1% Reduction In Home Loan Rate Can Save Up to Rs 1.5 Laks per Rs 10 Laks of Existing Loan over a period of 20 years.
Owing A Home Is Most Desirable Thing For All, It Acts A Fiscal Wealth And Mental Security. We provide the Financial Solution for purchasing your Dream Home at reputed private banks or well-established NBFCs. Whether you are looking for purchasing a home, Construction of home or renovating your home, you can easily avail Home Loan in Bangalore with us.
Top Up Loans
This offers an additional loan amount over and above your existing home loan with any Bank/NBFC at lesser rate of interest, usually same as current home loan interest rates. Top-up loan can also be availed with the balance transfer to other lenders for benefits such as lesser rate of interest.
Balance Transfer
This can be done with several financial institutions. You can avail the disbursement in very short period of time. We can provide you all the information about various financial institutions, to enable you to make comparisons. You can grab the benefit of lesser interest rate thereby, increasing your eligibility of top-up loan and/or reducing your EMI / reduce your loan tenture.
Pradhan Mantri Awas Yojna (PMAY)
It is Credit linked subsidy scheme launched by Government to make buying of home easier. You are eligible for this scheme if your annual income is between Rs 3 laks to Rs 18 laks and you or your family members must NOT own any pucca house in any part of the country. It is home loan interest subsidy of amount up to Rs 2.67 laks will be credited to one’s Home Loan account and will be adjusted in loan accordingly.
*Note: Kindly discuss on other terms and conditions
Documentation
The list of documents required differ from lender to lender.
However, Here are the general basic documents required to avail a Home Loan in Bangalore.
1. Application Form – Application form signed with photo/s
2. Identity Proof – such as your PAN card or Passport
3. Address Proof – Any residence address proof such as your passport, driving license, voter’s ID card, bank statement or passbook, landline bill, etc.
4. Income Proof (Salaried) – Your Salary slips, Latest 6 months’ Bank Statements where Salary is credited, Form 16 (both Part A and Part B), Copy of Employer ID Card, Appointment Letter / Latest Increment letter.
5. Income Proof (Self-employed) – 3 years’ ITR (for Self and Business), Balance Sheets audited by CA and Profit and Loss account. Last 12 months’ Bank Statements (for both Self and Business)
6. If Self-employed, Business Profile and Certificate of Proof of Business Existence
7. Property Documents such as your Registered Sale Deed, House Tax Receipt (Latest), and even Past Sale Deeds
8. In case you have a co-borrower, submit relevant documents such as their identity proof, income proof, and address proof.
You can contact us to know specific lender documentation or any other details.
Tenture
Basis your age and Bank’s offers, You can avail up to tenture of 30 Years
Pre-Payment Penalty
There are NO Pre-Payment charges or penlties for Home Loan. You can make Partial payment at any time whenever you have surplus funds aiming to close the loan early, thereby reducing tenture and reducing interest payments.
Foreclosure Norms
The sooner you close the home loan, the lesser you pay the interest on your loan. Banks usually charges penalty on closing your loan before the tenture but you can escape this charges and penalty if you avail floating interest rate.
Eligibility
- Any salaried, self-employed or businessperson with Indian nationality is eligible to apply for a home loan.
- Under the RBI regulations, the Payment of the housing loan by NRIs can only be made by remittances from abroad through normal banking channels or through NRE account/NRO account or out of rental income derived from the impugned property. The amount must be payable in Indian Rupees only.
- You should have a regular source of income for timely repayment of the loan. Your net monthly income should be equal or more than Rs. 25,000. To be eligible for home loan your fixed obligations like current loan EMI, rent etc should not exceed 45%-50% of your monthly income.
- To be eligible for home loan You must be aged 21 years or above.
- Your professional stability and savings history will help in quick loan approval.
- • Ensure that you do not have bad credit history for at least the three months prior to applying for a home loan.
- If you are a salaried professional, about 40% of your monthly gross income can be considered as your monthly EMI against the loan.
- For self-employed individuals, profit earned by you majorly determines the home loan value you are eligible for.
Importance Tips Before Availing Home Loan
1. I always recommend to avail Home loan along with home loan insurance. The amount on home loan insurance is so minimal but it provides the safety to YOUR FAMILY. So they don’t have to face Recovery Procedures and face Financial Stress in your absence.
2. Check if any banks offers specailsed rates for women customers or specialist sector.
3. A higher credit score attracts Lower interest rate and vice-versa. Always keep clean credit history. It is important to have credit score of 750 and above to avail lower interest rate.
4. You can increase your loan eligibility by going for longer tenture, prepaying your existing Loans thereby, freeing or reducing your EMI commitments, including your spouse or parents to loan application which will increase income criteria Or show any other sources of income.
5. Over two types of interest rate such as fixed and floating interest rate, you should always prefer floating rates, as you can avail advantage when MCLR rates falls and thereby, your home loan interest rates falls.
6. The shorter loan tenture means lesser EMI, which also means your monthly burden will be more but eventually your home loan cost will be lesser.
7. It is always recommended that your home loan EMI is not exceeding more than 45% of your monthly income, you can always make part payment later in case you have excess funds lying with you.
8. Read the terms and conditions carefully of your financial institutions as you should be aware of different charges, fees and penalties on your home loan.