How to get home loan?
You need to approach a Housing Finance Company (HFC) / Bank with the latest salary slip and other relevant documents of yourself and your co-applicant, if any. The concerned officer of HFC/Bank after going through the details of the documents will informally tell you the loan amount you are eligible for and the terms of the same. Thereupon, you need to submit the prescribed application form along with the necessary documents. On receipt of the application form, the HFC/bank examines it, seeks clarification wherever necessary and conveys its decision to you. You are advised to visit more than one Housing Finance Company / bank since you are likely to get better terms/ larger loan amount at the discretion of the bank.
What is the maximum amount a home loan borrower can borrow?
Home loans generally provided are in the range of 75%-85% of the asset value. The amount of loan varies from one institution to another and the maximum loan amount may vary from Rs.1 lakh to Rs.1 crore. The primary concern of the HFCs in determining the loan eligibility is that you are comfortably able to repay the amount you borrow. Your repayment capacity is determined by taking into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history, etc.
Can the housing loan be repaid ahead of schedule?
Yes, you can pay your loan ahead of schedule. However, it must be noted that some of the housing finance companies charge a fee for early redemption of loan. This fee can vary between 1-2% of the loan amount being prepaid.
For what purposes housing loan can be availed?
Housing loan can be availed for the following purposes:
1.for purchase of plot;
2.for purchase of ready-built house;
4.for purchase site-cum-construction purposes
5.for repair and renovation of the existing building
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