The Home Loans of the past was a complicated affair, with tons of paperwork and countless visits to the banks. The act of availing home loans in India was the definition of exhaustion. Back then information regarding the same was limited and held only by experts. There weren't any newsletters nor Home Loan FAQ back then. But now things have changed thanks to the healthy competition amongst Financial Institutions.
People now have the opportunity to choose the schemes and the best home loans that best suit them. For the lot who are still riddled with the intricacies for availing one, here’s a Home loan FAQ sheet from Homes247.in to help lower your load!
Banks usually offer the following types of home loans in India on interest:
EMI or Equated Monthly Instalment is a prefixed amount paid to the bank every month. EMI’s are fixed initially when you avail of a home loan. An EMI comprises of the cumulative sum of the interest and the principal amount of the loan over a prefixed period.
EMI rates can be increased if the applicant wills it so. This is usually done to reduce the overall tenure of the loan.
Term Insurance is a life insurance policy that provides coverage for a certain period of time. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary. Ex: (SBI Suraksha) SBI Life Insurance Company
Property Insurance is an insurance policy that covers private residences and protects them from any unforeseen, unpredictable damages and natural disasters.
The following is the list of documents that are needed to be submitted when one applies for a Home Loan.
Proof of Identity: PAN, Driving license, Voter ID, Aadhar Card
Proof of Income:
• Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.
• Self Employed Applicants: IT returns for the past 2 years and an audit of income for the last 2 years as certified by a CA
There are different methods for this:
Generally, banking & finance institutions pay around 75% to 85% of the total cost of the property bought. The remaining 25% to 15% of the amount that is paid on and an up-front basis, is popularly known as the down payment.
As home loans involve a large sum of money, the average tenure varies between 3 to 30 years.
10. What is the procedure involved in obtaining a house loan?
In most of the cases, the property (home to be purchased) itself is taken as security. Additional security is asked when or if your income is not justifying your EMI. However, additional security submission varies according to lending institutes.
Processing charges, Mortgage Origination Fee and other miscellaneous charges depending on the bank you've chosen.
Any Non-Resident Indian with a passport and a Valid Entry Visa can apply for a Home Loan. The NRI should also possess a PIO/OC card if they have a passport from another country. A resident Indian POA is required for availing of the loan. If the Passport has a NO ENTRY stamp then it is not valid for a home loan.
The above list comprises only the major doubts and questions which are frequently asked by the customers. However there many other facets to acquiring Home Loans in India, which we shall update periodically in our blogs. Stay tuned for the latest updates.
Get the Latest News and Updates Of Indian Real Estate
Well, we are aware that real estate has never exactly been one of those binge-worthy blog categories. It has neither been the kind of topic you could not get enough of, nor is it half as juicy as celebrity gossip.
However, in India, real estate blogs are starting to get clicks and likes, and it has become one of the trending topics. People worldwide are beginning to realize how real estate as an industry affects the economy and how important it is to understand housing trends to enhance their lifestyle.!
The relevance of informative Indian blogs on real estate and finance are at an all-time high now. The youngsters are bidding big on investment options, and brackets such as realty have proved to be highly dependable compared to others.
The Millennials are flooding in to invest in apartments, plots, and villas, and the earliest members of the Gen-Zs' entering the workforce and looking forward to having their own homes. This has only fuelled the growth of digital real estate blogs to keep up with the tech-savvy generations.
Also, the real estate sector has been proving time and again, how reliable an investment choice it is. So, learning about the sector is the smart way to climb up the ranks, and where else can you learn so much except from real estate Blogs! Real estate is the second-largest contributor to the country's GDP; hence there is no doubt that it affects every one of us, whether we see a future in the Real Estate Industry or not. After all, we all live in our homes, and housing is a significant part of the industry.
We know exactly what you need to know and what you like. We know you want to feel engaged and entertained, and at the same time, hot housing news should be fed to you! We have turned the tables, grab a spoon, and start digging!
And Voilà! We present to you the most Interesting and Informative blogs!
As our name implies, we are not limited to realty alone, granted we do Specialize in it. We are all about Homes, and we are in love with Tech and Innovation! Naturally, our blogs cover a myriad of topics related to real estate and housing from Luxury, Lifestyle, Home Decor, Vastu, Real Estate News, Reviews, Tech & much more!
We make every one of our real estate blogs as interesting as it can get and attach with absolutely unique and accurate images, to provide you a better understanding. Not only do we cover a wide range of topics, but we also cover them at the right time. We update you on our socials such as Facebook, Instagram, Linkedin, Pinterest, and Twitter on every trending topic, so you are never miss anything and worry about being left behind!
However, we never go out of hand with our Indian real estate blogs that our beloved Readers have come to love over the years.
Everything in India is a state of constant flux; maybe that's why we Indians became one of the most adaptable and cosmopolitan people in the world!
If the nation's elements are shifting its focus, how can real estate be any different? Indian Real Estate Sector is perhaps one of the most dynamic ones in the entire world. Since the Real Estate in India is yet to be organized entirely, the variations in one segment affect another in ways difficult to comprehend.
The complexity and nuances can be understood only by reading about what is going on in the sector. Like we mentioned above, it affects every one of us. Hence it is essential to keep up to date.
With its ever-changing shifts and tides, it's virtually impossible to keep track of the sector's latest trends and sink our anchor deep. That's where we come in! We are just one google search away!
We also try to solve every home-related query through our Indian real estate blogs. And that's not all. We provide you insights on technologies that make the modern taste and rate of development possible, detailed analysis on real estate projects, insights on loans and taxes, advice on the home buying process, and articles on health and fitness. We provide you information about the trending topics in the Indian real estate industry.
We also host video podcasts named Expert's Voices, where we discuss with the leading players in the industry about market scenarios, offers, anything and everything related to real estate.
In addition, we host Real Estate News so you can stay updated on the sporadic events that happen around the country concerning Indian Real Estate. We also make short and easy to understand real estate video blogs.
We have got so many topics to read about that even if you have years of experience or are just curious and googling to get some ideas about Indian real estate blogs, you will find the best ones here.
At Homes247.in, we strive to provide you only the best real estate blogs. Our blogs are always entertaining; even the dullest subject we touch upon, we try to make it engaging. We make sure the best of the best is are the only standard we keep ourselves at when it comes to our service or our Indian real estate blogs.
Our team is made of a dynamic group of keen hands-on expert researchers who work tirelessly along with passionate and knowledgeable content writers to bring to your fingertips the world of real estate.
On every one of our real estate blogs, we research vigorously, write creatively, carefully compile, and thoughtfully curate the best real estate blogs, especially for you, from India's best content writers and contributors.