Familiarize with rules, laws and other important information relating to your property
Most financial institutions would take into account the following criteria:
Salaried / self employed personnel Indian citizen / NRIs
Home loans can broadly be classified in to the following:
This is the basic loan required at the time of purchase of a home.
This is given in the context of renovation or repair works of the existing home.
This loan is given for the construction of the house.
This is given for further extension of expansion of a already existing home.
This loan enables a person to transfer an existing loan amount to the loan amount of the new house.
This loan is available for the purchase of land.
Such loans enable a person to finance a new home and aid in the sale of an old home.
This loan enables a person to pay an existing loan and avail a new home loan at a lower interest rate.
This loan aids in the payment of debt taken from private sources for the purchase of a new home.
Financial institutions take a number of factors into consideration before deciding on a loan amount. Typically a person is entitled to upto 85% of the total loan amount.
Each housing company has its own set of documents that are required. However the basic documents are listed below:
A loan eligibility is determined by taking into consideration various factors such as income, age, number of dependents, spouse’s income, assets, liabilities.