• easyloanwala@gmail.com
  • 9161208208 / 0522-4043378

Home Loan

About Home Loan

A home loan is a sum of money a person borrows at the rate of interest to be paid with such an EMI each month from a bank or money lending corporation. The property is taken as a leverage for the home loan by the money lender company.

It’s provided to people who want to buy/develop houses. It is supported by banks or organizations connected with money that lend a certain amount given the individual's needs. Credits may be used for home purchasing, development, or improvement

Features of Home Loan :

With reasonable interest rates, we offer instant and transparent home loans to make your dream a reality. There are several different types of housing loans available, such as buying a home, rebuilding or expanding an existing home, or purchasing a property and building a home.

  • Purpose: for buying house from builder/reseller and constructing / development of existing house.
  • Loan amount: Home loans from Rs.2 to Rs.200 lac are subordinate to use depending on your entitlement, income, and repayment.
  • Security: A home loan is an assured loan requiring collateral
  • Tenor loan: the maximum tenure for loans must therefore be 20 years.
  • The advance sum fluctuates, with least sum being Rs 2, 00,000/ - The reimbursement timeframe, which ranges upto 30 years, is fixed dependent on the sum taken as credit and incorporates the exceptional head in addition to the intrigue costs.
  • The chief sum and the intrigue together comprise the EMI (Equated Monthly Installment) of the advance.
  • The credit charges incorporate enlistment charge, expense for preparing, prepayment punishment, responsibility charge and various charges for documentation and consultation.

Types Of Home Loan :

There is a home loan for every requirement, take a look
  • Home Purchase Loans: The loan you take to purchase a home
  • Home improvement Loan: This loan includes expenses related to home repair or renovation.
  • Home Building loan: When building a new house, this credit is helpful
  • Land Purchase Loan: This loan may be applied by anyone wishing to purchase a plot of land to build their own house.:
  • Home Extension Loan Assume you intend to add to your home a new room, basement, restroom, or kitchen. The loan you are planning to apply for is helpful if you plan to have another floor.
  • Joint home loan: These are two people's or more people's loans. , for example, spouses may apply for joint home loans
  • Home Loan Balance Transfer: it can be used to convert your outstanding loan amount to another lender with excellent terms and conditions and lower interest rates
  • Top-up Home Loan: This type of loan will help you borrow a little more than the outstanding loan amount. In the case of supplementary loans, Easyloanwala offers attractive interest rates.

Eligibility for Home Loan :

Premised on your repayment capacity, the lenders evaluate your eligibility and discuss the loan amount beforehand. By clubbing your father/spouse/mother/son's income, clearing your outstanding debts, elongating your loan tenure, salaried persons can raise their eligibility by showcasing their performance-linked salary or bonus received, the eligibility to acquire a home loan is increased.

Second, it is recommended that you conduct a personal analysis and check the implications of your home loan repayment on your current salary to ensure that the EMI for your home loan doesn't exceed more than 40% of your brute monthly income.

Documents Required For Home Loan :

  • Appropriately marked and filled application structure
  • Passport-size photograph
  • Statements of investments, if any
  • Explanations of speculations, assuming any Duplicate of plan endorsed for the proposed development/augmentation Cost estimation or valuation report from the bank's (or money company's) board CA
  • Portion letter of lodging board/NOC of the general public/manufacturer and so forth.
  • Bank articulation and pay slips.
  • In addition to these, you will have to also submit the following documents

  • Character and mark verification - Passport, Pan card, Driving License, Voter ID card, Aadhar card, representative personality card if there should be an occurrence of government workers.
  • Address Proof - Bank explanation, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, phone/power/water/charge card bill or Property charge.
  • Age Proof - Voter ID card, Secondary school leaving testament (class 10), birth declaration, Passport, Aadhar Card, annuity installment request or receipt of LIC arrangement.

Step By Step Guidance - Apply For A Home Loan

In the specific instance of salaried individuals-

While applying for a home loan, you should follow the steps given:

  • Step: 1 Enter in their corresponding sections key financial, personal, and employment information.
  • Step: 2 Click on the submit button once you have completed all the details required.
  • Step: 3 You will be notified by representatives from easyloanwala of your pre-approved loan offer. Documents are needed for home loan.

The home loan is comprised of three steps: application and approval, sanction as well as payment.

Once you apply for a home loan, your request will be revised and approved. The property and document confirmation is then carried out. The loan is sanctioned if everything goes well. Finally, the amount of the loan is compensated according to the conditions of the loan.

  • Appropriately marked and completed application structure.
  • Passport-size image.
  • Investment declarations, if relevant.
  • Descriptions of speculations, presuming any Duplicate of the plan endorsed for the implemented development/increment Cost estimation or valuation report from the CA board of the bank (or money company).
  • The general public/manufacturer's portion letter of house / NOC and so forth.
  • Articulation with the bank and paying slips.
  • About these, you will also need to submit the following documents.
  • Character and label verifying-Passport, Pan Card, Driving License, Voter ID Card, Aadhar Card, Representative Personality Card if Government Workers should be present.
  • Address Proof-Bank reasoning, Rent Agreement, Voting ID Card, Ration Card, Passport, Driving License, Phone / Power / Water / Load Card Bill or Property Charge.
  • Age Proof-Voter ID card, secondary school leaving testimony (class 10), birth statement, Passport, Aadhar Card, annuity installment request, or LIC arrangement receipt.
  • Benefits & Features of Home Loan :

    The Easyloanwala is the one-stop solution for your housing loan requirement whether it is for the purchase, construction, or renovation of a home. With simple eligibility terms and a minimum documentation requirement, you can get financing easily. The balancing transfer facility allows you to refinance your existing house loan and make use of an additional loan. You can get to know the legal and financial aspects of being a property owner through the property dossier facility and can use individualized insurance schemes to keep your financial security.

    Pros of Home Loan :

  • Sense of accomplishment: Let's acknowledge it. It is no less gratifying to be satisfied with having a home in your asset column than a promotion that you receive after years of hard work. It is probably one of the biggest financial choices that you make in your life to buy your home. This is also because of its increased market value, not only the emotional value.
  • Low-interest rates: Low-interest rates on home loans make house lending to potential customers very attractive. It is also easy to obtain these loans because their nature allows them instead of collateral or assets.
  • Flexible tenure: repayment with flexible tenures offered by different financial firms is simpler for your home loan.
  • Tax advantages on principal repayments: Under the U / S 80C and 80CCE of the 1961 UTI Act, a tax retraction is permitted up to Rs. 1.5 lakh, as the principal repayment on your home loan, if that home is a first home. Tax advantages on principal repayments will not apply to second home or construction properties.
  • Tax advantages on interest paid: interest payment benefits depend on whether the property is self-employed or leased out or if it is being constructed.
  • Cons of Home Loan :

  • When your loan application is approved by the lender, you will make a long commitment. Typical house loan duration range from 10 to 30 years. This means that in your life you would have a considerable debt. When the loan comes into effect, you should be ready to control your costs and concentrate on reimbursement.
  • The duration of the house loan usually extends from 10 to 30 years. Several unforeseen events may occur during this period. Certain cases can make repayment of your loan difficult for you.
  • Incidents such as divorce, sudden illness, unemployment, accidents can lead to huge financial upheaval and affect your capacity to adapt to the loan burden and the loss of the property. If you do not refund the loan, the borrower has the right to take the property over and sell the property to earn the money he has leased you for a home loan.
  • This is among the most neglected home loan disadvantages. In applying for a loan, regardless of whether the loan amount is small or big, or how long or short the period is, you lose the opportunity of investing the same amount in an investment tool that could produce valuable returns. Imagine that you would be getting valuable returns in the long run instead of paying the EMIs if you could invest in mutual funds or a fixed deposit.
  • As far as the above points are concerned, it is clear that home loans have both advantages and some disadvantages. So, consider home loan pros and cons before you make the final decision if you are considering applying for a home loan. Ensure that you make a good investigation into the various lenders, read the details of the loan, and make an informed decision.
  • How we can help?

    As one of the leading loan & finance based Company in the India, Easy loanwala provides you with an unbiased platform to analyze and decide upon the available deals in the market. Moreover,

    As all banks and financial institutions have different criteria or specifications, it is important that you first check and analyse which ones you are eligible for. thus helping you in selecting higher loan amounts at lower EMIs, i.e. LMIs.

    Step by step guidance- Apply for a home loan

    In the specific instance of salaried individuals-

    While applying for a home loan, you should follow the steps given:

    Step: 1 Enter in their corresponding sections key financial, personal, and employment information.

    Step: 2 The Home Loan enrollment calculator will help you determine the amount of the loan you are eligible for. The house loan EMI calculator can also be checked to find out about the monthly EMI which you will pay back with the interest on the house loan.

    Step: 3 You will have to provide details about your chosen property.

    Step: 4 For booking offers available, you can always pay a secure online fee. Easyloanwala Relationship Manager will contact you and make the whole process forward. You will be required to submit all necessary documents upon payment of these fees, which can easily be done online through the secure portal at Easyloanwala.

    Step: 5 Copies of all the important documents can easily be scanned. This will assist you to validate your application. Getting a home loan from Easyloanwala ensures a quick and hassle-free procedure.

    Eligibility Criteria of Home Loan

    • As mentioned earlier, the home loan eligibility is determined by various factors including income, employment status, loan tenure and so on.
    • Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan.
    • The applicant should be above the age of 21 years
    • Professional stability and savings history play a major role in approval of the loan
    • Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for home loan.
    • For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profits and turn over earned by you.