Home Loan: This is the money lent to a borrower by a bank or any other financial institution in order to purchase a house and has a rate of interest and terms of payment. If you want to purchase a home but do not have the money, then the home loan is the best option. It is very difficult for the most to save so much of money to buy a home and once they do then still they will be having a part of it. They will have money to make the down payment but not the whole amount and this could be a disaster. If you like a home but do not have money, then what do you do, the simple answer is going I for a home loan. Once you do that then things will be simple. But you need to have the right documentation for the same. Banks will check your financial status to check and see how you are doing only when you are sure then things will be simple and
Home Loan – A Must for every home buyer
They will have money to make the down payment but not the whole amount and this could be a disaster. If you like a home but do not have money, then what do you do, the simple answer is going I for a home loan. Once you do that then things will be simple. But you need to have the right documentation for the same. Banks will check your financial status to check and see how you are doing only when you are sure then things will be simple and
Once you do that then things will be simple. But you need to have the right documentation for the same. Banks will check your financial status to check and see how you are doing only when you are sure then things will be simple and the loan will get approved for you. Every bank requires a fixed set of documents. Once you have all of them, then getting a loan will not be difficult. There are so many people from all over India, looking for home loans. Once you have everything in place than getting the loan is not a tough job. There are lots of people who are looking for ways to get the loan quickly, but if you are not well prepared then getting one is tough.
Home Loan Eligibility:
• The applicants should be salaried individuals in permanent government services. This helps a great deal and t become, easier for you to get the loan. Bank sees what profession you are into and has given a kind of green card for some professions and that should make getting a loan much easier for one and all.
• Professionals like lawyers, medical doctors, etc.
• Self-employed individuals with proof of payment of tax. 3 years returns needs to given to the bank and they should be attested by your charted accountant and once you have this, then based on that you loan eligibility is decided also depreciation is considered and once you have everything as per the criteria on the paper then things will not be very tough for a home loan also the interest rates are not very high and that is the best part about it..
• The applicant should have to be at least 24 years as at the time of activation of the loan scheme.
Calculation of loan eligibility:
• The applicant should not have any other sort of active loan scheme.
• One is only allowed access to sixty times the applicant’s net income. This should be kept in mind when you are thinking of taking a home loan.
This is the amount you pay in advance and which is completed with the addition of the loan or mortgage to purchase a house.
Up until about now, the maximum tenure for payment was twenty years. At present, however, banks especially ones at the top, are gunning for thirty tenure years of repayment. This is because of expectations of raises in salary.
Home loan Interest Rate Bankwise:
Because inflation is high in India, the interest rate on home loans in India is relatively high. At present, the base rate of interest in home loans in India is about 9.65%.
Top five banks that provide home loans in India:
• SBI Bank 8.8% women 8.9% for men
• HDFC Bank
• LIC Housing Finance
• Axis Bank
• ICICI Bank
Documents required for home loan
SELF EMPLOYED CHECKLIST FOR HOME LOAN
- Loan Application duly filled in.
- Three Passport size photographs of Applicant/Co-applicant (Co-applicant is not mandatory.
- Proof of Identity (Pan Card (Mandatory) or Voter ID or Driving Licence).
- Proof of Present Residence (Xerox copy of Telephone bill/Electricity Bill/Bank Account Statement/Passport ).
- 3 Years IT Returns (With Profit and Loss Account and Balance Sheet/Computation of Total Income).
- Latest 6 month’s Savings Account Bank Statement.
- Latest one-year Current Account Bank Statement
- Business Proof (VAT/Labour Licence/Firm Registration Certificate).
- If it is Partnership Firm then Required Partnership Deed.
Rate of Interest
- Women (HER Ghar) Term Loan – 8.50% p.a.
- Others Term Loan – 8.55% p.a.
- Women (HER Ghar) Maxgain Home Loan– 8.75% p.a.
- Others Maxgain Home Loan – 8.80% p.a.
- 1. Agreement of Sale/Sale Deed copy.
- Linked documents of property for 15 Years.
- Permission for Construction, GHMC approved plan layout/LRS/BRS/BPS (where applicable).
- If Open Plot (LRS is Mandatory)
NOTE: Home Loan is covered under SBI Rinn Raksha Insurance Policy (Optional)
- Property Insurance is Mandatory
CHARGES/FEE PARTICULARS TO BE PAYABLE BY THE HOUSING LOAN CUSTOMER FROM 1ST APRIL, 2017 AREAS UNDER:
- Legal Fee. Rs: 2600, Valuation Fee.Rs.3000/-(Up to Rs.50lacs home loans, ) Above 50lacs up to 1cr loans Legal Rs.2600/-, and Valuation Rs.5000/-Above 1 cr Legal Charges Rs.2800/- and Valuation Charges Rs.10000/-.
- Mortgage Charges: 0.50% of Loan amount
- Documentation Charges: Rs.850/-
- Processing Fee(Introducing from 1st April)- 0.35% of loan amount or Rs. 10000/- Maximum
- Service Tax On processing Fee of 15%
Home loan Documents & Charges for salaried employees SBI
The rate of Interest for Home Loan:
Term Loan: Two years Fixed Interest Rates up to Rs. 30 Lakhs, Women 8.50% Men 8.55%
Term Loan: Floating Rate up to 75 Lakhs For Women 8.60 % For Men 8.65%
Term Loan: Floating Rate above 75 Lakhs For Women 8.65% For Men 8.70%
Overdraft OD Max Gain: Floating Rate Above 20 Lakhs and up to 75 Lakhs, For women 8.75% For Men 8.80%
Max Gain: Floating Rate above 75 Lakhs Women 8.95% Men 9%
We need this Documents to process your loan.
1. 3 Passport size photos,
2. Pan card
3. Address Proof
4. Latest 3 Months Payslips
5. Latest 6 Months salary account bank statement.
6. 2 years Form 16 (issued by employer regarding TDS available at incometaxindia.gov.in)
7. Company ID Card.
8. If you changed the company recently we need the Relieving letter of your previous company and appointment letter of present company.
If you want to include co-applicant please provide 3 Passport size photos, Pan card, and Address proof.
1. Sale Deed copy.
2. Linked documents of the property.
3. Sanction Plan Copy.
4. The property should be GHMC Layout.
Stamp Duty : 0.5% on Loan amount
Processing Charges: 0.35% On Loan Amount
Stamp duty will be collected by the bank at the time of disbursement of your loan after your loan getting sanctioned.
CERSAI Charges: 250/- Franklin charges 550/-, this will be collected by the bank at the time of documentation.
Apart from Above charges Property Insurance will be there.