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Home Loan
 
Benefits of Home Loans
Leading Banks / Fin Institutions in Home Loans
Types of Home Loan
Important steps to avail Home Loan
PLEASE REFER “LOANDEAL POST” FOR INTERST RATE AND TENURE DETAILS

“Buying a HOUSE is more EMOTIONAL than a Financial Decision”…. Once home buyers have identified their dream home they are in rush to acquire it and most tend to make hasty decision on the loan options available to them. At the same time, home buyers are mostly under pressure from Builders / Sellers to claim deal in a given time frame.

At Loan Deals, we understand this and offer you the convenience to browse through various funding options available with leading Banks and Finance Companies. Loan seekers are educated on the latest product s and financial schemes offered in the market. In addition, our team of experts assist you in selecting a loan deal that best suits your requirement,and further guide you through a hassle free process.

Home loan application process generally takes about a week before documents are processed and approved as per standard bank policies. Our advisor directs you through the following process:-

Home loan application process :

Submitting basic documents to the Bank (Please refer to Index 1- Home loan application).

Processing fee

All property related documents need to be submitted to the Bank so that the bank can carry out the legal verification and valuation of the property (note: it is crucial to ensure that the bank is willing to hypothecate the property)


Benefits of Home Loans:

Home loans help you save money due to tax exemptions associated with it.
Home loans help you ensure there are no legal irregularities with the house you intend to buy.
It is vital to confirm that the house you are about to purchase is built on a legitimate land and the construction adheres to permitted norms. Banks and finance companies ensure all relevant norms are covered before granting loans and safeguard Loan seekers from any sort of fraud made by sellers or builders.

Documents required for Home Loan:

INDEX -1
SALARIED
SELF EMPLOYED PROFESSIONAL
BUSINESSMAN
TDS- FORM 16
Appointment Letter
3 Months Salary Slip
6 Months Bank Statement with salary reflection.
Shop & Establishment Certificate
3 yrs full financial SET
Last 1 yr Bank Statement
Professional Degree Certificate copy
Shop & Establishment Certificate
3 yrs full financial SET (individual / Company)
Last 1 yr Bank Statement (individual / Company)
Partnership Deed / MOA (whichever Applicable)
COMMON TO ALL(KYC)
Photo of Applicants.
Copy of Valid Passport /Pan Card
Residence & Office Electricity / Telephone Bill.
Existing Loan Details. (Sanction Letters )
Any other documents that may be required by the Bank / Finance Company.

Leading Banks / Financial Institutions providing Home Loans

SBI
HDFC
ICICI
STANDARD CHARTED BANK
AXIS BANK
KOTAK MAHINDRA BANK
DHFL
INDIA BULLS.
BAJAJ FinServ LIMITED(BFS)
RELIANCE


Types of Home Loan

There are different types of home loans available in the market that may suit a borrower’s requirement :

Home Loan : One of the most common loans taken for purchasing a new house

Home Loan for renovations : As the name suggests this loan is taken to carry out repairs and renovation in the house you own

Construction Loan : Is a loan taken to construct a new house. Here it is presumed that the land is owned by the borrower and the loan is availed purely for the purpose of house construction

Loan for purchase of Land : Once again as the name suggest this loan is taken to purchase a piece of land for construction and investment purposes


Important steps to avail Home Loan :

First step is to finalize the property, which generally takes a considerable amount of time. Once you have finalized the property, some questions that need addressed in case of a new construction are


Is the project approved by any Bank? (This is applicable only in case of a under construction property. Banks are reluctant to fund projects that are not approved by them. In case the project is not approved by any bank it would take at least 3 weeks to get the project approved)

If the project is approved then you need to take the APF number (ie. Approved Project Finance number) from the builder.

By when will you get the possession?

What is the penalty for late payments in case of slab wise payments?

Banks generally take about a month to release payment from the time of application


Second step is to apply for a pre sanction home loan from the Bank/financial institution of your choice. Here, Loandeals guides you all the way starting from identifying best rates to submitting all documents.

Third step is Legal and Valuation. At this stage bank / financial institution verifies documents and evaluates the property in order to determine whether funding was possible. In case of “Resale property” the borrower has to present entire chain of Sale Agreement document copies from the seller. Loandeals, with its inhouse team of experts, manages entire Legal and Valuation procedures on behalf of the client and ensures a hassle free process for the client.

Fourth step is Loan Agreement. Once a bank receives clearance on Legal and Valuations they enter into an agreement with the borrower. This is a pre printed agreement by the Bank. At this stage, clients are strictly advised to read the entire Agreement copy before signing.

Finally the customer receives the Sanction letter from the bank. This is the most important document of all which provides important details such as sanctioned loan amount, effective interest rate and other terms and conditions. Here, once again clients are advised to check the document very carefully before accepting it.


PLEASE REFER “LOANDEAL POST” FOR INTERST RATE AND TENURE DETAILS