Home Loan Delhi
What is a Home loan?
Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. The Housing Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.
We at Delhiloanbazaar are working constantly to get you the Best Loans Deal & have brought a small guide which would answer some important questions related to Home Loans & help you decide your loans deal.
Home Loan applications received for 248,641 lacks till 20 December 2013
Compare Home Loan Rates - Eligibility - Process of All Banks.
|Loan Amount:||Occupation:||Annual Income:||City:|
Bank A - Rates as low as 10.25-10.50%?*
Bank B- Fixed rate for 10 years.*
Bank C- Last 12 month Emi waived off.*
Check Your Free Customized Offers From 10 Other Banks.*
Latest Trends on home loans December 2013
- State Bank of india offers home loans at lowest 10.30%.
- Axis bank charged upto 10.75% on home loans for all tenures & loan amount.
- LIC housing finance offer special rate at 10.25% interest rate.
Most borrowed home loans
|Banks||Loan to Property Value||Age Bracket||Maximum Tenure|
|State Bank of India||75% - 90%||18 – 70 Years||Up to 30 years|
|HDFC Ltd||80%||20 – 70 years||Up to 30 Years|
|LIC Housing Finance||85%||20 – 65 Years||Up to 20 Years|
|Axis Bank Home Loan||75% - 85%||24 – 65 Years||Up to 25 Years|
|ICICI Home Loan||80% - 90%||20 – 65 Years||Up to 20 Years|
|FedBank Home Loan||85%||20 – 65 Years||Up to 30 Years|
Home Loan Criteria by various banks
The borrower’s eligibility of getting a housing loan depend upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse's income, age, number of dependants qualifications , assets, liabilities, stability and continuity of occupation and savings history. Eligibility Factors in Housing loan
Your Home Loan eligibility is determined by your repayment capacity, taking into consideration, factors such as: Your:
- Spouse's income
- No. of dependants
- Stability and continuity of occupation
- Savings history.
The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
Home Loan Process & various steps involved
There are various steps involved in getting a Home Loan from selecting your property to filling up the loan application. Following are the various stages in Home Loan:
- The first step involved in the process is to find your property which is followed by the verification of property documents, post that the documents are examined & simultaneously you can start searching for the lender who can offer the BEST Home Loan Deal after checking your eligibility criteria.
- Know the Home Loan Eligibility: Banks offer the loan amount only after checking your profile & based on various eligibility criteria’s like age, income & salary banks lend you the money.
- Select the Best Home Loan after evaluation: Comparing home loan interest rates is the primary feature in the home loan selection, however other fees & charges like Application fees, processing fees, legal charges should not be neglected when comparing various loan offers. To check the interest rates & other charges incurred by various banks, Delhiloanbazaar has brought in a Home Loan Comparison Chart across various Banks.
- Applying for the Loan : After you have selected your lender, you have to fill in the application form wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.
- Documentation & Verification Process: You are required to submit the necessary documents to the bank which will be verified together with the details in the application.
- Credit & default check: Bank checks out the borrower’s loan eligibility (through repayment capacity) & the amount of loan is confirmed. The borrower’s repayment capacity is reached which is based on the income, salary, age, experience & nature of business etc. Bank also checks credit history through the Cibil Score which plays a critical role in deciding & approving your loan application. Low Credit Score implies that the bank upfront rejects your application on the basis of earlier credit defaults; on the other hand high credit score gives a green signal to your application.
- Bank sanctions Loan & Offer letter to the borrower: After the credit appraisal of the borrower bank decides the final amount & sanctions the loan, the bank further sends an offer letter to the borrower which constitutes the details like rate of interest, loan tenure & repayment options etc.
- Acceptance Copy to the Bank: The borrower needs to send an acceptance copy to the bank after the borrower agrees with the terms & conditions in the offer letter.
- Bank checks the legal documents: The bank further asks the legal documents of property from the borrower to check its authenticity so as to keep them as a security for the loan amount given. The next step involved is the valuation of the property by the bank which determines the loan amount sanctioned by the bank.
- Signing of agreement & the loan disbursal: The borrower signs the loan agreement & the bank disburses the loan amount.