One of the prerequisites of buying a new property is a home loan. The process of acquiring a home loan can be confusing and tedious. Take a look at the following points that offers information on home loans.
Various varieties of housing loans are offered by different financial institutions. Prominent among these are:
This is the basic housing loan for the purchase of a new home, which covers the cost of the flat, deposits and charges, stamp duty and registration charges.
These are for the purpose of undertaking repair works and renovations in a home that is already owned by you.
Bridge loans are for people who wish to sell their existing house and purchase another one and need finance for the new house until a buyer is found for the old one.
A balance transfer indicates the paying off of an existing housing loan and availing of a loan with a lower rate of interest.
Refinance loans are taken to pay off the debt incurred from private sources such as relatives and friends, for the purchase of your present house.
These loans are designed as per the requirements of NRIs who want to buy a house in
The standard list of documents required of all loan applicants is as follows:
For salaried individuals:
For self-employed individuals:
For partnership/private limited companies: