Home Loan

Benefits of Home Loan

• 1. Affordability

  Home loans are typically much more affordable than other types of loans because they are secured with your property. This means the lender can offer you a lower interest rate than you would get for an unsecured loan.

• 2. Tax Benefits:

  Home loans come with tax benefits. Interest payments on your loan are tax-deductible, so you can save money on your taxes.

• 3. Flexible Terms:

  Home loans come with flexible repayment terms. You can choose a loan that fits your budget and timeline.

• 4. Leverage:

  Home loans allow you to leverage your existing wealth. You can use the equity in your home to borrow funds at a lower interest rate than you would otherwise be able to.

• 5. Build Credit:

  Taking out a home loan can help you build or improve your credit score. By making your payments on time, you can build a strong credit history.

Why Loanlekardekho.com for your home loan

Loanlekardekho.com is an excellent choice for home loans due to its comprehensive range of home loan options, competitive interest rates, secure online application process, and hassle-free customer service. It provides a wide range of home loan products from leading banks and NBFCs, with competitive interest rates and flexible repayment terms to suit your needs. The online application process is secure and easy to use, and the customer service team is available to answer any queries you may have. With Loanlekardekho.com, you can be sure of an efficient and hassle-free home loan experience.

Document required to apply for Home Loan

The documents required for a home loan application vary from lender to lender. Generally, the following documents are required:

• Proof of identity

  Passport, Aadhaar card, voter ID, or driving license

• Proof of address

  Passport, Aadhaar card, voter ID, or driving license

• Income proof

  Salaried- Latest salary slips, Form 16, IT Returns of last three years

• Self-employed

  Income Tax Returns of last three years, Balance Sheet, Profit & Loss Account

• Bank statement

  Last three months’ bank statement

• Processing fees

  As applicable

• Property documents

  Title deed, agreement of sale, possession letter, etc.

Fees and Charges of Home Loan

The fees and charges associated with home loans vary depending on the lender and the type of loan. Generally, you can expect to pay the following fees and charges:

• Application Fee

  The fee charged by the lender for processing the loan application.

• Loan Establishment Fee

  The fee charged by the lender for setting up the loan.

• Valuation Fee

  The fee charged by the lender for assessing the property.

• Legal Fees

  The fee charged by the lawyer or conveyancer for preparing the loan documents.

• Mortgage Insurance

  The fee charged by a lender to cover the risk of providing a loan to a high-risk borrower.

• Ongoing Fees

  The fee charged by the lender for services such as monthly statements.

• Exit Fees

  The fee charged by the lender when the loan is paid out.

How to Apply Home Loan Online

• Gather Necessary Documents

  Before you apply for a home loan online, make sure you have all the necessary documents, such as your bank statements, tax returns, and other financial documents.

• Shop Around

  Compare rates and terms from different lenders to find the best deal.

• Calculate Your Budget

  Figure out how much you can afford to pay each month for your mortgage payment.

• Submit Your Application

  Once you have gathered all your documents, you can submit your application online.

• Wait for Approval

  After submitting your application, wait for the lender to review and approve it.

• Review Your Loan Terms

  Carefully review the terms of your loan, including interest rate, repayment schedule, and any other fees.

• Sign the Documents

  Once you’re satisfied with the terms of your loan, sign the documents to finalize the loan agreement.

Types of Home Loans in India

• Home Purchase Loan

  This type of loan is taken to buy a house or any other property. It is a long-term loan and can be availed either from a bank or a housing finance company.

• Home Construction Loan

  This loan is taken to finance the construction of a house on a plot of land owned by the borrower. It is a long-term loan and can be taken from a bank or a housing finance company.

• Home Improvement Loan

  This loan is taken to finance the renovation or improvement of an existing house. It can be taken from a bank or a housing finance company.

• Home Extension Loan

  This loan is taken to finance the expansion of an existing house. It can be taken from a bank or a housing finance company.

• Land Purchase Loan

  This loan is taken to buy a plot of land. It can be taken from a bank or a housing finance company.

• Land Development Loan

  This loan is taken to finance the development of a plot of land. It can be taken from a bank or a housing finance company.

• Home Conversion Loan

  This loan is taken to convert a residential property into a commercial property. It can be taken from a bank or a housing finance company.

10 FAQs about Home Loan by Loanlekardekho.com

• What is a home loan?

  A home loan is a type of loan taken out to finance the purchase of a home. It is secured against the value of the property, with the lender providing a lump sum of money upfront to cover the cost of the purchase. The loan is then repaid in regular installments over an agreed period of time, typically several decades.

• How do I apply for a home loan?

  Applying for a home loan is typically a straightforward process. You can generally apply online or visit your local bank or lender in person. Once your application is approved, you will need to provide relevant documents such as proof of income and identification.

• What documents do I need to apply for a home loan?

  Generally, you will need to provide proof of identity, proof of income, and proof of address to apply for a home loan. Other documents such as your credit score, bank statements, and other financial documents may also be required.

• What is the eligibility criteria for a home loan?

  The eligibility criteria for a home loan will depend on the lender. Generally, you will need to prove that you are a suitable borrower, with a good credit score and a stable income.

• How much can I borrow with a home loan?

  The amount you can borrow with a home loan will depend on your circumstances and the lender. Generally, you will be able to borrow up to 80% of the value of the property, with the remaining 20% to be paid as a deposit.

• What are the different types of home loans available?

  There are a variety of home loans available, including fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, and combination loans. Different home loans will have different interest rates and repayment periods, so it is important to compare the different options before making a decision.

• What are the advantages of taking out a home loan?

  Taking out a home loan can offer a number of advantages, including the ability to purchase a home without having to pay the full cost upfront. Home loans also offer the potential for tax deductions on interest payments and the ability to build equity in a property.

• What are the disadvantages of taking out a home loan?

  The main disadvantages of taking out a home loan include the potential for higher interest rates and the risk of foreclosure if mortgage payments are not made. It is also important to remember that taking out a home loan means taking on a long-term financial commitment.

• What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?

  A fixed-rate mortgage has an interest rate that remains the same throughout the loan term. An adjustable-rate mortgage (ARM) has an interest rate that can change according to market conditions. ARMs usually offer lower interest rates initially, but can lead to higher payments if the market rate rises.
  

• What is a jumbo loan?

  A jumbo loan is a type of loan designed for borrowers who are looking to purchase a home that exceeds the conforming loan limits set by the Federal Housing Finance Agency. Jumbo loans typically require higher down payments and have stricter eligibility criteria than other types of home loans.