number of people opting it to realize their dreams of owning of their home. Not all of us however are aware of the processes or procedures involved with home loans, which sometimes create a lot of problems. Without knowing the home loan process, it would not be possible to understand your loan completely.

In general, home loan is a 7-step process:

  • In the first step, you need to apply to a bank with a formal application together with submitting identity, income and address proof details.
  • In the second step, you need to pay a loan processing fee (which can be anything between 0.25 to 0.50% or nill of the total loan amount) to the bank for commencing the process.
  • In the third step, the bank with verified all the facts and information submitted by you.
  • The fourth step is the most crucial one where the bank will evaluate your repayment capacity against the home loan amount requested, or to be issued.
  • The fifth stage is one where the bank will draft an offer letter with all the details, including sanctioned amount, interest rates, monthly repayment amount and loan terms etc.
  • The sixth stage will involve property verification where you need to submit to the bank all the documents asked by the banks.
  • The seventh and the last stage will involve home loan disbursal, provided all other formalities are met.



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