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Home loan is important source of finance for buying a home. It is important to ensure that your home loan is affordable for you and you are comfortable to repay them. Home Loan is a Secured Loan offered against the security of a real estate india property which is funded by the bank’s loan, the property could be a personal property or a commercial one.
Loans are provided based on the market value, mainly estimation given by banks or the registration value of the property.
Once a lender/banker is comfortable with your EMI payment capacity, the lender will figure out the total loan that can be given to you. Generally, bank expects that you will pay at least 15% to 20% of home purchase price amount as the down payment. The remaining 80% to 85% is the loan that bank will give you.
Please Note: if the borrower is failed to pay back the home loan, the banker can retrieve the lent money by selling the property.
For Home Loan EMI Calculation use EMI Calculator Eligibility Criteria to take home:
Several factors besides your income will have an impact on the home loan amount you are eligible for
* The amount of home loan you are eligible for depends on your occupation (whether you are salaried/ self-employed), your income, the interest rate charged by the bank and the tenure of the loan. As you will discover, the interest rate on the loan not only influences how much EMI you will pay each month but also influences the loan amount you are eligible for. * If your are earning 10,000/- per month then assume that a bank interest rate (9%) then as per government rules 40% will be calculated from your salary means as per this example your eligibility will be 4000/- from your current salary so now next step to divide interest rate At an interest rate of 9%, the monthly installment of an Rs 1 lakh, 20-year loan is Rs 900. So Eligibility Home Loan = (4000 / 900) * 100000 = 444444.44. (4.44 lakhs) * For income up to: Rs 9, 999: [35% will be calculated] Rs 10, 000 to Rs. 14,999: [40% will be calculated] Rs 15, 000 to Rs 19,999: [45% will be calculated] Rs 20,000 and above: [50% will be calculated] * Now to know your monthly EMI you can use Home Loan EMI Calculator * Resource Link: http://www.stampdutyregistration.com/loanemi.php * The maximum loan to value ratio is typically maintained by most banks at about 75% to 85% (where the value is the property value + stamp duty + registration).
Documents Required to Apply Home Loan
Common documents (for salaried as well as self-employed borrowers)
PAN CardProof of AgeProof of ResidencePassport size photograph of the applicant & co-applicantCopies of pay slips for last few months and TDS certificate
For salaried employeesLatest salary slip or statementForm 16
For self-employed borrowers
I-T returns for the last 3 yearsBalance sheet for the last 3 yearsP&L accounts for the last 3 yearsTax challan for the last 3 yearsFlat and houseSales affidavit/ letter of allotment in case of society or association of personsOriginal vendor’s sale deedOriginal sale agreementI-T clearance as the case may beEncumbrance certificate
Type of Home Loans Available in Indian Banks or Markets
Home Purchase Loans: This is the basic type of a home loan which has the purpose of purchasing a new house.
Home Improvement Loans: These loans are given for implementing repair or renovation works, healing and renovations in a home that has already been purchased.
Home Construction Loans: These loans are available for the construction of a new home
Home Extension Loans: These loans are available for the extending an existing home
Home Conversion Loans: These loans are available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, so the new loan pays the previous loan and fulfills the money required for new home.
Bridge Loans: It Finance for people who wish to sell the existing home and purchase another new one. The bridge loans help finance the new home, until a buyer is found for the old home.
Land Purchase Loans: These loans are available for purchasing land for both construction and investment purposes. NRI Home Loans: Loans given to individuals who are NRI’s and want to buy or invest in residential properties.
You can also consult a home loan agents in your area that takes care of all your loan needs and provides a complete door to door service to you.
Find Home Loan Agents in Your Area via (Stamp Duty Registration) http://www.stampdutyregistration.com
To Calculate Stamp Duty Find Stamp Duty Calculator
Stampdutyregistration.com is a complete real estate portal covering all kinds of real estate topics. The terms stamp duty, registration are usually used in context of property transactions and hence the name of the portal.
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