Hi, As you want to know the house loan details, I can assist you with the same. A home loan in India is a financial product offered by banks and housing finance companies to help individuals purchase, construct, or renovate a residential property. It is a secured loan where the property itself acts as collateral until the loan is fully repaid.
Home Loan Full Details
Now that you know that home loan is a financial product offered by banks and housing finance companies. Let me also highlight the details around it:
It usually ranges from Rs. 2 lakhs to several crores, depending on the borrower's income, credit score, and property value.
Home loan interest rates in India are either fixed or floating. Floating rates usually range between 8% to 10% annually.
Home loans are generally offered for a tenure of up to 30 years, allowing for affordable monthly EMIs (Equated Monthly Installments).
Based on age, income, employment type, credit history, and existing liabilities. A good CIBIL score (usually 750 or above) enhances eligibility.
Usually, banks finance up to 75% to 90% of the property’s value. The remaining amount (10% to 25%) must be paid as a down payment by the borrower.
It involves submitting documents like identity proof, income proof, property documents, and bank statements. After credit evaluation and property verification, the loan is sanctioned and disbursed.
Hope this was helpful!
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Is It Good to Increase Home Loan EMI?
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Hi buddy,
Do you want details about NoBroker’s home loan services? If yes, then I can help you as my friend has recently taken a home loan from their partnered banks. What he really liked about them is that their interest rate starts from 6.9%, they require minimal documents, and have no hidden charges.
Follow this process to check your eligibility and apply for a home loan:
Visit the official NoBroker’s home loan page (link given below)
Enter your email/phone as well as the info related to your loan requirements and validate with OTP
Fill in your personal details and they will give you the best-suited offer based on your profile
Choose a loan offer and submit it.
After receiving your application, NoBroker’s Home Loan Experts will process your file. After that, they will tell you the eligible loan amount, processing fee, and interest rates and will schedule an appointment for collecting documents.
Avail NoBroker’s Home Loan Services if You are Looking to Purchase Your Dream Property
Read more:
How Does Home Loan Work in India
What is Home Loan Process
Give me some details about home loan?
Shraddha Satish sakroo
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2022-06-19T22:47:50+00:00 2022-06-20T19:04:35+00:00Comment
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