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A home loan with us also means that you would get the benefit of the following exemplary features:

  • Attractive interest rates starting 8.35%
  • Fast-tracked loan approval and 4 days disbursement
  • A variety of repayment options to choose from
  • Flexible loan tenures to make your repayment schedule easier 30 years.
  • Maximum efficiency with minimal documentation

·  Competitive interest rates: This is a big one, as the interest rate will significantly impact your monthly payment and the total cost of the loan.

 

·  Low or no closing costs: Closing costs can add thousands of dollars to the upfront cost of your home loan. Look for lenders who offer low closing costs or credits towards closing costs.

 

·  Long repayment terms: A longer repayment term will result in a lower monthly payment, but you'll also end up paying more interest over the life of the loan.

 

·  Flexible repayment options: Some lenders offer features like bi-weekly payments, which can help you pay off your loan faster.

 

·  No prepayment penalty: A prepayment penalty is a fee you have to pay if you pay off your loan early. Look for a lender that doesn't charge a prepayment penalty.

 

·  Down payment assistance: This can help you reduce the amount of money you need to come up with upfront for a down payment.

 

·   Extra features: Some lenders offer additional features, such as the ability to build a line of credit into your home loan or the ability to skip payments under certain circumstances.

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Home Loan

Who Can Avail a Housing Loan in India?

  1. Salaried Individuals
    • Permanent employees of government or private sector companies.
    • Professionals such as doctors, engineers, and teachers.
  2. Self-Employed Individuals and Business 
    • Business owners.
    • Professionals like CA, Doctor, Architect and Lawyers  
    • Freelancers and consultants.
    • Partners in firms.
  3. NRIs (Non-Resident Indians)
    • Individuals working abroad but looking to buy property in India.
  4. Pensioners
    • Retired individuals with a stable pension income.
  5. Agriculturists
    • Farmers and landowners with a steady income from agricultural activities.
    • Salaried Individuals
      • Permanent employees of government or private sector companies.
      • Professionals such as doctors, engineers, and teachers.
    • Self-Employed Individuals and Business 
      • Business owners.
      • Professionals like CA, Doctor, Architect and Lawyers  
      • Freelancers and consultants.
      • Partners in firms.
    • NRIs (Non-Resident Indians)
      • Individuals working abroad but looking to buy property in India.
    • Pensioners
      • Retired individuals with a stable pension income.
    • Agriculturists
      • Farmers and landowners with a steady income from agricultural activities.

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Documents required for a Home loan

1. KYC Documents (Know Your Customer)

These documents are required by law to verify your identity and residence. They are typically the same for most loan applications. For applicant and co-applicant 

  • Identity Proof: Aadhaar Card, Passport, Voter ID card, or Driving License (any one will do)
  • Residence Proof: Aadhaar Card, Passport, utility bills (electricity, water, gas), or rental agreement (showing your current address)
  • PAN Card: Needed for tax purposes
  • Recent Passport Size Photographs

2. Loan Specific Documents

These documents provide the lender with details about your financial situation and the property you're purchasing. The specific requirements may vary depending on whether you are salaried or self-employed and the lender itself.

  • Bank Statements: last 12 months updated

 

For Salaried Individuals:

  • Salary Slip:  payslip last 3 months
  • Form 16: Last 2 Years 
  • Income Tax Returns (ITR): Copies for the past 2 years (If applicable)

For Self-Employed Individuals:

  • Proof of Business Address/GST Certificate 
  • GSTR 3B last 12 Month (Current)
  • Last 1 Years Bank statement of Current Account (all if multiple accounts)
  • Proof of business for the last 3 years(Vintage Proof)
  • ITR and Computation of Income (COI) for the past 3 years
  • Financial Statements: Balance Sheet & Profit and Loss Account for the last 3 years (duly audited by a CA if applicable)

Property Documents:

Copy of Complete Property Chain Along with Sanction Plan 

Additional Documents:

  • Running Loan Repayment Schedule or Sanction letter (If applicable)
  • Signature verification by bankers (if Signature Differ)

 

For free expert, loan Guidance in India, feel free to connect or what’s app to loanguruindia.com

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