A house door with your name on it is the ultimate dream of any living individual. In India, owning your own house is considered as one of the major signs of success. As the average income ratio of Indians is increasing with globalization, the desire to buy your own house is also increasing simultaneously. Along with this, the price of property too is increasing day by day, irrespective whether it’s an urban or rural area.
Thus it becomes highly impossible for a common man to buy a house only with his or her savings. This has lead to an increase and extreme popularity in purchasing home loans from Banks and NBFCs to fulfill their dream. Home loans is the best selling banking product. It also assures a stronger and longer relationship with your bank. A home loan that is also known as a housing loan refers to an amount borrowed by a consumer from a bank or NBFC to buy, construct, repair or renovate a residential property. This borrowed amount or loan is lent on a fixed or flexible tenure and an interest rate on the borrowed amount. The borrower is supposed to pay off the principal amount of loan with the interest within the fixed tenure.
What are the Documents Required to avail a Best Home Loan?
Frequently Ask Questions
A. Repayment period of loan starts after the entire home loan is disbursed to the borrower. If the property is under-construction, then the banks allow payment of the partially disbursed amount. Towards this partially disbursed loan amount, borrowers are allowed to either repay the principal and interest amount both or just the interest amount or none of the above mentioned amount at all.
The home loan is sanctioned as soon as all the required documents are submitted and verified successfully. This procedure takes anywhere between 10 to 30 days.
Any property document that are submitted as security collateral are returned to the consumer only once the entire home loan amount is repaid and the home loan on his/her name is closed.
At present, up to 7 people can co-sign a home with the primary applicant. But, all of those need to be blood relatives of the family member.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 9716121823 or mail us at firstname.lastname@example.org