2019-01-02 07:18:16
2021-06-28
Homes247 Editorial
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.
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