“Home is where the heart is”, a place that gives you emotional and spiritual warmth. Rising real estate prices have made buying a property a dream for most of us. Home Loan is one way to get you closer to your ‘dream home’.

Mortgage Loan Types

You can take advantage if for construction of a house, purchase of a house/apartment already built (from the builder or from a resale property), residential land, LAPetc

Mortgage Loan Interest Rates

Loan interest rate normally depends on the amount of loan you want to avail. It also depends on the type and term of the loans. Banks will offer you a fixed or floating interest rate option.

fixed interest rate It allows payment in equal fixed monthly installments (EMI) throughout the term of the loan, since it does not change with market fluctuations. But essentially this is not the case. All banks include the fixed interest rate reset clause in their home loan contract documents which clearly denote that the bank may revise the rate even during the contract period due to an unforeseen change in the money market condition.

floating interest rate It refers to the interest rate that depends on the market and varies according to the economic condition of the country. A customer can always prepay a partial loan or pay off the entire loan at any time during the term based on the lenders’ rules for the customer.

Required documents

• An application form duly signed by the applicant.
• age proof
• proof of identity
• address verification
• income documents
• Bank statements
• Job Details
• Proof of educational qualifications (if applicable)
• Details about the property (if it is finalized)
• A processing fee check

processing fee

It is a non-refundable fee that is normally charged by all banks for each mortgage loan application. It varies from one bank to another and generally ranges between 0.50% and 1% of the loan amount.

Mortgage Loan Eligibility

An individual’s income establishes their loan amount eligibility. However, banks have their own established methods for estimating eligibility. The term of the loan and the interest rate also play an important role in calculating the amount of the loan. A good employment and payment history increases the likelihood of obtaining a home loan. Clients meet the degree to take advantage of the best rates according to their profile, income, billing, payment history, builder profile, etc.

How much would the bank finance?

Banks mainly finance between 80% and 90% of the market value in the form of a loan. Initially, the client needs to make a down payment (the difference between the actual cost of the property and the amount of the loan), on their own. Banks sometimes even finance the registration fee and stamp duty as part of the home loan.

Sure

All leading banks like ICICI, HDFC and others cover the loan with insurance to protect the family from loan liabilities in the event of the unfortunate death of the borrower.

We at Moneylaxmi help you cherish the dream of owning your “own home”. Here we have teamed up with ICICI, HDFC, Citibank, Standard Chartered and Axis Bank to take the hassle out and help clients with the most convenient home loan plans. Here we guide you with an attractive interest rate, simple documentation, fast processing and transparent information.