November 7, 2024

My Account
Follow us on:
Powered By Finity
Discover 5000+ schemes. Track your portfolio 24X7
Invest Now
MC30 is a curated basket of 30 investment-worthy
mutual Fund (MF) schemes.
Invest Now
Powered By Wazirx
The new age digital currency to diversify a portfolio.
Invest Now
Visit this section to access live price and charts.
Invest Now
Learn and stay informed about cryptocurrency in India.
Learn More
Powered By
Learn, discover & invest in smallcases across different types to build your long term portfolio.
Invest Now
Explore from India`s leading investment managers and advisors curating their strategies as smallcases.
Invest Now
Powered By stockal
Diversify your portfolio by investing in Global brands.
Invest Now
Pre-configured baskets of stocks & ETFs that you can invest
in with a single click. Developed by hedge funds, global
asset management companies, experienced wealth
management firms and portfolio managers.
Invest Now
Gamechangers
AMBAREESH BALIGA
Fundamental, Stock Ideas, Multibaggers & Insights
Subscribe
CK NARAYAN
Stock & Index F&O Trading Calls & Market Analysis
Subscribe
SUDARSHAN SUKHANI
Technical Call, Trading Calls & Insights
Subscribe
T GNANASEKAR
Commodity Trading Calls & Market Analysis
Subscribe
MECKLAI FINANCIALS
Currency Derivatives Trading Calls & Insights
Subscribe
SHUBHAM AGARWAL
Options Trading Advice and Market Analysis
Subscribe
MARKET SMITH INDIA
Model portfolios, Investment Ideas, Guru Screens and Much More
Subscribe
TraderSmith
Proprietary system driven Rule Based Trading calls
Subscribe
Moneycontrol  PRO
Moneycontrol  PRO
Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas
Subscribe
Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas
Explore
STOCK REPORTS BY THOMSON REUTERS
Details stock report and investment recommendation
Subscribe
POWER YOUR TRADE
Technical and Commodity Calls
Subscribe
INVESTMENT WATCH
Set price, volume and news alerts
Subscribe
A home loan is a secured loan opted by purchasing a property while pledging it as collateral. Home loans offer high-value funding at affordable interest rates for the long-term. Home loans offer assistance to enable borrowers to meet their personal or financial goals. So, an applicant must collect all the necessary documents required for home loan when applying for it.
Following are list of documents required while opting for a home loan:
1. KYC documents
● Identity proof (PAN card, Aadhar card, passport, driving license, voter ID card)
● Address proof (Passbook or Bank Statement, Ration Card, Telephone Bill, Electricity Bill, Employment Letter)
● Age proof (Birth Certificate, PAN Card, passport,and driving license)
2. Income proof
Loan applicants need to submit the following documents to clarify their stable monthly income:
● Current salary slips of previous three months
● Bank account statement of last six months
● Form 16 and filed Income Tax Returns of last two years
● Increment Letter, Appointment Letter, and Employer Certificate
● Employee Identity Card
3. Property documents
● Commencement Certificate
● Registration receipt
● Sanction Letter
● Allotment Letter
● Approved building plan copy
● Payment receipts to builder
● Society Share Certificate
● Copy of electricity bill
● Society maintenance bill copy
● Society Registration Certificate
● NOC (No Objection Certificate) from society
● Chain contract from former owner
● Registered agreement for sale
● Property Insurance copy
● Occupancy Certificate
Eligibility Criteria for a Home Loan
● For salaried individuals
● The borrower must be an Indian citizen.
● Applicants should possess at least3 years of working experience.
● The age range must be between 23 and 62 years.
● CIBIL score has to be 685 or above.
● For self-employed individuals
● The borrower must be an Indian citizen.
● Must have at least 5 years of working experience.
● The age range must be between 25 and 70 years.
● CIBIL score has to be 685 or above
Following are the beneficial factors of a home loan:
There is no need for potential applicants to repay their housing loan amount in full settlement. Instead, borrowers can clear the total amount in monthly instalments. Since instalment amounts are lower than monthly earnings of applicants, they can pay it off without hassle. However, the repayment tenure is selected based on age and the years remaining until the applicant’s retirement.
Another important beneficial factor that makes home loans unique is their rate of interest. Even though interest ranges vary from one lender to another, it generally ranges between 7% and 12%. Hence, a borrower must select a lender who can provide him/her with the ideal interest rate in the long run.
When it comes to repaying a loan, a lender falls in jeopardy if the borrower misses the mark to pay back the credit amount. However, since a home loan is secured, an applicant must keep his/her house as mortgage. This means the lender can take back money by selling that house if the borrower fails to repay the loan.
How to Apply for a Home Loan
These days home loan has become a vital financial instrument for potential borrowers. Following are the steps to apply for a home loan process:
Step 1: Visit the website and click on apply online option.
Step 2: Fill out the loan application form.
Step 3: Upload the necessary documents.
Step 4: Pay the processing fee.
Step 5: Wait for the evaluation of your documents and approval.
Step 6: You will receive the sanction letter from your lender after your loan’s approval.
Step 7: Valuation of your property by a legal check.
Step 8: The final loan deal.
Step 9: Signing the agreement with the financial institution.
Step 10: The loan amount will be credited.
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.

source

About Author