A range of benefits on Home credit loan from Insurance-Wala, irrespective of your loan amount or type of vehicle.
Home credit loans on Loan-Wala offers some of the most attractive Home credit loans in India. Check out the current Housing Loan rates here.
The minimum eligibility criteria for Housing Loan are Your age should be above 18 years at the time of availing the loan, and it cannot be more than 70 years at the end of its tenure.
|Age of the Applicant||18 to 70 years|
|Salary||Rs. 25,000 per month and above|
|Work Experience for Salaried||3 years and above|
|Business Stability for Self Employed||5 years and above|
|Maximum Loan on Property Value||Up to 90%|
|Maximum EMI as percent of income||65%|
There are mainly two types of Home credit loans charged by most of the banks.1. Fixed Interest Rate 2. Floating Interest Rate
Housing Loan EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your Housing Loan.
To make your application process simpler, here is a list of documents that you will need:
|Identity Proof||Address Proof||Proof of income||Other documents||Property Documents|
|Voter Card||Voter Card||Last 2 months salary slip||Documents related to running loans along with 6 months repayment bank statements||Copy of complete chain documents of the property|
|Aadhar Card||Aadhar Card||Last 6 months bank statement of salaried account||--||Copy of Agreement to Sell|
|Valid Passport||Valid Passport||Latest Form 16 / ITR||--||Copy of the Allotment Letter / Buyer Agreement|
|Driving License||Letter from a recognized public authority or public servant verifying the identity and residence of the customer||--||--||Copy of Receipt/(s) of payment/(s) made to the developer|
|Photo Credit Card||Latest Utility bill||-||-||-|
|Photo Identity card issued by Govt. body||Rent agreement on stamp Paper||--||--||--||--||Bank Statements reflecting address of borrowers of any commercial nationalized bank||Business Profile and Previous 3 years Income Tax returns||--||--||--||Credit Card Statement not older than 3 months||Previous 3 years Profit/Loss and Balance Sheet||--||--|
|Bank of Baroda||8.15% - 9.15% p.a.|
|Axis Bank||8.55% - 9.40% p.a|
|State Bank of India||7.90% - 8.55% p.a.|
|PNB Housing Finance Ltd.||8.95%- 9.95% p.a.|
|ICICI Bank||8.60% - 9.40% p.a.|
|LIC Housing Finance Limited||8.40% - 8.50% p.a.|
|United Bank of India||8.00%- 8.15% p.a.|
|UCO Bank||8.05% to 8.60% p.a.|
|Bandhan Bank||8.75% - 14.50% p.a.|
The most important thing that you have look at is the cost of the house and the way you plan to finance it.
If you want to take a Home credit loan for either buying a flat/ house or a plot of land for construction of a house, or renovation, extension and repairs to your existing house.
If you start the Housing Loan process, determine your total eligibility, which will mainly depend on your repaying capacity. Your repayment capacity is based on your monthly disposable or surplus income, which, in turn, is based on factors such as total monthly income/surplus less monthly expenses, and other factors like spouse's income, liabilities, assets, stability of income.
The bank has to make sure that you're able to repay the loan on time. The higher the monthly disposable income, the higher will be the loan amount lyou will be eligible for. Typically, a bank assumes that about 50% of your monthly disposable or surplus income is available for repayment. The tenure and interest rate will also determine the loan amount. Further, the banks generally fix an upper age limit for Housing Loan applicantsl, which could impact one's eligibility.
We have associated with given bank list we also working other bank also