About Home Loan

Want to buy that home you always dreamed about? Or do you want to build one yourself? Need to make changes in how your home looks? Or simply want to purchase a land? We at Help4loan understand your needs and have simplified the loan process for your convenience. Here’s what you need to know about home loans.

Availing home loan has few formalities starting from submitting the application for disbursement of loan amount. Keeping basic documents ready in hand saves time and effort.

The loan amount varies from person to person depending on the repayment capacity, age and income of the loan seeker, his/her dependents and so on.


We at Help4Loan believe in keeping our loan processes hassle free for our clients. Click on below link to avail the loan in few simple steps.

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Home Purchase Loans

This loan is given to borrowers who wish to purchase new home. It consists of an adjustable or fixed interest rate and payment terms. These are very common and are basic home loans.

Home Improvement Loans

It is a loan given for repairs and renovation in existing home. This is very helpful for borrowers who wish to renovate or implement some repair works in existing home or property.

Land Purchase Loans

This loan is given to individuals who plan to buy a plot on loan or to construct the home on the same within the stipulated time mentioned by the bank.

Home Extension Loans

This is a loan given for extending or expanding existing home. This can be used for modification of rooms or adding an additional or extra room.

Features & Benefits

Secured Advances

Home Loans are secured advances.

Flexible Interest Rates

Interest rates are flexible being either Fixed, Floating or a combination of fixed and floating. The Indian government has come up with the new marginal cost of funds based lending rate or

Support throughout the process

Prompt customer support till the loan closure.

Multiple repayment options

Multiple repayment options through ECS/Auto-Debits/Post Dated Cheque.

Home Loan - Eligibility

Age

The minimum age at the time of application should be 21 years. Repayments have to be completed before the age of 60 or 65.

Employment

Ability to service interest charges, as reflected in the borrower’s earning capacity, is important. Borrowers should: Be salaried employees or self-employed persons (professional/non-professional) Have been in employment/business for at least 3 years of which current employment should account for at least 1 year.

Income

A minimum income varying between Rs.5 - 7 lakhs would be required. This depends on the nature of employment i.e. salaried or self-employed.

Residence

At least one year of stay at the current residence is required to display stability with respect to employment as well as financial. This is an indirect indicator but is taken into account by almost all banks while calculating home loan eligibility.

Credit Rating

A good credit score is required (a score of 750-900 from CIBIL is considered good). Besides this, a healthy financial background is vital for approval and to determine the interest rate and loan amount.

Parallel debt channels

While sanctioning home loan to customers, banks also look into the current credit standing of the loan applicant. If a borrower has other home loans, personal loans or car loans in-progress then the lending entity calculates the loan quantum eligibility accordingly. Banks do this to make sure that the loan applicant is able to pay the minimum monthly installment towards his/her home loan.

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