Everyone has a dream of owning their own house. However, not everyone has the necessary monetary support to purchase one. If you want to own a house for residential purpose, then you can opt for home loan at loanbaba.com. Home loans are secured loans. The financial institute will retain the property documents as collateral. You can simply compare top banks and NBFCs (non-banking financial companies) offers on housing loan and apply for the loan.
It takes less than 2 minutes to complete the application. Loan amount available is up to Rs. 1 crore or less with interest rate starting at 8.35%. The loan can be applied by salaried, professionals, self-employed, and businesspersons. The tenure can extend till 20 years to 30 years. The repayment options are flexible and suited to fit your repayment capacity.
You can take home loan for purchase of old or new property of residential purpose. It can be a flat, a piece of land, or any residential property. Agricultural, industrial, and commercial properties are excluded from the scheme. The housing loan can be used for home extension, construction, repair, and renovation as well. Sometimes, you want additional loan on existing loan, and opt for a top up home loan.
There are no unsecured home loans as in the bank or NBFC will keep the property documents as collateral. However, you can stay in the house and use it for residential purpose even while the repayment tenure is ongoing.
Here are the things to remember before you apply for home loan urgent need based or planned basis:
Below mentioned are some of the benefits of housing loan:
Home loan is a broad category and there are various categories in it. Some banks and NBFCs offer loan to purchase new or existing property, while other offer loan based on borrower’s need for renovating the house and additional expenses. There are collateral free home loans as the housing loan is secured in nature and the lending institute retails the property papers as collateral.
To be eligible for a home loan you need to check for home loan eligibility calculator and criteria. The housing loan eligibility will differ from one financial institute to other but broadly depend on your income, age, credit score, employment information etc. Housing loan is provided to self-employed, professional, salaried individual of Indian nationality.
Applying for loanbaba home loan requires you to submit following documents, however, the documents required may differ depending on your employment type.
The home loan interest rates bases on marginal cost of lending rate (MCLR) plus a spread on the MCLR that depends on lender’s risk perception about the borrower. At loanbaba.com, you can get loans online for purchasing residential property starting at 8.35%. Almost every financial institute offers competitive interest rates to attract customers. You can compare home loans interest rate at loanbaba.com to get the lowest rates possible.
The housing loan providers can either offer fixed or floating interest rate today. Floating interest rate change with market conditions whereas fixed rates remain fixed and do not change. You can choose either as per the available options for the loan provided by the lender.
Before you apply for home online loan at loanbaba, do keep in mind these points:
There are many providers of housing loan in India. The amount of loan and interest may vary from one financial institution to others. But, you can always compare home loan loanbaba online to know the best deals. Some of the providers you can apply with are: Axis Bank, HDFC Bank, PNB Housing Finance, Indiabulls, State Bank of India, LIC HFL, Canara Bank, Bank of Baroda, TATA Capital, Dena Bank, and others.
Loanbaba.com provides you free-of-cost home loan EMI calculator so that you can take an informed decision and choose the right loan option at affordable rate. Additionally, you learn to manage your finance by knowing the monthly cash-outflow towards the loan repayment. You can check EMI for housing loan within seconds with this financial tool. The EMI calculator considers the loan amount, interest rate and tenure to show the exact equated monthly instalment you have to pay.
You will also receive a complete amortization sheet to understand the EMI payment schedule through the loan tenure for every year. The instant results from using this tool helps in saving time taken to calculate manually using the formula: EMI = [P x R (1+R) N]/ [(1+R) N-1], where E is the EMI, R is the rate of interest estimate on monthly basis, P is the principal loan amount.
We at loanbaba.com offer you best home loan options from top banks and NBFCs. You can use free-of-cost financial tools such as home loan EMI and eligibility calculator and get instant quotes from banks and NBFCs. Following are certain benefits of taking a home loan from our website.
Following are important FAQs for Home Loan.
The home loan is provided by estimating the current market value of the property. Market value is the calculation of what a property price is in the competitive market, and this depends on benefits and features of the property, supply and demand, overall real estate market evaluation, and other similar properties to determine the monetary value of the house.
No, it is not compulsory to insure the property you want to purchase on home loan. However, financial institutions may offer loan faster to a borrower who plans to insurance the house or has applied for the home insurance. The insurance offer complete cover to the property, especially if it under construction, and can pay for any damages within the insured period.
You can seek home loan for all the home loan requirements as specified by the banks, be it a first-time purchaser of property or first-time applicant for home loan. You must meet the eligibility criteria and have a good repayment capacity.
You can take a home loan for construction or buy a property out-of-state or in a different city than the one you are working in. Keep the essential documents prepared for verification. The financial institution will provide the loan only after running a thorough check on property’s legal verification and other checks.
Your home loan amount depends on your financial profile such as employment history, credit score, repayment history, current liabilities, monthly income, and other financial responsibilities. You can co-apply for the loan with a family member or spouse and the amount of loan can be increased, as the income of the co-applicant will be taken into account when deciding the loan amount. Also, you can improve your credit score to attain better loan amount and interest rate.
The home loan process was relatively simple and straightforward.
Amount of paperwork was minimal and I had to submit all documents online.
Affordable payments and interest lower than other home online loans.