Home loan is an amount being lent by various banks or NBFC to the individual to buy a house, purchase a plot, construct a house, repair & renovate the house, balance transfer of existing home loan, etc.
Bank or NBFC mortgaged the property and charged EMI (Equated Monthly Installment) on the loan amount being lent by them. EMI consists of both interest and principal amount, which has to be paid by the borrower to the bank or NBFC. EMI calculation depends upon three factors i.e. (i) Loan Amount, (ii) Loan Tenure, and (iii) Rate of Interest. EMI on loan amount remains same throughout the loan tenure, if rate of interest not changed.
In India, owning a home is one of the key factors of success. There has been a continuous desire to own a home as there is a significant rise in the disposable incomes, particularly in urban and semi-urban areas, tax rebate on repayment of housing loans, declining rate of interest and rises in the nuclear family,. As there is a huge demand, the price of the property is very high, and owning a house is a major decision for an individual. As the price of the property is very high, home loan plays a major role for an individual to buy a house.
In India, real estate is the second largest employer after agriculture and is slated to grow at 30% over the next decade. The Indian real estate market is expected to touch US$ 180 billion by 2020. In the FY 2008-2020, the market size of this sector is expected to grow at a Compounded Annual Growth Rate of 11.2%.
Type of home loan depends upon types of property, an individual want to purchase. As per the need of the customer banks or financial institution come up with different types of home loan products at lower rate of interest. As per the need of the customer bank or financial institution provides different types of home loan. Each housing loan product has its unique feature and advantage, so it is always advisable to consult with a professional consultant before taking a home loan.
A professional consultant will save your time and money both, If you need a professional guidance then contact LOAN ON PHONE. We are always with you.Home Loan can be classified into following ways:
Home Loan is an agreement between borrower and the lender (bank or NBFC) that regulates the term of loan. Loan eligibility criteria for almost all the banks are different but there are some common loan eligibility criteria which borrower has to fulfill to avail home loan from bank or NBFC.
Following are some key important factors which would be checked by bank or NBFC to accept or reject the home loan application:
Documents required for home loan depends upon the type of employment of an individual.
Documents required for different types of employment are as follows:
Currently the rate of interest of home loan is based upon marginal cost of lending rate (MCLR) plus margin on the MCLR depending upon the bank or NBFC risk taking appetite. In the current housing loan market, there is a stiff competition between various banks or NBFC. They offers lowest rate of interest to attract prospective home loan buyers. There are two types of rate of interest of home loan i.e. Fixed Rate of Interest and Variable Rate of Interest.
As floating rate of interest is always lower than fixed rate of interest of home loan so, majority of home loan borrowers choose floating rate of interest. As a borrower, it is advisable to compare home loan interest rates of different bank and NBFC and chose the best one which suits your need.
You may take expert advice of LOAN ON PHONE professional consultants who will help you to choose best bank who offers you lowest rate of interest on home loan with ZERO / nominal bank processing fees.
Before taking home loan it is advisable to consider following factors:
|BEST HOME LOAN PROVIDERS|
|Allahabad Bank Home Loan||HSBC Bank Home Loan||Reliance Home Finance Home Loan|
|Andhra Bank Home Loan||ICICI Bank Home Loan||South Indian Bank Home Loan|
|Axis Bank Home Loan||IDBI Bank Home Loan||Standard Chartered Bank Home Loan|
|Bajaj Finserv Home Loan||India Infoline Finance Limited Home Loan||State Bank of India Home Loan|
|Bank Of Baroda Home Loan||Indiabulls Home Loan||Syndicate Bank Home Loan|
|Bank Of India Home Loan||Indian Bank Home Loan||Tata Capital Home Loan|
|Bank Of Maharashtra Home Loan||Indian Overseas Bank Home Loan||Uco Bank Home Loan|
|Canara Bank Home Loan||IndusInd Bank Home Loan||Union Bank Of India Home Loan|
|Central Bank Of India Home Loan||Jammu Kashmir Bank Home Loan||Vijaya Bank Home Loan|
|Citi Bank Home Loan||Karnataka Bank Home Loan||Yes Bank Home Loan|
|Corporation Bank Home Loan||Kotak Mahindra Bank Home Loan|
|Dena Bank Home Loan||LIC Housing Finance Home Loan|
|Deutsche Bank Home Loan||Muthoot Finance Home Loan|
|DHFL Home Loan||Oriental Bank Of Commerce Home Loan|
|Federal Bank Home Loan||PNB Housing Home Loan|
|Fullerton India Home Loan||Punjab National Bank Home Loan|
|HDFC Bank Home Loan||RBL Bank Home Loan|
Today internet is the source of information and there is a lot of information available about the home loan on internet and we have also tried to give you some information about home loan but the most important question is that Why I should take home loan from LOAN ON PHONE and how do we help you in choosing best home loan?
Almost all the banks or NBFC claims to offer you the best deal. Most of the people confused with the various offers and deal, so we are here to help you to choose the best home loan.About LOAN ON PHONE
LOAN ON PHONE is the one stop solution for all your financial needs. We are into this business for more than a decade. LOAN ON PHONE will analyze different loan offers and suggest you best deal on home loans with great customer services. Our expert provides best deal on wide range of products to the customer to take right decision.Why Choose LOAN ON PHONE?
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We understand that when you're applying for loan, you want loan as soon as possible. For this reason, our process is swift and hassle-free. If you have the required information handy, you can receive funds as soon as the next business day.
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