What is Home Loan?The amount of money borrowed from a bank or a financial institution to purchase an apartment or a property is called a home loan.
Following are some features of a home loan-
- It is a secured loan where the property papers are kept as collateral by the lender during the loan period.
- The loan amount, along with a certain interest, is repaid by the borrower, usually at fixed monthly intervals called Equated Monthly Instalments or EMIs.
- A home loan can be taken jointly by spouses on meeting the eligibility criteria of the lender.
Basic Types of Home Loan
- Home Purchase Loan It is one of the most popular types of home loans where the individual uses the loan amount to buy an apartment or a house.
- Home Extension Loan You can apply for a home extension loan to add more space to your existing residential property. For example, you can use this loan to add a garage, room, or a new floor to your existing home.
- Home Improvement Loan You can use this loan to renovate your existing residential property by carrying out repairs and improvements. This loan can be ideal for overhauling or restoration of old houses.
- Plot & Home Construction Loan This loan is given to purchase a piece of land and build a house on that land within the next few years. This type of loan is given in instalments. The loan instalments can be sanctioned on factors like the purchase of plot, submission of the approved construction plan, the commencement of construction, and other factors specified under terms and conditions.
- Home Construction Loan You can avail of this loan if you want to construct a house over a piece of land you already own.
Home Loan Eligibility CriteriaHome Loan Eligibility criteria in India can vary among different banks and financial institutions. However, the following criteria are common across all financial institutions.
- The applicant needs to be 21 years old or higher.
- The applicant should have a steady source of income in the form of a salary or business
- The maximum age of the applicant at the time of maturity of the loan should not exceed
- ○60 years – for a salaried individual.
- ○70 years – for a self-employed person.
The Documents Required to Apply for a Home Loan
- A loan application form, duly filled and signed by the applicant, along with the applicant’s photograph
- AADHAR card of the applicant
- Identity proof, such as PAN card
- Signature proof
- Proof of residence, such as passport, driving license, or the latest electricity bill.
- Proof of office
- Proof of qualification
- Non-refundable fee cheque
- Details of limits and loans availed
- Previous loan repayment track record, if any
- Bank verification form
- Salaried Individual
- Last 3-months salary slip or salary certificate
- Latest Form 16 issued by the employer
- Latest 6-months bank statement reflecting salary credit
- Self Employed / Professional / Partnership/Company
- Financial documents of last 2-years
- ITR documents
- Partnership deed and MOA (Memorandum of understanding)
- Latest 6-months bank statements
- Tax returns for the current financial year
Home Loan Interest RatesOne of the key things that borrowers look at while looking at home loan offers is the interest rate offered by the lender. With loan amounts running into lakhs or crores and tenures usually ranging between 20-25 years, even the slightest change in interest rare can cause a huge difference in your EMI and your total interest outgo.
Lenders usually fix the interest rate based on the cost of borrowed funds, liquidity conditions prevailing in the market, the credit risk, the tenor of the loan, and the margin.
Different Types of Home Loan Interest Rates in IndiaThere are two types of home loan interest rates in India – Fixed Interest Rates and Floating Interest Rates.
|Parameters||Fixed Interest Rate||Floating Interest Rate|
|Definition||The interest rate is fixed for the entire duration of the loan.||The interest rate varies depending upon the market and the country’s economic condition|
|Advantages||It remains unaffected by the market volatilities and economic uncertainties.||The interest rates tend to be cheaper than the fixed interest rates in a stable market.|
|Disadvantages||The borrowers can’t get the benefit if the interest rates are lowered.||In a volatile market, the home loan interest rates and the subsequent EMIs can increase, resulting in budget constraints.|
Factors Affecting the Home Loan Application and Approval ProcessA lot of factors can affect your home loan application and the sanctioned loan amount. They can be
- Age A lower age can be an advantage in securing a desirable loan.
- Income A high and regular source of income can help in getting the desired loan. However, you can secure a loan with a moderate-income level if the lender is convinced of your repayment capacity.
- Interest Rate Model Different borrowers are not likely to get the same rate of interest for the same product. The lender determines the interest rate depending upon various factors such as loan tenure, credit risk involved, prevailing market conditions, etc.
- Location and Value of the Property A loan is more likely to be sanctioned if the property is likely to witness capital appreciation in the future.
- CIBIL Score CIBIL Score determines your repayment ability. A high CIBIL score can help you in getting faster loan approval.
Home Loan - Path to Your Home Sweet HomeToday, many reputed lenders try to attract first-time home-buyers with amazing offers such as low-interest rates, longer loan repayment tenure, zero pre-payment charges, etc. Therefore, it can be the right time for such buyers to strike a lucrative deal with their preferred lender. After all, nothing is better than the feeling of returning to a home that you own.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Aditya Birla Capital (‘the Brand’) is the single brand for financial services business of Aditya Birla Group. The trade logo “Aditya Birla Capital” and the URL www.adityabirlacapital.com is owned by Aditya Birla Management Corporation Private Limited (trade mark owner) and the same is used herein under the License by Aditya Birla Capital Limited (ABCL) and its subsidiary companies (collectively hereinafter referred to as “ABC Companies”). Aditya Birla Capital Limited is the holding company of all financial services businesses.
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The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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