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Everything You Need To Know About Home Loan

Overview

Our home is our pride and choosing a perfect home for your family is of utmost value. With us get a step closer to your dream home. If you are thinking of relocating from your rented apartment to your own home, availing a home loan is the most viable option as you can pay back your in affordable amounts through EMIs same as paying your rent. Also with our home loans you can enjoy added tax exemption benefits upto 1.5 lakhs on your first housing loan. Apply for a Home loan that suits you the best, based on your basic profile and location. LoanAdda offers you a wide range of options so whether you are planning to buy a new house or purchase a plot of land for future constructions or looking to renovate your old house we have the best offers with lowest home loan rates. Our starting housing loan interest rate is as low as 8.35% p.a with additional discounted rates for women applicants and with us you get maximum repayment tenure of upto 30 years on your home loan.

Loanadda Advantage

Government schemes like Pradhan Mantri Awas Yojna (PMAY) have helped the housing loan finance sector to grow rapidly, enabling us to serve you the best of finance services at lowest home loan interest rates. LoanAdda helps you choose just the right loan for your needs at special rates and flaunts best home loan rates in Noida. All leading banks and NBFCs are offering home loans and housing loans but choosing the right loan scheme for your dream home can be confusing and tiresome. With loanadda get best offers on home loans from leading financial institutions instantly. LoanAdda lets you choose between home purchase loans, home construction loans, home improvement loans & land/plot purchase loans. Apart from our banking partners we have tie-ups with private companies that loan for plot. With our online services compare choose and apply for your housing loan instantly.The maximum loan amount which you can avail on your home loan depends on the value of the property for which home loan is taken. Reserve bank of india is the paramount authority in this regard and has defined available loan amount as follows:

LOAN AMOUNT LOAN TO VALUE PROPERTY VALUE
Upto 30 lakhs 90% 33,33,333
30 lakhs to 70 lakhs 80% 33 lakhs to 93.75 lakhs
75 lakhs and above 75% Above 93.75 lakhs

Easy home loan eligibility

Whether you’re salaried or self-employed we have just the right offers. Considering your current earnings, income from other sources and minimum documentation our Home loan eligibility checker offers you best Home loan interest and offers that are custom made for you.
Your eligibility for Home Loan is determined by the following factors:-

  • bullets   Income/ Other Income
  • bullets   Age
  • bullets   Qualification
  • bullets   Property value
  • bullets   No of dependents
  • bullets   Bank Balance
  • bullets   Assets/Liabilities

Flexible EMIs

We offer you a wide pool of options in collaboration with Major Banks and NBFCs to get you maximum repayment tenure on your loan at special home loan interest rates to help you determine the easiest EMI option on your home loan. LoanAdda’s online EMI calculator helps you to calculate the EMI that need to be paid out every month against your housing loan. Our online EMI calculator calculates and provides different flexible EMI offers based on your profile and tenure of your loan. LoanAdda also brings to you various options to transfer your existing Home loan at special interest rates. We also have schemes designed especially for our NRI customers at special rates with a maximum repayment tenure of up to 30 years .

Quick and transparent processing

With us the whole procedure to apply for a home loan is simplified and with minimum documentation we help you get the best option on your housing loan. Our whole process is digitized enabling us to serve you quicker and with optimum transparency. Additionally enabling you to compare and choose among various available schemes with lowest home loan interest rates.

STEPS TO APPLY HOME LOAN Secured Loan - Property Loan - Mortgage Loan

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.

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Applicant Fill Out A Loan Application Form.

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Documents Hand Over To The Bank.

check-bank

Bank Check Your Reports And Cibil Score.

high-cibil

High Cibil Score Leads To Eligibility Check Basis Documentation.

Documents Required For Home Loan

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.

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. 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.

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