Home Loan

Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. Building your own home is special. As one of the leading home loan providers, Best deal4loan is here to help you lay the foundation for your dream home. A home loan, also popularly identified as a mortgage, is an easier financial option to own a house. Once you've decided to endeavour on a home loan, there are so many things that you need to be informed with. Not only is it going to be an emotional experience, it is also going to be a very informative monetary journey, as you will be dealing with the whole caboodle of the mortgage process along the way.

Features & Benefits

Here are a few pointers that make Best deal4loan your ideal partner for home loan requirements:

Loans for salaried and self employed individuals

No hidden charges -More flexibility

Loan transfer at lower rates

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Eligibility Information check the maximum loan offered

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 Purpose of loan:
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 Monthly Take Home Salary Must Be Greater than (25,000)
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Home Loan Eligibility

Salaried Individuals include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings and central, state and local bodies:

Eligibility Criteria
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 60 years
  • Minimum employment: Minimum 2 years in employment and minimum 1 year in the current organization
  • Minimum Net Monthly Income: Rs. 10,000 per month (Rs. 15,000 in Mumbai, Delhi, Bangalore, Chennai and Hyderabad & Rs. 12,000 in Calcutta, Ahmedabad and Cochin)
Documents required:
  • Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)
  • Address Proof (Ration card Tel/Elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
  • Bank Statements (latest 3 months bank statement / 6 months bank passbook)
  • Latest salary slip or current dated salary certificate with latest Form 16
   
Self employed (Professionals) include self - employed Doctors, Chartered Accountants, Engineers, MBA Consultants, Architects, Company Secretaries.

Eligibility Criteria
  • Minimum age of Applicant: 25 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: 4 to 7 years depending on profession
  • Minimum Annual Income:
    Rs. 100000 p.a.
Documents required:
  • Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).
  • Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate).
  • Bank Statements(latest 6 months bank statement /passbook)
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
  • Qualification proof of the highest professional degree
   
Self Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.

Eligibility Criteria

  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: 5 yrs continuous business experience
  • Minimum Annual Income: Rs. 1,00,000 p.a.
  • Available in select cities
Documents required:
  • Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)
  • Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
  • Bank Statements(latest 6 months bank statement /passbook)
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
  • Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
  • Other Mandatory Documents(Sole Prop. Decl. Or Cert. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)
   
Self Employed (Pvt Cos and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services

Eligibility Criteria

  • Years in business: Minimum of 3 years in current business and 5 years total business experience
  • Business must be profit making for the last 2 years
  • Minimum Annual Income: Rs 100000 p.a.
  • Available in select cities
Documents required:
  • Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
  • Bank Statements(latest 6 months bank statement /passbook)
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
  • Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
  • Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original).)

Home Loan Benefits

  • Borrow up to Rs 15,00,000for any purpose, depending on your requirements.
  • Borrow up to Rs 15,00,000for any purpose, depending on your requirements.
  • Repay with easy EMIs.
  • Avail  Attractive  Interest Rates
  • Hassle-freeLoans - No Guarantor / Security / Collateral required
  • Speedy Loan Approval.
  • Flexible repayment options, ranging from 12 to 48 months.
  • Convenience of service at your doorstep.
  • Credit Shield.
  • Personal Accident Cover.

Home Loan FAQs

Q: What are the types of home loans available?

  • Ans: These are a range of Home Loans available:
  • Home Purchase Loans: for the purchase of a new home.
  • Home Improvement Loans: for implementing repair works/renovations in a home that you have already purchased.
  • Home Construction Loans : for the construction of a new home. 
  • Home Extension Loans: for expanding/extending an existing home.
  • Land Purchase Loans: for purchase of land for home construction/investment purposes.
  • Home Conversion Loans: for those who have financed the present home with a home loan and wishes to purchase/move to another home for which some extra finances are required. In Home Conversion Loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need for pre-payment of the previous loan.
  • Balance Transfer Loans: helps you to pay-off an existing home loan and avail the option of a loan with a lower rate of interest.
  • Bridge Loans: for people who wish to sell the existing home and purchase another. This loan helps you finance the new home, until you find a buyer for your old home. • Refinance Loans: helps you pay off the debt you have incurred from private sources like relatives/friends, for the purchase of your present home. 
  • Stamp Duty Loans: is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.
  • Loans to NRIs: to build/buy a home in India. EMI is payable till the loan is paid back in full. It consists of a portion of the interest as well as the principal. Some of the incentives offered by banks are : 
  • Loan sanction without requiring you to identify property as a pre-requisite for eligibility. 
  • Free accident/property insurance.
  • Waiving of pre-payment penalty/processing fee.
 
Q: How is my Home Loan eligibility determined?

Ans: Your Home Loan eligibility is determined by your repayment capacity, taking into consideration, factors such as: Your:

  • Income
  • Qualifications
  • Age
  • Spouse's income
  • No. of dependants
  • Stability and continuity of occupation
  • Assets/LiabilitiesM.
  • Savings history. The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.

Home Loan Document Required

Documents required in Home Loan

Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:

  1. Age Proof.
  2. Income Proof of the applicant & co-applicant.
  3. Last 6 months bank A/C statement.
  4. Employment certificate from the employer.
  5. Copies of pay slips for last few months and TDS certificate.
  6. Latest Form 16 issued by employer Bank statements In case of Self-employed.
  7. Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company.
  8. Profit and loss account for the last few years.
  9. Income tax assessment order.

NOTE  In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other mandatory documents etc.

Home Loan Over View

Coming Soon........