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Why Home Loan From Us?

  • 20 years of experience in home loan.
  • Home loan up to Rs. 100 crore.
  • Lowest ROI & processing fees or “NIL” processing fees.
  • 20% higher loan amount than other service provider.
  • Home loan up to 90% of cost of property.
  • “NO INCOME PROOF” home loan.
  • Home loan to “LOW CIBIL SCORE” or “NO CIBIL SCORE”.
  • Home loan based on past loans repayment track records.
  • Home loan to all kinds of profile. There is “NO NEGATIVE PROFILE”.
  • Home loan on almost all types of property .
  • Minimum Documentations.
  • Fastest loan approval guaranteed
  • No Hidden Charges.
  • Amicable after sales service.

Do you want to know more about Home Loan?

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%.

  • Rented House to Own House: If you are residing in a rented house, then it is always advisable to take a home loan and shift to your owned house. Rent will compensate your EMI (Equated Monthly Installments) and this will also give you capital appreciation. Investment in the property by taking housing loan will not only give capital appreciation but also peace of mind, social respect and recognition.
  • High Property Price: As price of the property is very high and buyer may not be having all the amount, bank or NBFC are there to lend you money in the shape of housing loan for which they charge interest on the loan amount.
  • Income Tax Rebate on Home Loan Interest Payment: As per Income Tax Act 1961, If you are paying housing loan EMI, which consists interest and principal component. The interest portion of the EMI can be claimed as a deduction from total income upto maximum of Rs. 2 Lakhs U/s 24.
  • Deduction on Home Loan Principal Payment: The principal portion of the EMI can be claimed as a deduction from total income upto maximum of Rs. 1.5 Lakhs U/s 80c.
  • Deduction for Stamp Duty and Registration Charges: Deduction for stamp duty and registration charges can also be claimed U/s 80c but within limit of Rs. 1.50 Lakhs.
  • Deduction for First Time Home Buyers: If any individual do not have any owned house and buying a house first time, then as per Income Tax Act 1961, Sec 80EE he can claimed an additional deduction of up to Rs. 50,000/-.
  • Deduction for Joint Home Loan: If any individual has taken home loan jointly then each of them can claim a deduction of home loan interest up to Rs. 2 lakh u/s sec 24b and deduction of principal portion of home loan up to Rs. 1.50 lakh u/s 80c. To claim this deduction, property must be in the joint name. So joint home loan can help you to claim larger tax benefit.
  • Regular Income: If an individual buying a property for the investment purpose then it is a good source of regular income in the form of rent. This rent will not only compensate your home loan EMI but also it will give you capital appreciation.
  • Cheap Rate of Interest: Bank is offering very low rate of interest on housing loan in comparison to private lender or financer, so it's a win-win situation for both bank and borrower.

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 For Ready To Move In House: When an individual buying a ready to move in house or flat from any authority, builder, seller or any other legal body then HOME PURCHASE LOAN provided by the bank or NBFC. In India, you can take LOAN ON PHONE professional consultancy. We will be there with you for your each step.
  • Plot Loan / Land Purchase Loan: Plot Loan also comes under the head "HOME LOAN". When an individual buying a piece of vacant plot or land from any authority, builder, seller or any other legal body then PLOT PURCHASE LOAN provided by the bank or NBFC.
  • Construction Loan: Construction Loan also comes under the head "HOME LOAN". When an individual want to built or construct his plot then construction loan provided by the bank or NBFC. This type of loan provided by the bank or NBFC only if you are already owned a plot. Bank is providing construction loan on the basis of construction estimate duly vetted by bank or NBFC empanelled architect. Loan is disbursed as per the stage of construction being recommended by empanelled valuer of the bank.
  • Plot Plus Construction Loan: It is combination of two loan i.e. Plot Loan and Construction loan. When a home loan borrower wants to construct a home after buying plot then bank or financial institutes provides him plot plus construction loan. Here one thing is to be remembered that construction loan will be disbursed once plot loan is disbursed and all the property papers related to plot is in the record of bank or NBFC. Bank is providing construction loan on the basis of construction estimate duly vetted by bank or NBFC empanelled architect. Loan is disbursed as per the stage of construction being recommended by empanelled valuer of the bank.
  • Home Rennovation Loan: If a home loan borrower wants to renovate his house or want to construct additional room or any type of extension in the current structure then bank or NBFC provides home renovation loan. To avail home renovation loan, home loan borrower has to submit a detailed renovation estimate. Bank is providing home renovation loan on the basis of renovation estimate duly vetted by bank or NBFC empanelled architect.
  • NRI Home Loan: If a person is a Non-Resident of India, and want to purchase a home in India, then bank or NBFC provides him a home loan which is called NRI HOME LOAN. The requirement and procedure of NRI home loan is different from regular home loan.
  • Merchant Navy Home Loan: If a person is in Merchant Navy and wants to purchase a home in India, then bank or NBFC provides him a home loan which is called MERCHANT NAVY HOME LOAN. The requirement and procedure of Merchant Navy Home Loan is different from regular home loan.

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:

  • Age: At the time of home loan application, applicant must be 21 years or above but not more than 60 or 65 years because repayment of the loan has to be completed on or before 60 or 65 years of borrower age.
  • Employment Continuity: Bank or NBFC checks employment continuity of an individual who is applying for home loan. An individual should have 3 years of working experience in the business or employment. A regular source of income, ensure the lender regular repayment of their housing loan EMI.
  • Cibil Score: A home loan borrower who is having good cibil score will get quick loan from the bank or NBFC. Cibil score is a decisioning factor for sanctioning or rejecting home loan applications.

What are the documents required for home loan?

Documents required for home loan depends upon the type of employment of an individual.
Documents required for different types of employment are as follows:

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement
  • Copy of Registered Lease Deed
  • Employee ID Card

Income Documents

  • Latest 3 months salary slip
  • 3 years form-16, 26AS, ITR with computation of Income
  • Annual CTC Letter
  • Copy of Appointment Letter

Bank Statements

  • One year up to date salary account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of Agreement to Sale (ATS)
  • Copy of previous chain of property papers
  • Copy of approved sanction plan or Map

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of VAT/ Sales Tax, GST, Import-Export or any other registration Certificate
  • Latest Office Address proof i.e electrcity bill, rent agreemen etc.
  • Company Profile on the Letterhead of the firm

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet
    with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the saving and current account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month upto date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of Agreement to Sale(ATS)
  • Copy of previous chain of property papers
  • Copy of approved sanction plan or Map
Individual Partners Document

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement/ Registered Lease Deed

Income Documents

  • Latest 3 year ITR with computation of Income
  • Latest 2 year form-16 with 26AS if applicable

Bank Statements

  • One year up to date all the saving account statements

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of Agreement to Sale(ATS)
  • Copy of previous chain of property papers.
  • Copy of approved sanction plan or Map.
Partnership Firm Documents

KYC Documents

  • Pan Card
  • Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
  • Copy of Partnership Deed
  • Latest office address proof i.e. electricity bill, rent agreement etc.
  • Company Profile on the Letterhead of the Company

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the current account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed
Individual Directors Document

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement/ Registered Lease Deed

Income Documents

  • Latest 3 year ITR with computation of Income
  • Latest 2 year form-16 with 26AS if applicable

Bank Statements

  • One year up to date all the saving account statements

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months upto date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of Agreement to sale (ATS)
  • Copy of previous chain of property papers.
  • Copy of approved sanction plan or Map.
Private Limited or Limited Company Documents

KYC Documents

  • Pan Card
  • MOA & AOA
  • Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
  • Latest office address proof ie. electricity bill, rent agreement etc.
  • Company Profile on the Letterhead of the Company
  • List of director & shareholder with their shareholding pattern duly certified by CA.
  • Latest form-32

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the current account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

KYC Documents

  • Pan Card
  • Copy of Passport with VISA
  • Copy of Green Card
  • Complete CDS certificate in case of Merchant Navy
  • Copy of valid residence proof in abroad
  • Employee ID card or Labour card
  • Copy of latest work permit

Income Documents

  • Latest 3 months salary slip
  • Latest 3 years income tax acknowledgement form
  • Annual CTC letter
  • Copy of appointment letter
  • Credit report from credit agency

Bank Statements

  • One year Upto date NRI Salary account statement
  • One year Upto date NRO/NRE account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month upto date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Power of Attorney Holders Documents

  • Copy of PAN card & Aadhar card
  • Power of Attorney in favour of blood relatives or relatives in India

Property Documents

  • Copy of Agreement to Sale(ATS)
  • Copy of previous chain of Property papers
  • Copy of approved sanction plan or Map

What is the Rate of Interest of Home Loan in 2018

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.

  • HOME LOAN FIXED RATE OF INTEREST: As the name suggest, fixed rate of interest on home loan remain fixed for entire loan tenure. Fixed rate of interest do not have any impact of market fluctuations. The main disadvantage of fixed rate of interest is that it is usually higher than floating rate of interest by 1% to 2.50%. Not only this but also if rate of interest on home loan decreases any time during the entire loan tenure, fixed rate of interest remain same and home loan borrower have to pay same EMI.
  • HOME LOAN FLOATING RATE OF INTEREST: Floating rate of interest changes with the market condition. Floating rate of interest includes base rate plus margin. So whenever bank or NBFC changes there base rate the floating rate of interest on home loan gets changed. Benefit of floating rate of interest is that it is cheaper than fixed rate of interest of home loan.

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.

OR

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.

What are the other key factors to be considered before choosing best home loan?

Before taking home loan it is advisable to consider following factors:

  • Budgeting: Buying a property from own pocket is not possible for all of us, it is a very big and life time investment, so home loan is the best way to purchase a property but before taking home loan it is necessary to do proper budgeting. Bank or NBFC will give you loan maximum 75% to 80% of cost of property or market value whichever is lower. So before taking home loan it is necessary to keep 20% to 25% margin money or own contribution with other charges like stamp duty, registration charges, loan processing fees, brokerage etc.
  • Loan Eligibility: Once budgeting is finalized then check your home loan eligibility, that how much loan you can take from bank or NBFC. All the banks or NBFC have different product and policy to calculate the loan eligibility. Loan eligibility also depends upon so many other factors like age, income, cibil score, work profile and financial stability etc.
  • Rate Of Interest: Before taking home loan, check rate of interest charged by different bank or NBFC as it has a major impact on your EMI. If rate of interest is high then EMI is also high, so choose the bank which provides lower rate of interest so EMI will not put extra loads on your EMI.
  • Loan Processing Fees: Bank or financial institution charges loan processing fees to process your home loan application. There are two types of charges one is loan processing fees and another one is loan administration charges. Loan processing fee is taken by the bank or NBFC to process your loan application. It could be a fixed percentage of your loan amount or a fixed amount. Loan administration charges are taken by lender to maintain your loan account after disbursement.
  • Home Loan Terms And Conditions: Bank or NBFC laid down several conditions related to balance transfer of home loan to another lender, pre-closure charges, part payment charges etc. It is advisable to read all the terms and conditions before choosing the best bank.

Who are the best home loan providers?

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

Why I should take Home Loan from loan on phone and how do we help?

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?

LOAN ON PHONE knows that you have numerous options when it comes to procuring loans. For example, you could turn to a bank or NBFC (Non Banking Financial Corporation). In addition, the Internet is home to numerous lenders who want to reel you in. However, there's no need to search any further. Here are the reasons LOAN ON PHONE is the only resource you'll need.

LOAN ON PHONE Invested in Your Safety

It's easy to stumble upon fraudulent websites during your search for a suitable loan. Under the guise of reliable lenders, hackers will use infectious malware programs to obtain your private information. You'll also have to keep your guard up for fake application pages. These pages will steal any personal sensitive information that you input.

There's no need to take risks with your personal financial records. Skip those unsecure sites and work with us. LOAN ON PHONE features secure web pages that are free of malware infections. When you work with us, your information is safe.

LOAN ON PHONE Offers Choices

When you use our services, you'll have access to a large network of lenders without even leaving home. Alternatively, you can save your valuable time and money traveling to a physical loan lender. The smart choice is obvious. Give your feet a rest; stay home and work with us. You find the lender that seems best for you.

LOAN ON PHONE Works Fast

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.

Don't get caught up in delays and complicated requirements of other service provider. LOAN ON PHONE process is faster than working with any other service provider, so count on us for immediate emergency loan requirement.