When you take a loan from a bank for buying a house or property, it is termed as home loan. You can either apply for home loan online or offline.
While applying online you can check the interest rates from various websites and can then apply accordingly.
You can also avail the home credit loan apply online option by either downloading their app or visiting their website.
Home credit loan apply option allows you to upload all the documents online on their website.
If you take a home loan then you need to pay it back every month through EMI.
The following are the features of the home loan:
Additional Benefits of Home Loan:
You can get benefit of up to 2 lakhs on the principal and the interest amount
The housing loan interest rate of different banks are given below:
Apart from this the NRI home loan interest rate may vary from 8.35% to 9 %.
Documents Required for Home Loan:
Different documents are requested according to the eligibility criteria. The following documents are however similar:
Requested documents by the Guarantor:
Additional documents by the Salaried Individuals:
The documents required for home loan for salaried person are as follows:
Additional documents by Non-Salaried Individuals:
Photocopy of ITR or Assessment Orders of the last three years
You can apply for the home loan application as soon as you make your mind for buying the budget.
It takes 10 to 30 days for the home loan to get sanctioned after all the documents have been verified.
You can either pay the EMI through offline channels or through net banking.
When you pay back the entire home loan the collateral submitted can be taken from the bank.
Yes, you can apply for joint home loan with your spouse.
Yes, you can avail the tax benefits with the home loan.
The tax benefit under section 80 C allows the maximum tax deduction of up to one lakh fifty thousand.
Yes, most banks allow this.
You can reduce the home loan tenure by increasing the EMI or reducing the interest rate or by prepaying a part of the loan. You can also have a combination of all the three.
A home loan co applicant is a person who shares the same responsibility as the borrower in repaying back the loan. A co applicant should be a blood relative or an immediate family member.
Yes, it is possible for you to apply for home loan online.
The maximum tenure for home loan is 30 years.
Yes, the housing loan interest rate vary from bank to bank.