Home Loan is a Loan taken for Purchasing/Constructing/Improving a Home. The said home in question is Mortgaged to the Lender as a collateral security.
The amount of Loan will depend on the Market Value of the home and the repayment capacity of the Borrower. Typically, 80% of the market value of the Home can be availed.
The documents are:
The TAT (Turn Around Time) for a Home Loan proposal could be anywhere between 4-6 weeks. It all depends on various factors such as the title of the property, the CIBIL of the borrower, speediness in the documentation etc.
Currently, the maximum tenure for which you can take a Home Loan is 30 years.
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