Home Loan
 

Features

 

 

Home loans can be used to buy new property, 2nd sale property as well as under construction property. Banks generally provide 80% to 90% of the property value as a home loan. The balance has to be arranged as the initial down payment to the builder/ seller. One can arrange the balance from savings, securities, fixed deposits, life insurance or through a personal/ business loan.

 

  Available for salaried employees, self-employed professionals, non-professionals, partnership firms, Private limited companies, NRI's, subject to eligibility and sanction.
 


Nowadays some builders provide fully furnished flats to enable higher loan amounts. This also reduces the cost of furnishing the house on possession.

 

Home loans are available from Rs.5 lakh to Rs.10 crore for 20/30 years.

 

Currently no prepayment penalty can be charged as per RBI guidelines.

 

Floating rate of interest applicable is 8.65% up to 75 lakh. Fixed rate loans available at higher rates for initial period of 3 years after which the loan would revert back to floating rate.


Home loans interest rates depend on a number of factors such as :

 
  • Loan tenor
  • Loan amount
  • Age
  • Market value of the property
  • Repayment capacity
  • Existing bank policy
 

The above rates are purely indicative.The actual rates that you can get from the bank depends on various factors like income, profile, turnover, repayment history, builder track and negotiating power etc.

 

  Fast, convenient and hassle free door step service.
   
 

Balance Transfer of existing loan is possible to take advantage of better terms and additional amount.



 
Process...

Home Loan Process

 

Once you decide to invest in a home, you can apply for a Home Loan. Yes, even before you have selected the property. Eazeeloans.com helps you to get the best rates in Mumbai.

 

  1. Pre-Approval
  2. Legal and Valuation
  3. Disbursal

Pre-Approval
This is basically an individual credit approval based on the financials and Personal Identification documents like Photographs, Photo Identity, Signature Proof, Date of Birth Proof, etc.


Legal and Valuation
In This process the property documents are examined by the banks valuer who checks the legality of the documents and evaluates the market value of the property.


Disbursal
This is the final stage wherin the customer gets the disbursement after submitting all the original documents as per the valuation report and signing of the agreement between the bank and the applicants of the loan.

 

Refinancing is also possible within 6 months from the date of purchase of property .

 

 
Eligibility...


How is Eligibility Caculated?

 

Various factors are taken into account when assessing the repayment capacity. Income, age, number of dependant,qualifications, assets and liabilities, stability/ continuity of employment / business and subject to maximum provided by the bank,to name some factors.

 

How can eligibility be increased ?

Your spouse can be a co-applicant if he/she is earning. The incomes can be clubbed to enhance your loan amount. You can also include Parents/Children as Co-Applicants for higher eligibility. Additional securities like bonds, fixed deposits and LIC policies may also help to enhance eligibility . The final amount to be sanctioned will depend on the repayment capacity and the maximum provided by the lending bank.

 

  • Salaried Individuals
  • Self employed Professionals/Business men
  • NRIs

    Requirements.
  •  

  • Min Age should be 21 years when the loan is sanctioned .
  • The loan tenor is from 5 years - 25 years subject to a maximum till 58/60 years or retirement, whichever is earlier in case of salaried and for selfemployed before 65 years. The final amount to be sanctioned will depend on the repayment capacity and the maximum provided by the lending bank.
  • CO-Applicant can be taken for overcoming the age barrier as well.
  • Attractive interest rates.
  • Door-step service from enquiry till loan disbursal.
  • Balance transfers from other banks possible.
  • Maximum loan 80/90% of the cost of the property (including the cost of the land) and based on the repayment capacity of the customer.
  • Floating and Fixed Home Loan Interest available.

Various rates offered in Mumbai

  • Floating Rate
  • Fixed Rate
  • Home saver

* Floating Rate Home Loan

Loan under Floating/Adjustable Rate is linked to Retail Prime Lending Rate rates of banks. The Rate of interest will be revised every time there is a change in Retail prime lending rate. Generally the EMI is retained and the tenor of the loan is increased /decreased as applicable.

 

* Fixed Rate

Currently some banks are offering fixed rates only for 3 years at a relatively higher rate than normal post which the loan reverts back to a floating rate.

 

Home saver
A home saver product enables the customer to earn optimal yield on their savings by reducing interest burden on Home Loans. The loan is sanctioned as an overdraft with added flexibility to operate the Home Loan Account like Savings account or Current Account with Cheque Book/ATM-cum-Debit Card/Net Banking facility for the purpose.

Customers can deposit their surplus funds/savings in the account to take advantage of lesser interest for the period the excess amount is retained in the account with an option to withdraw whenever required.

This facility is available at a comparatively higher rate of interest than normal.

 

Repayment

Repayment is normally done through Equated Monthly Installments (EMIs) comprising both principal and interest. Normally post-dated cheques (PDC) are taken in advance ranging from 12 months onwards.

Documents Required.

The following documents needs to be submitted for Pre-Approval

* Application form with photograph.
* Identity and Residence Proof.
* Latest 6 months Salary-slips-for salaried.
* 3 years I T Returns-for self employed.
* Education/Qualification Certificate.
* Proof of business existence- min 3 years..
* Form 16/ Last 3 years Income Tax returns.
* Business profile .
* Last 6 months bank statements.
* Processing fee cheque for valuation payable to the bank.

 

Fees
Currently ranges from 0.5%- 1% of the loan amount applied plus applicable service taxes and surcharge.

 

Part Payment/Prepayment.

Part /Prepayment of loan is possible.Charges vary from bank to bank.

 

 
FAQ...

You can take a loan for constructing a house, purchasing of a ready possession house / flat or a flat in resale, takeover of existing loans from approved banks / housing finance companies, the purchase of a plot of land, for renovation of and extension of the house.

 

Salaried individuals, Self employed professionals or businessmen and individual NRI's.

 

All co-owners need to be co -applicants.
Spouse/parents/children can be co-applicants and his / her income can be clubbed to enhance The loan amount.

 

Security for the loan is a first mortgage of the property to be financed, by way of deposit of title deeds/or such collateral security as may be necessary.The title to the property needs to be clear, marketable and free from encumbrance.There should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.

 

Yes, the loan can be paid ahead of schedule.

 

Yes. These policies are reviewed periodically.

 

The loan is repaid through EMI (equated monthly installment).


An EMI refers to an equated monthly installment. It is a fixed amount which one pays every month towards the loan. It comprises of both, principal repayment and interest payment.

 

Q. When does the repayment start?
EMI payments start from the month following the month in which the full disbursement has been made.


Q. What happens in case if a PDC bounces?
In the case of a bounced cheque or delayed payment, charges and outstanding dues will be charged as per the prevailing company policy.

 

In the case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called pre-EMI interest (PEMI) and is payable monthly till the final disbursement is made, after which the EMIs would commence.

 

Home loan are availabe from 5 lakh to 5 crores.

 

It takes a 7/10 working for the loan to be sanctioned after submission of all all documents.

 

The loan will be disbursed on :
- Submission of the legal documents.
- Legal and technical clearance of the property
- Submission of Registered copy of agreement.

 

An amortization schedule is a table giving the reduction of the loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment of interest and outstanding principal of loan.

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