Home Loan

Various banks and housing finance companies have their own set of offerings as far as the best possible housing loan interest rates in India are concerned. There are a variety of housing loans available in India which includes:

* Home purchase loan
* Home construction loan
* Home extension loan
* Existing home improvement loan
* Land purchase loan



On would be entitled for home loans in the range of Rs 5 lakh to a maximum of Rs 1 crore, based on the repayment capacity, previous credit history and the cost of the property. The bank may provide a maximum of 85% of the cost of the property or the cost of construction as applicable and 75% of the cost of land in case of purchase of land. The repayment capacity is calculated taking into account factors such as:

* Age
* Income/Salary
* Qualifications
* Dependant/(s)
* Assets/Liabilities
* Credit History
* Stability / continuity of your employment/business
* Income of co-applicant/(s)

5 Steps to avail easy Home Loan

1. An Application form is submitted along with relevant documents.
This follows with
2. Verification of the property and it’s supporting documents
(This usually takes 5-7 working days after Step1)
3. Loan is sanctioned
(Usually on the 7th working days after Step 1)
4. Original Property documents are submitted and the loan Agreement is signed.
(Usually on the 8-10th working days after Step 1)
5. The Loan Cheque is disbursed.
(Usually on the 10 -15 working days after Step 1)

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