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What is a Home Loan?
- Buying a home could be one of the biggest achievements of a person's life. In most cases, it takes an entire lifespan to fulfill the dream of purchasing one's own home.
- Selecting the ideal property involves a lot of research and planning.
- Arranging funds is probably the toughest and the trickiest part of the process.
- You could dip into your savings for the entire payment OR
- Decide to get a Home Loan at a good interest rate
A decade or so earlier, borrowing from a bank used to be a cumbersome process but today financial institutions have simplified the entire Home Loan application and disbursement process.
- All leading financial institutions offer Home Loans with attractive interest rates, flexible repayment periods, quick turnaround times and unique product features.
- Before finalising on a lender, one must understand the intricacies of a Home Loan
- How should I compare what each bank is offering me?
- Is there anything in the fine print I should be worried about?
Let mymoneymantra help you get the ideal Home Loan - let's seal the deal!
Key Facts about Home Loan
|Rate of interest||MCLR linked rate of interest|
|Loan tenure||5 to 30 years|
|Nature of Home Loan||Secured against property being purchased|
Partial repayment refers to repaying a part of the outstanding loan amount before the maturity date.
Home Loan full foreclosure refers to closing a loan in full before the maturity date and is available at NIL fee.
|Income Tax Benefits||Income Tax benefit can be claimed on principal and interest amount of Home Loan under Section 80C and Section 24 of the Income Tax Act, 1961.|
|Loan to value ratio (LTV)||Varies between 75% to 90% of the property's value|
|Processing fee||Ranges between 0.25% to 2% of the sanctioned loan amount|
You Can Avail a Home Loan for:
- Buying a property within a residential development currently under construction.
- Purchasing a ready-made property from a builder or the current owner of the property.
- Purchasing a plot in a private development, from the current owner or from the government development authority
- Construction of one's own property
- Purchasing a plot as well as financing the construction of the home
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. 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 the 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 as a citizen of a country. Some of the key documents are listed below:
|Type of Document|
|Age proof|| |
|Financial documents|| |
|Other documents|| |
Types of Home Loans
Home Purchase Loan: This type of Home Loan is availed for purchasing a new house.
Home Loan For Purchasing Land: This type of Home Loan is availed to purchase a piece of land either for construction or investment.
Home Construction Loan: This loan is availed for the construction of a house.
Home Improvement Loan: Borrowers can also avail a Home Loan for renovating, improving or repairing their current house. The interest rates charged for this type of a Home Loan is similar to a conventional Home Loan.
Home Extension Loan: A loan taken for expanding an existing house.
Why Take a Home Loan via mymoneymantra and How Do We Help?
Information about Home Loans is available on the internet and we have also given you some relevant information above but the important question is - How can mymoneymantra help in getting you the best loan deal?
Today every bank and NBFC claims to offer you the best deal. This is indeed a confusing ordeal for most people, but we are here to help you at every step. The best loan deal not only covers the low rate of interest but also covers various other loan terms including processing fee, documentation, loan turn around time, foreclosure terms and conditions, and other transaction charges.
mymoneymantra is a leading player in this marketplace. We are armed with over 28 years of experience to help you bag the best loan offer covering all loan benefits. Our Mortgage Specialists take special care to help you obtain the loan that is the best fit for you.
- Each Relationship Manager thoroughly analyses your profile and document kit that includes among other things your financial statements and previous repayment track.
- Over the decades, our specialists have been working to develop an in-depth understanding of various bank policies and offers.
Contact mymoneymantra and seal the deal!
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
Best Home Loan Offers
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