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Various banks and housing finance companies have their own set of offerings as far as the best possible housing loan interest rates in India are concerned. There are a variety of housing loans available in India which includes:
- Home purchase loan
- Home construction loan
- Home extension loan
- Existing home improvement loan
- Land purchase loan
On would be entitled for home loans in the range of Rs 5 lakh to a maximum of Rs 1 crore, based on the repayment capacity, previous credit history and the cost of the property. The bank may provide a maximum of 85% of the cost of the property or the cost of construction as applicable and 75% of the cost of land in case of purchase of land. The repayment capacity is calculated taking into account factors such as:
- Age
- Income/Salary
- Qualifications
- Dependant/(s)
- Assets/Liabilities
- Credit History
- Stability / continuity of your employment/business
- Income of co-applicant/(s)
5 Steps to avail easy Home Loan
- An Application form is submitted along with relevant documents.
This follows with
- Verification of the property and it’s supporting documents
(This usually takes 5-7 working days after Step1)
- Loan is sanctioned
(Usually on the 7th working days after Step 1)
- Original Property documents are submitted and the loan Agreement is signed.
(Usually on the 8-10th working days after Step 1)
- The Loan Cheque is disbursed.
(Usually on the 10 -15 working days after Step 1)
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