Home is the biggest dream of everyone there is no place like home. Everyone dreams to build a beautiful home or buy a flat, villa to live in a relax and independent style. No need to wait for one’s retirement or high income time. Home loans are offered by the lenders to those:
• Who wants to buy a new home
• Who wants to build a dream house in own design
• Who wants to buy a plot
• Who wants to purchase a commercial property
Mantra4money brings you enough opportunities to offer you a home loan from any lenders of the market. Our working loan experts would offer you a complete package to meet your home loan requirements. We have tie-ups with the pioneers of home loan lenders such as HDFC, ICICI, SCB, Axis Bank among others.
Everyone wants to build a home, purchase a home of his or her choice. Now there are real estate companies who construct beautiful homes and sell to the customers. Home loans are offered to them who wants to build a home on own or purchase a villa or apartment.
For beautification and reconstruction of any home one can take this loan. Some take it for both interior and exteriors. The interiors flaunt a style, so elegant interiors draw attention even of the fastidious one. Some of the lenders offer Home Improvement Loan both for internal and external repairs including improvements of structure.
Home loans are offered to those of who want to add extra rooms and lawns to the existing home. If you want to build an extra bedroom, a recreation room with the modern work-outs you can opt for this loan.
Land Purchase loans are suitable for those who want to purchase a land to build a house or who want to make an investment for future need. The interest rates and repayment differs to different lenders. You can choose either a fixed or floating interest, or the repayment period according to your resources.
As we have associate partners our clientele will get all the lenders here. Compare the amounts and interest rates provided by the banks. One might have difficulties to choose the best one as loan and its related formalities seem vague to some people who cannot calculate themselves to pick the affordable one that suit their budget. So, hand over your problem to us. Comprehensive products of all the lenders in one roof.
*Wide range of product to choose.
*Doorstep service at your comfort.
*Zero charges – No extra charges, fees or commissions to you.
*Simple procedure, minimal documentation and quick approval.
*Attractive interest rates.
*Expert advice on your needs and suitability.
*Provide transparency and rapid decision making, with no confusion.
*Compare prices and Features of various banks/ insurers.
*Calculate your Emi , Eligibility , Life cover and so on.
*Provide comprehensive choice than any of our competitors.
*Quick and transparent processing.
Every customer’s eligibility is different. Access your eligibility with our simple calculator.
*To qualify for a loan you must be An Indian resident or NRI.
* You must be at least 24 years of age at the commencement of the loan.
* The loan must terminate before or at 65 years of age or age of retirement, whichever is earlier.
* You must be salaried , self-employed or professionals with a regular source of income.
* Minimum age of co-applicant should be 21 years.
* If your spouse is an earning member, you can make him/ her the co-applicant. Their income will be considered to enhance the eligibility.
| Salaried Customers | Self Employed Professionals | Self Employed Non Professional |
|---|---|---|
| Application form with photograph signed by all applicants & co applicant | Application form with photograph signed by all applicants & co applicant | Application form with photograph signed by all applicant & co applicant |
| Identity, residence and age proof | Identity, residence and age proof | Identity, residence and age proof |
| PAN card copy of applicant & co applicant | PAN card copy of applicant & co applicant | PAN card copy of applicant & co applicant |
| A copy of complete chain of property papers | Education qualification certificate and proof of business existence | A copy of complete chain of property papers |
| Last 3 months Salary-slips | A copy of complete chain of property papers | Business profile |
| Form 16 / Income Tax Returns last 2 years | Last 3 years Income Tax Returns with computation of Income | Last 3 years Income Tax Returns with computation of Income |
| Last 6 months bank statements | Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account | Last 3 years CA Certified/ Audited Balance Sheet and Profit and Loss Account |
| Processing fee cheque | Last 6 months bank statements | Last 6 months bank statements (self and business) |
| Processing fee cheque | Processing fee cheque |
| Banks/Rates | Home Loan Floting Interest Rates | ||
| Home Loan Interest Rate | Commercial Purchase | Processing Fees (Negotiable) |
|
| ICICI Bank | 10.5% to 11.5% | 12.75% to 13.5% | 0.25% to 0.5% |
| HDFC Bank | 10.25% to 11.5% | 12.75% to 14% | 0.25% to 0.5% |
| Axis Bank | 10.75% to 11.5% | 12.5% to 13.5% | 0.25% to 0.5% |
| Kotak Bank | 10.75% to 11.75% | 13% to 14.5% | 0.25% to 0.5% |
| Bank of Baroda | 10.5% to 11.50% | 13% to 14% | 0.25% to 0.5% |
| Punjab National Bank | 10.5% to 11.75% | 13.5% to 14.5% | 0.25% to 0.5% |
| State Bank of India | 10.25% to 11.75% | 12.5% to 13.5% | 0.25% to 0.5% |
| Citi Bank | 10.5% to 11.50% | 12.5% to 13.5% | 0.25% to 0.5% |
| Standard Chartered Bank | 10.50% to 11.75% | - | 0.25% to 0.5% |
Step 1 – Find the property and choose the lenders.
Step 2 – Determine your Loan Eligibility .
Step 3 – Get ready all your required documents.
Step 4 - Apply for Loan by filling the application form with all requisite documents.
Step 5 – Verification -The lender will verify the information and documentation provided by you along with checking your credit history. The lender can also ask for additional documents.
Step 6 – After verification and credit check lender calculate your eligibility and get the loan Sanction.
Step 7 – Once loan get sentioned lender issue a sention letter with all terms and conditions.
Step 8 – Applicant sign the loan agreement and give post-dated cheque or ecs for repayment.
Step 9 –Disbursal of loan.
What are the types of home loan packages?
The most sought after home loans by the customers are home purchase loans, improvement loans, construction loans, extension loans, land purchase loans, bridge loans for those of customers who want to sell the old home and buy another. There is also refinance loans to help the borrower to pay the debt and balance transfer loans which helps to pay-off for an existing home and avail a loan with low interest rates.
I am an NRI. Could I apply for a home loan in India?
Some banks offer home loans to Non resident Indians (NRIs). You can apply for it to build a home in India. There may be separate terms for the NRIs for judgeing the eligibility criteria. We advise you to take guide of an expert before purchasing a loan.
Is it a secured loan? Which are the collateral securities I need to provide?
Home loan is a secured loan which is given against security or collaterals. You have to mortgage your property to avail this loan. The collateral securities that the banks take are surrendering value of a life insurance policy, deposit of shares, and guarantee from one or two persons. Incase the loan cannot be paid back the lender may take action against such securities.
Does my credit history matter for availing a home loan?
Yes, if you have a good credit history, it would be the most privileged for you to get a home loan. Your limited credit history can be a hurdle to get a secured home loan.
How do I apply for a home loan?
Before applying for a home loan, research on the offers of the major providers in the market. After selecting the bank, fill up the application form and submit all the necessary documents along with your bank. You can apply online also. Applying through a loan marketing company like us you get some benefits and can choose the best home loan packages using our online loan calculator considering the loan amount, interest rates, etc.
How does a bank judge the eligibility criteria of a borrower?
The most important factor that determines your home loan eligibility is your repayment capacity. The bank considers all the factors such as your income, qualifications, age, spouse’s income, how many dependents you have, stability of your jobs, assets, liabilities, etc. The lender studies all these factors to check whether you are able to repay the loan comfortably.
How many days it would take for loan sanction?
If your submitting documents fulfill the criteria, it would take at least two weeks for processing of your application. As the bank scrutinizes the property papers it takes another one week for final disbursement.
How much amount can I borrow?
The amount that you want to borrow as a home loan is related with other factors, the purpose of the loan for each type of home loans, the cost of the property and its land. The maximum amount limit for an Indian or an NRI could not be same. Normally 75%-85% of the cost of the property is paid to the borrower.
Do I need to insure the purchasing property or building property?
Yes, you need to insure the property against natural and man-made disasters as per the requisite of the bank. The beneficiary of this home insurance policy will be the bank.
What is the charge of the interest rates?
The interest rates of all home loan providers are not same. Generally it varies from 9.5% to 12.5%
How does the bank calculate the interest rates?
The bank calculates the interest rates in two ways, one is monthly reducing balance and the other is yearly reducing balance. In a monthly calculation your interest rates payment through an EMI reduces the balance every month. In a yearly reducing balance your principal and rates are reduced in a year, hence you need to pay interest on a fixed part of the principal again.
Do all the banks have Fixed Rate of Interest and floating rate of interest?
It is not same for all. As the floating rate wavers according to the market lending rate, you may get benefit from it. The fixed rate is same all over the loan tenure; you will not get benefit even the interest rate falls down in the market.
Is the repayment period of all banks same?
No, each bank has its own repayment period term. Each scheme has different repayment period. Generally the banks offer 5-20 years repayment period for Indian resident and for NRIs, the period is for 7 years or less.
I want to repay my loan before the term period. Can I do it?
Yes, you can repay it; the bank may charge a fee (1-2% of the loan amount) for early repayment.
Can I apply with my spouse or other members of my family?
You can apply jointly for a home loan with your husband/wife, parents, etc who will be the co-owners of the property. All co-applicants may be not co-partners.
What are the fees, charge and extra cost that the bank charge?
The fees are processing fees and administrative fees charged by the bank at the time of loan sanction. Each bank has own rate of fees and charge. There may be other costs such as interest tax (can be included in interest rate), commitment fees and miscellaneous cost.
Can I take the loan amount in one installment?
The bank usually disburses the loan in one installment or in three installments.
Does home loan provide any tax benefit?
Under the Income Tax Act, 1961 the borrower gets tax benefits on the principal and interest of the loan. The benefit is not same always, it may fluctuate yearly.
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