Apply for a Home Loan

Adjust your payment terms with Home loan at low interest

Payment terms can either be a game-changer for your businesses or this may ruin the same – everyone works in the industry to capture the expected profit margins. But what if you are planning to purchase a new house and suddenly the expected payment is declined? No need to worry because a Home loan can now be availed at a low rate of interest i.e. approximately 6 percent.

Since necessities and demands must be balanced, the same case is applicable in any of the house loan types. And, the eligibility criteria while opting, for any type of house loan, from the available list - is essential. This is because if you don’t know this well, the chances of getting your application rejected are much higher.

Various types of Home loan which can flexibly handle your requirements

Depending upon your requirements like purchasing a new house, extending the existing floor, or repairing the key areas like kitchen, garage, etc, one can classify Home loan. Though you can avail of any of them online, yet is imperative to know its basic definition as if in case you want to switch the application type, you may do this – without hustling unnecessarily.

Type # One – Home Purchase Loan

You can relate this with a scenario that you Apply for an instant loan to purchase a house whose area can be utilized well and make your lives comfortable. Also, there are financial institutions offering you a loan amount that covers more than 80 percent of the market value of the chosen house. Even its interest rates may vary from floating to hybrid rates.

Type # Two – Home Construction Loan

If you think that filling an Online loan application form for a home construction loan without reading its criteria can get this approved, you are going in the wrong direction.

This is because financial institutions offer such types of loans to salaried or self-employed individuals if they want to construct their houses or some co-working plots. Also, you should estimate a rough idea about the cost incurred in constructing the plots or houses.

Type # Three – Joint Home Loan

Many of the award-winning industrial experts think that those who don’t earn really well must avoid taking this loan. Rather, this can surely reduce financial burden because before the institutions process their Best online loan application, they will check if you are a primary or a secondary applicant.

This is mandatory because the application may get rejected if there is no other person who has jointly applied. Even you can add your acquaintances or family members like a brother, wife as the joint member. So, the member/members can now enjoy the perks of a joint home loan.

Type # Four – Top-Up Home Loan

A top-up home loan is that a value-added financial option that can be used in a multi-purpose manner. You may use such Online quick cash loans for streamlining your loan repayment ability or improving the credit score from bad to good or excellent.

If you are thinking that this loan is attracting high-interest rates, then it isn’t so – you may avail this at the same interest as that of any loan. With this, you can confidently fulfill various purposes like furnishing your house, funding the expenses of family members, or paying your previous year’s installments before the tenure starts troubling your minds.

Eligibility Criteria and Documentation Process in Home Loan

  • It hardly matters whether you are a salaried individual or self-professional planning to scale his/her career graph. No financial institution is stopping you to know the ins-and-outs of a Home loan and its differing types.
  • Therefore, some documents and the information regarding their eligibility must not be ignored – this will be turning the tables thereby delivering optimal results.
  • Age for the salaried individuals must lie between 23 years and 62 years. If you are a self- professional, the age limit will vary from 25 years to 70 years.
  • Your monthly takeaway or salary should be INR 25,000 or Rs. 300000 per annum.

  • CIBIL Score should be atleast 750.

  • Experience for a salaried individual should be 3 years min. And for self-professional, the person must be able to showcase business continuity of 5 years min.
  • You may give a thought regarding those mandatory documents required to process your Home loan application at one go. For this, the below-points will be offering helping hands.
  • home loan
    We require Documents for Salaried Employees

    Any one Identity Proof from Driving License, Voter ID, Passport, or a PAN Card. But the required one is a PAN card.

    A valid Address Proof can be like water, electricity, or telephone bills. You may include a passport or Driving License here.

    Form 16 and latest months’ salary slips. Note: You should also keep handy the last six months’ account statements of banks like HDFC, SBI, etc.

    One passport-sized photograph and proof-of-work for 3 years or more. Note: If the experience proof is less than three years, then your Online application for a home loan you will apply in instant ways will get rejected.

    We need Documents for Businessmen

    Any one Identity Proof from Driving License, Voter ID, Passport, or a PAN Card. But the required one is a PAN card.

    Form 16 and latest months’ salary slips. Note: You should also keep handy the last six months’ account statements of banks like HDFC, SBI, etc.

    One passport-sized photograph and proof-of-work for 5 years or more. Note: If the experience proof is less than five years, then your Online application for a home loan you will apply in instant ways will get rejected.

    A valid Address Proof can be like water, electricity, or telephone bills. You may include a passport or Driving License here.

    How much time financial institutions take to disbursing Home loans?

    Preferably the financial institutions offer a period of seven days to four weeks for disbursing Home loans applied. But it is essential to submit the related documents and they differ if you are salaried or a self-professional.

    How should you be repaying your Home loan?

    A few tips could really be beneficial. For closing or repaying your Home loan, you must select the tenure as short as possible. Later with time, you should be increasing the home loan EMIs and repay this via PDS – Post Dated Cheques or ECS – Electronic Clearing System.

    Is it feasible to pre-pay the sanctioned Home loan?

    Yes, you can pre-pay your sanctioned Home loan if you think there are other expenses that can be handled later. For this, you can seek help from the financial institutions and their experts will provide you the calculations associated with your home loan to pre-pay the same before the tenure.