HOUSING LOAN / HOME LOAN

home loan, housing loan eligibility, how to apply home loan
Home Loan

Building an own h
ouse is dream for every middle class people. but most of the people not aw
are about  housing loan and government subsidy etc

Here we will see How to apply for a housing loan and housing loan eligibility.

  1. Types of Home Loans
  2. Apply for a Home Loan
  3. Home Loan Eligibility
  4. Government Subsidy for Home Loan 

Home Loan is providing a lump-sum advance of fund for buying or building a home. This amount will be repayable with interest. however you ca repay the amount via EMI. 


TYPES OF HOME LOANS

There are many types of housing loan, some are give below

Apply Loan to build a New House: Home loans mainly used for build or construct a new home. you can apply for a loan if you have passed with eligible criteria. You should have a land with DTCP approval to apply for Home Loan. 


Apply Loan for House Renovation: Home Loan used to renovate your old house with same interest rate. You should already have a house or property with proper documents to renovate the building. 


Apply Loan to Buy a Home / Apartment: you can also buy a house / villa / apartment / builder floor towards applying housing loan.  

Click the below link to Know..


HOW TO APPLY FOR A HOME LOAN

As per Government Norms to apply for home loan, you must be 18 years old. But the banker will not give loan if you are just 18 years old, Bank needs to verify your Financial position, Income sources, property value, project value and your credit score. 


WHAT ARE THE PROOFS THAT REQUIRED TO APPLY FOR HOME LOAN

ID Proof: You can give any 2 of these ID proofs to apply for Housing Loan – Adhar, Pan, Voter ID, Driving License. If you are Government employee than you can use your work ID proof also.

Address Proof: There are two types of address prof required. if you are staying in your own address than permanent address is enough to apply. instead you are staying in some other places you need to provide both permanent and current address proofs. Address proof can be Adhar, Voters Id, Driving Licence, Property tax receipt, EB receipt, Gass bill, Rent agreement deed, 

If you are salaried person, you need to give salary slip, bank statement and Income tax return for last 3 years. and if you are a business people you 


HOSING LOAN ELIGIBILITY

To apply a housing loan you must be 18 years old and above, and you need a stable income. Banker will consider your annual net income, income proof, Income tax return and your family household expenditure. 

GOVERNMENT SUBSIDY FOR HOME LOAN

Government of India has announced PRADHAN MANTRI AWAS YOJNA scheme to give subsidy for home loan.

If you build or buying your first home, you can able to apply for this Pradhan mantri awas yojna scheme. you can get up to 2,50,000/- lakhs as a interest subsidiary.  

Leave a Reply

Your email address will not be published. Required fields are marked *