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What is a Home Loan?
Purchasing a house and calling it your 'own' is the biggest sense of achievement. Buying a house is a decision of grave importance and is usually taken once in a lifetime. It is a huge task to buy the best house and involves a lot of research and planning. The plans are drawn for the location, locality, architecture etc., but the most important task is to arrange money to purchase it. For that, you either have to use your entire savings done so far or have started saving to buy in future. And apparently, it becomes a long-term dream.
To help you in fulfilling your dream before it gets too late, banks started funding your need for purchasing a house by offering a Home Loan. Home Loan is a secured loan that is offered against the security of house or property, generally financed by the bank or financial institution or NBFC (Non-Banking Financial Institution).
Today, almost every bank and the financial institution are offering Home Loan, but before that, you need to understand what exactly is a Home Loan and how is it beneficial for you?
You can avail Home Loan from the respective bank or financial institution for the following:
- Purchasing a property within a residential development which is currently under-construction
- Buying a ready property from a builder or its current owner
- Buying a plot in a private development, from a current owner or from a government development authority
- Construction of house on a plot one already owns
- Purchasing a plot as well as financing the construction of the home on it.
Key Facts about Home Loan
|Rate of interest||MCLR linked rate of interest starting at 8.35%|
|Loan tenor||Ranges between 5 to 30 years, higher than any other loan types|
|Nature of Home Loan||Secured against property being purchased(unlike Personal Loan which is unsecured in nature)|
|Prepayment or foreclosure|| |
|Income Tax Benefits||Income Tax benefit on principal and interest amount under Section 80C and Section 24|
|Loan to value ratio||75% to 90% of property value|
|Processing fee||Ranges between 0.25% to 2% of loan amount|
Home Loan eligibility factors and key documents:
Eligibility: Before sanctioning a home loan, banks will check your eligibility based on certain factors to decide whether you are eligible to apply for a loan or not. Based on the eligibility check, your home loan amount will be sanctioned.
|Credit Score/ Credit History|| |
|Type of employment/ stability|| |
|Income (Higher the income, higher will be loan amount)|| |
The above-mentioned factors affect your loan amount considerably. Once your loan application is accepted you need to furnish some key documents that will support your identity and stability as a citizen of a country. Some of the key documents are listed below:
|Age proof|| |
Any one of:
|Address proof|| |
Any one of:
|Income documents|| |
|Other documents|| |
Why take a home loan via mymoneymantra and how do we help?
Information about the home loan is available all over the internet and it is also mentioned above in fair detail but the important question that may come to your mind is- what role mymoneymantra plays in getting you the best loan deal and how? Today almost every bank and NBFC claims to offer you the best deal. Out of several options available in the market, you may get confused which bank to go with and what benefits are necessary for you. The best loan deal not only covers the low rate of interest but also covers various other loan terms including processing fee, documentation, loan turnaround time, foreclosure terms and conditions, and other transaction charges.
Mymoneymantra is a leading player in this marketplace having over 28 years of experience that helps you to bag the best loan offer covering all loan benefits. Our Mortgage Specialists take care of your trust and help you to obtain the loan that is perfect for you and your requirements.
- The respective Relationship Manager keenly analyses your profile and documents including financial statements, previous repayment track etc.
- Over three decades our specialists have been working to develop a thorough understanding of various bank policies and programmes. Hence, we are able to guide our customers to the loan that is perfect for them.
You can contact mymoneymantra and get your best home loan deal sealed.
Total Interest Payable
Total of Payments
(Principal + Interest)
Eligible Loan Amount:
Total Interest Payable:
Payout in first loan
Payout in new loan
Total gross saving
Total pre-payment to be made
Note on part prepayment
Amount - How much do you want to part prepay?
Month - When do you want to prepay? If you availed your loan in Jan’16 and want to part pay in Jan’17, then please enter 12 months.
Loan repaid in