Home Purchase Loans
Owning a home is perhaps the biggest and most important dream of an average family therefore ownership of a home goes beyond pure financial considerations. Home loans purchase has witnessed an increase owing to competition between a number of public and private players. The cut in the loan interest rate has also fuelled the demand for this product.
Kind of Home Purchase Loans Interest Rates:
- Fluctuating Home Purchase Loans Interest rates: Keep changing with change in the prevailing market rate or the prime lending rate.
- Fixed Loans Interest Rate: As the name suggests, do not change during the entire loan period, irrespective of the prevailing market rate. generally fixed loan interest rates are higher than the fluctuating loan rate.
Interest Rate on Home Purchase Loans:
Home Purchase Loans interest rates depend on a number of factors :
* The tenure for which the loan is taken
* Loan amount
* Type of housing loans taken
* Type of customer and his repayment capacity
* Loan policy of different companies. Interest rates will be different for private sector and public sector players. Companies lower the interest rates during festive seasons.
Maximum Home Purchase Loans Given Depends On:
* Individual loan policy of different companies. The maximum amount of loans given is however 85% of the value of the property (inclusive of cost of land)
* Repayment capacity of the customer
* Maximum term of home purchase loans
* The term of home purchase loans offered is maximum 25 years. This again depends on the repayment capacity of the individual.
Home Purchase Loans Application Process:
An individual/company/professional can apply for home purchase loans in different home loans corporations by filling the application form. These days companies provide online forms for customer convenience. There is certain information that one must furnish in order to qualify to approval of home loans.
Documents Required for Approval of Home Purchase Loans:
Businessman/ Self employed professional:
1. Application form with photograph
2. Educational qualification
3. Identity and residence proof
4. Proof of business existence with business profile and last three years income tax return
5. Last 3 years income statement and balance sheet.
6. Last 3 month's personal and business bank statements.
7. Processing fee check
Salaried customers:
1. Application form with photograph
2. Identity and Residence proof
3. Latest salary slip
4. Form16
5. Last 6 months bank's statement
6. Processing fee cheque
| HDFC Bank - Purchase of Home |
| ICICI Bank - ICICI Home Purchasing |
| Bank of India - Star Home Scheme |
| Standard Chartered - Home Purchase Loans |
| IDBI Bank - Home Purchase Assist |
| State Bank of India - Loan Amount For Purchase of Home |
| Union Bank of India - Union Home Plus |
| UCO Bank - UCO Shelter Scheme |
| Bank of Baroda - House Purchasing Offer |
| Citibank - Purchasing of House |
| Development Credit Bank - DCB House Vantage |
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