Need information about home Loan

Buying a house these days has become quite easy. You can find a property at a much cheaper price now. When buying a house, the most important thing is applying for a loan, getting it approved and opting for the best loan scheme. Mostly, the documents required for a home loan application are more or less the same for various banks. However, at times, some requirements may vary from lender to lender. Also, it may differ on the basis of your loan scheme, the purpose of the loan, individual credit profile, etc. Below are the documents required for getting a home loan approval without any hassle: Identity Proof 1. PAN Card (mandatory) and any one of the below documents: (Voter Card/ Aadhar Card/ Valid Passport/ Driving License/ Photo Credit Card/ Photo Identity card issued by Govt. body/ Letter from recognized public authority or public servant verifying the identity of the customer with photograph (not more than 30 days old) Address Proof (any one of the below documents): 1. Bank Passbook 2. Voter’s ID 3. Ration Card 4. Passport 5. Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) 6. LIC Policy Receipt 7. Letter from a recognized public authority verifying the customer’s address Income Documents: For Salaried Individuals: 1. Form 16 2. Certified letter from Employer 3. Payslip of last 2 months 4. Increment or Promotion letter 5. IT returns of past 3 years In addition, any other investment proofs (like fixed deposits, shares, etc) and his passport-size photographs. For Self Employed: 1. Income Tax Returns (ITR) of last 3 years 2. Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.) 3. Business License Details (or any other equivalent document) 4. The license of Professional Practice (For Doctors, Consultants, etc.) 5. Registration Certificate of Establishment (For Shops, Factories & Other Establishments) 6. Proof of Business Address Property Documents: 1. Copy of complete chain documents of the property (such as NOC from builder/society, Occupancy Certificate if ready to move in, etc) 2. Copy of Agreement to Sell (if executed) 3. Copy of the Allotment Letter / Buyer Agreement(if applicable) 4. Copy of Receipt/(s) of payment/(s) made to the developer (if applicable) 5. Any other documents as requested by the respective bank When it comes to EMI, the main three aspects are: total loan amount, monthly interest and tenure. The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1) where P= loan amount, r= interest rate, n=tenure in number of months. Else, you can also use an online EMI calculator available on Paisa Bazaar or Bajaj Finserv. I found these two very helpful. Paisa Bazaar even shows the total EMI you would be paying on the entire loan amount graphically.

With the booming economy, it's become economically viable to purchase a house. With desirable home prices, it's convenient to get a home loan for you to be an owner of a new house. Depending on your requirement, you can choose what type of home loan you want to apply for. You need your passport or Aadhaar for KYC and address proof. You can apply for home loans at the comfort of your home by applying for them online or visit your closest financial institution. You will have to provide proof of the property you want to purchase that you apply the loan for. Along with this, you'd have to provide your income statement for the last 3-6 months along with your income tax returns for the same period. You can contact Shriram City as they will provide in-depth information regarding home loans and will assist you with the whole process too.

With the booming economy, it's become economically viable to purchase a house. With desirable home prices, it's convenient to get a home loan for you to be an owner of a new house. Depending on your requirement, you can choose what type of home loan you want to apply for. You need your passport or Aadhaar for KYC and address proof. You can apply for home loans at the comfort of your home by applying for them online or visit your closest financial institution. You will have to provide proof of the property you want to purchase that you apply the loan for. Along with this, you'd have to provide your income statement for the last 3-6 months along with your income tax returns for the same period. You can contact Shriram City as they will provide in-depth information regarding home loans and will assist you with the whole process too.

A home loan is the most common type of loan availed to purchase a property by offering it as collateral. People generally take home loan for either buying a house/flat or purchase of plot and construction there on. Applying for a home loan is a simple process. You can either visit a branch or apply for home loan online. To apply for a home loan you must be either a salaried employee of an organization or a self-employed individual between 21 and 65 years of age. You need to provide basic documents like proof identification, proof of residents, property documents, income proof, etc with application form duly complete and signed. The interest rate usually vary from bank to bank. The average home loan interest rate starts from 6.40%  to 12.00% p.a. in India. Before you avail of a home loan,  always assess how much the EMI will be. The EMI, usually, remains fixed for the entire tenure of your loan and you have to be repaid over the tenure of the loan on a monthly basis. It begins from the month subsequent to the month in which disbursement of the loan is done. To know how much will the EMI be on your home loan, use your banks EMI calculator. Know your home loan eligibility criteria via NoBroker here [widget_homeLoan_checkEligibility_form]