Need help call : +91-8130700088
Contact Email : info@ourloanguru.com
Need help call : +91-8130700088
Contact Email : info@ourloanguru.com
Buying a home could be one of the biggest dreams of a person's life. In most cases, it takes an entire lifespan to purchase one's own home. Selecting the ideal property involves a lot of research and planning. Arranging funds is probably the toughest and the trickiest part of the process. Almost all the financial institutions offer Home Loan with attractive interest rates, flexible repayment periods, quick turnaround times and unique product features.
So, don’t be confused, you just plan to buy a best home, OurLoanGuru assures to arrange you a best deal for your Home Loan.
8.50% Interest Rate
A Home Loan is a certain amount of fund which is borrowed from a bank or financial institution against a residential property to be bought. It is usually taken for the purchase, construction or renovation of a residential property.
Various factors go into the determination of your Home Loan eligibility. The basic rules for salaried people and self-employed people are the same..
| Age Limit | The minimum age of the borrower at the time of application of the HL should be 21. The age at the time of maturity should generally be 65 years. Some banks stretch this limit to 70 years |
| Income | Income of the multiple members in blood relations can be clubbed either they are salaried or self- employed |
| Continuity of Employment/Business | You should be at least 2 Years of job continuity. In case you are Self-employed businessmen and professionals, the continuity of business and income is the most critical |
| Current Obligations | Pre-existing monthly instalments play a vital role in calculating Home Loan eligibility |
| Credit History | This is the most crucial eligibility factor. The repayment track record of the applicant is of utmost importance. A credit score of 650 or above is typically considered good score. The better your credit score, the higher are your chances of getting a Home Loan |
| Value of the property | The value of the property you purchase is important. Banks usually finance up to 75% - 90% of the value of the property. It is also known as LTV or Loan to Value Ratio Legality of the property: The legality of the property is one of the critical eligibility criteria of getting Home Loan. prime security for any home loan is a mortgage of the land and building they have financed so it must be able to be mortgaged as per the rules of the respective registering authorities |
| Who Can Apply | Salaried persons, self-employed professionals, and self-employed persons are eligible to apply for a Home Loan |
The following are the common documents required for a Home Loan.
Yes! You can avail of a Home Loan for any of the following: • Purchase of a home. • Construction of a home. • Home repairs. • Home improvements. • Home extension
If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant on the loan. You may also consider adding your spouse or parents or children as co-applicants to boost the eligibility on your loan.
Yes, resident Indians are eligible for tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act.
Yes. You can make Part-payment towards your home loan