Home loan, The name reflect its purpose very clearly. If you are willing to own a Home, but you don’t have much money in hand, then you can go for a home loan. Today you can easily borrow money from any bank or NBFC institutions. Leander take mortgage as guarantee until you repay the loan amount.
Today bank charges very low interest rate against Housing loan. You can borrow up to 90 percent property value as loan. Interest rate start from 6.55 Annum. Home Loan repayment tenure is very long. You can take this loan for maximum 30 years.
In this article you will get in-depth concept of home finance steps. Your dream house is just one step away.
Home Loan Interest rate comparison
Not only this loan but interest can impact on overall loan cycle. Low interest rate always proffered by most people. along with high repayment tenure. Here, you will get most popular home loan schemes offered by different bank and NBFC’s.
|SL.||Bank or NBFC organization||Latest Interest Rate|
|1||State Bank of India||6.70%|
|3||Bank of Baroda||6.75%|
|6||Union Bank India||6.80%|
|7||Central Bank of India||6.85%|
Home Loan Eligibility criteria self checking
Before Appling for a loan always make a check-list that reflect your loan eligibility. here we are giving you common housing loan eligibility criteria.
- Applicant Resident- Should be Indian citizen for applying this loan.
- Applicant Age- Home finance age criteria is 18 to 70 years.
- SIBIL Score- Higher SIBIL score is always good. for applying loan for a home your SIBIL score record should meet 750.
- Secure Earning- At least 2 years service record with reputed company. for business at least 3years business record.
- Loan amount- You can borrow up to 90% of property as loan.
- Legal Fee– Leander may charge you a legal fee against your housing loan.
Documents required to apply home loan
Leander provide home loan application form. In the application form they clearly mention all required documents for applying the same. Read that portion carefully. Bank or NBFC organizations always check all documents carefully. If there is any issue, you may not eligible to get the loan from Leander. Below are the common must have documents you need to arrange.
- Loan Application Form- Collect Loan application form from financial organization. Fill the form carefully.
- ID proof (KYC purpose)- Any legal documents issued by govt. of India. like PAN card, Voter Card. Driving License, Aadhar card etc.
- Passport size picture- 2 copy of your recent passport size picture.
- Age proof- Any one document where clearly mentioned your date of birth. Like Voter Card, PAN card, Birth Certificate, Aadhar Card etc.
- Income proof- It is most vital, you need to show your earning proof as from 16. Need your salary sleep, IT returns of last 3 years. for business man you need to submit your business registration deed, ITR of last 3 years, Profit & Loss statement along with balance sheet.
- Documents of property– You need to submit your approved building plan, NOC from builder, Estimate of construction cost of house.
Home Loan Tax benefit
As per Indian Tax Act 1961 you can get Tax benefit against your housing loan. This information can save your money on your EMI which you have to pay to Leander against your loan. Please check below for Tax benefit details.
- As per section 24(b) you can get tax deduction benefit for up to Rs.2 lakh.
- Section 80C offer you stamp duty and registration fee benefit up to Rs.1.5 lakh.
- If you purchase house first time, then you can be benefited Rs. 50000 on section 80EE.
- Section 80EEA offer additional Rs 1.5 lakh Tax deduction benefit.
Requirements Charges for Home Loan
As you are going to to take housing loan you must understand this additional factors too. Not only interest rate, you have to pay several types of amount along with your housing loan interest. Overall it increase your total loan repayment amount.
- Application fee– with your loan application you have to pay application fee to the Leander.
- Processing fee– there many leaders who charges additional processing fee.
- Administrative fee– after loan sensation Leander may charge administrative fee.
- Stamp Duty– also known as franking fee, you have to pay stamp duty also.
- EMI bounce– If you somehow miss your EMI then you have to pay extra fee as EMI bounce charge to Leander.
How to apply home loan?
- To apply home loan, you first visit your nearest any government bank and consult with loan manager.
- Search internet and tally interest rate. Find low interest rate option and long period that suits you.
- Read loan agreement carefully before sign the application form.
- Then apply online. or form bank, simply fill-up the home loan application form under loan manager guidance.
You may need Car Loan also- See how to get car loan easily.