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Everything You Need To Know About

Home Loan

Overview

Leading Marketplace - Best Home Loan Interest Rates,Home Loan Emi Calculator - Loan Adda. Best Quote for Online Home Loans Application,Mortgage. Buying a house can be the most rewarding decisions of your life. We make it both memorable and hassle free by bringing you the best offers across banks and NBFC’s. LoanAdda makes the whole process simpler and faster with various options ranging from purchase of home, balance transfers of existing home loan, purchase of plot, home improvement etc. LoanAdda, the leading marketplace for loans brings you a real time quote for all your loan requirements. Your dream home is now just a click away.

Types of Home Loan

There is a home loan for every requirement, take a look:

  • Ready Property Purchase Loans: These are for buying a new home.
  • Land Purchase Loans: These loans are for buying a new plot either as an investment or to construct a house.
  • Home Construction Loans: Opt for a home construction loan, if you plan to build a house over an already owned land.
  • Home Improvement Loans: These loans are applicable when you want to renovate or re-build your house.
  • Balance Transfer Loans: All banks are competing to bring the best rates to the customer. The customer can make use of the lower interest rate facilities to move his existing loan to another service provider at a better rate. As per the RBI guideline, there is no longer any pre-payment penalty for foreclosure of the loan.
  • NRI Home Loans: Specially designed for the benefit of non-resident Indians. The maximum tenure is 15 years and the rate of interest is a little higher than existing rates. The paperwork is also a little longer and complicated.

Steps to Apply Home Loan - Secured Loan - Property Loan - Mortgage

The illustration below indicates what to expect at every step during the loan evaluation process. It helps understand how the credit decisioning works in banks and the steps they take before deciding to accept or reject a loan/ credit card.

Step 1

APPLICANT FILL OUT A LOAN APPLICATION FORM.

Step 2

DOCUMENTS HAND OVER TO THE BANK.

Step 3

BANK CHECK YOUR REPORTS AND CIBIL SCORE.

Step 4

HIGH CIBIL SCORE LEADS TO ELIGIBILITY CHECK BASIS DOCUMENTATION.

Reject

Low credit score leads to loan reject.

Your Credit File Is Thin.

Too many previous loans and too little income.

Loan Approval

Eligible will lead to loan approval.

Good Credit Cibil Score will lead to loan approval.

Banks eligibility criteria, the bank will approve your loan.

Reject

Non eligibility leads to reject loan application.

Residential address is on the defaulter list.

Documents Required For Home Loans

Most banks follow the same general rules in terms of document requirement. There may be a few changes in certain cases, in which case, our loan officers will guide you personally to complete the documentation process. Salaried individuals.

1. Form 16 of last 2 years or Income Tax Returns.

2. Salary slips of last 3 months.

3. Last 6 months bank statement reflecting salary credits.

4. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

5. Cheque of Processing Fee.

1. Proof of Business - Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax      Certificate.

2. Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.

3. Existing Loans’ Sanction letters accompanied with repayment track.

4. Business profile on the letterhead of the company.

5. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

6. Cheque of Processing Fee.

1. Age proof of all the partners in the form of PAN Card, Passport or Aadar Card.

2. PAN Card of the company.

3. Residence proof of all the partners – Utility Bills/ Passport/Bank statement/ Registered rent      agreement.

4. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax      Certificate.

5. Latest 3 years Income Tax returns with profit and loss and balance sheet duly audited by CA.

6. Latest 12 months bank statement of the Company and of the Partners’ Savings Bank Account.

7. Existing Loans' Sanction letters accompanied with repayment track.

8. Business profile on the letterhead of the company.

9. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

10. Cheque of Processing Fee.

1. Application form duly filled with photographs of directors.

2. Age Proof of Directors - PAN Card, Aadhar Card, passport.

3. Residence Proof of Directors - Utility Bills/ Passport/Bank statement/ Registered rent agreement.

4. PAN Card of Company.

5. Education Qualification - A professional qualification certificate in case of Doctors/CA/Architects.

6. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax      Certificate.

7. MOA, AOA, List Of Directors, Share Holding Pattern of the Company.

8. Last 3 years IT returns with Profit and Loss account and balance sheet duly audited by CA.

9. Latest 12 months bank statement of Company of all current accounts and the same for Director’s      Savings Bank Account.

10. Existing Loans’ sanction letter with repayment track of company and Individual Directors.

11. Business Profile on the Letter Head of the Company.

12. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof –         Passport/ Utility bills/ Bank Statements.

13. Cheque of Processing Fee.

1. Occupancy Certificate.

2. Approved Plan of building.

3. Share certificate copy.

4. Past 13 years Chain of deeds.

5. Nil Encumbrance Certificate - EC (if applicable).

6. Current Sale agreement/ Draft Agreement to sell.

Housing Loan Eligibility
Documents required for Guarantor:

Your eligibility for Home Loan is determined by the following factors:-

Income/ Other Income

Age

Qualification

Property value

No of dependents

Bank Balance

Assets/Liabilities

Creating Breathing Space in a Cash Crisis

approve loanTRANSPARENT   Borrowing with an assurance of not having nasty surprises on the interest rate.

home loanCOST EFFECTIVE   When you make an early settlement without incurring any penalty fees.

personal loanRISK FREE   Unconditionally covering our loan offers and services.

business loanQUALITY   Expect accommodating staff ready to answer your enquiries.

bank loansINSTANT   Start processing your loan in just a few clicks.

working capital loanCONVENIENT   Pay your loan right around the corner.

loan against property loanFLEXIBLE   Choose among our unique terms to fit your cash needs.