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Home Loan
Whether you are looking forward to laying the pillars of your dream home or investing in a strong foundation to shelter your family, homes are the best investment to bring happiness together in the same room. Wherever we go, whatever we do, at the end of the day, we await with pleasure to go to a place of warmth; we call home, that we have built with love and love only.
To make this come true, you need to take a huge financial step towards purchasing a dream home and even furnishing it to your liking. Hence the home loans. Home loans are big tax-saving agents that help owners to raise funds for their dream venture without breaking the bank. Even though you have extra funds to pay upfront, making part payments towards your home loan is a wiser and win-win decision when compared to reducing taxes and repayment burden.
Although this may seem like an unnecessary expense at first, it can actually be a very wise decision in the long run. By doing so, you’ll not only save on interest payments in the long run, but you’ll also be able to enjoy the tax benefits that come with owning a home.
Unique Points & Features
No prepayment charges
At loanz360, our lenders are willing to offer you a zero prepayment benefit on first or second home loans. You can now waive the extra fee on the prepayment and even choose to avoid your processing fee given under certain conditions.
Tax deduction benefits
Home loans provide several tax deduction benefits under sections 80C, 24B, 80EE, and 80EEA of the Income Tax Act. You can now avail of deduction on stamp duty and registration charges along with principal repayment to benefit from discounted offers on the home loans and security from further legal issues and Income Tax officials.
Balance Transfer/Refinancing Facility
If you choose, whenever you do so, you can opt-in for a balance transfer on your home loan at lower interest rates and increased benefits from a different lender. Our agents at Loanz360 will help you through the entire hassle-free process with minimal documentation and easy approvals.
Joint loan benefits
If the loan is taken jointly, owners may claim individual benefits on the property taxes with a maximum deduction of up to 2 lakh INR on principal, interest, or stamp duty under certain conditions.
Capital appreciation and improved credit
Residential property is a growing asset and is bound to bring a raise in capital over time. With more and more realtors and buyers investing in uptown ventures, residential real estate is an evergreen money tree to those who partake in the appreciating asset. Additionally, your credit is increased twice a fold with a clean repayment record on home loans, cementing a safe road for any future loans you may need.
Low-interest rates and high repayment tenors
Loanz360’s financial partners have a lot to offer for their dream home enthusiasts. With lower interest rates and higher repayment tenors, you can now save up a lot of money and burden on the repayments.
Types
Conventional Home Loan: Conventional home loan or home purchase loan is a type of loan issued for the purchase of a new or pre-owned home at interest rates as low as 8.05% with up to 90% of the total amount offered by many lenders.
Land Purchase Loan: If you are looking forward to saving funds for later and investing in land before constructing your dream home, several banks offer a wide range of deals with or without down payments in a 100% paperless manner at interest rates as low as 8.1%.
Home Construction Loan: While purchasing land can be a burden itself, constructing a home is one step closer to making your dream come true. With home construction loans, owners or co-owners can receive funds on the total construction cost of the residential property.
Home Expansion Loan: A home extension or expansion loan is applied by individuals seeking to add an extra space or floor to the existing model. If you are planning to alter the current structure of your house, check out the enticing offers from India’s top financial lenders at Loanz360 with minimal documentation procedure and interest rates starting from 6.90% onwards.
Home Improvement Loan: Renovation adds a new look to the home during a big event. Even if there is no event to celebrate, attending to repairs and keeping the interiors and exteriors squeaky clean will make your house look better. What’s more attractive than top financiers offering funds at lower interest rates and zero processing fees?
Home Conversion Loan: Borrowers who have already taken out a home loan but wish to sell their property and purchase a new one can opt for a home conversion loan. This type of loan allows borrowers to purchase a new residential property by transferring their existing loan to the new house. Although this might be the most expensive option out there, you have nothing to be worried about at Loanz360.
Bridge Loan: A bridge loan is a short-term financing option that can be used by homeowners to finance the purchase of a new home by selling their existing one. The loan amount can be used to cover the costs of the new home until the old property is sold. Moreover, at Loanz360, we work with our partners to bring you the best financing experience for a bridge loan.
NRI Home Loan: For non-resident Indians planning to purchase a residential property in India, NRI home loans offer several benefit schemes to encourage our international residents to secure financial transactions.
Balance Transfer Loan: At any given time if you may wish to transfer your outstanding loan amount to a different lender with added benefits and lower interest rates, you may do so with any of the banks offering largely attractive and revised services.
PMAY: Pradhan Mantri Awas Yojana or PMAY is a beneficial subsidized loaning scheme registered only under a few banks that are allowed to provide funding with CLSS under PMAY for first-time property owners to avail of the benefits.
Eligibility Criteria
Age: 18 – 65 years (Conditions Apply)
Type of Employment: Salaried/Self-Employed/Business Owner(Govt, Large Enterprises, Etc.)
Nationality: Resident of India/NRI
Income: Monthly Minimum ~ Rs. 20,000/- and above (Salaried/Self-Employed), Minimum ~ Rs. 2,00,000/- p.a onwards (Business Owners)
Maximum EMI: EMI ~ maximum of 50% – 70% of the net monthly income
Credit/CIBIL Score: Any profile(Credit score ~ 650 or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Employment Stability: 1 – 5 years and above (With a stable income and continual flow of money)
Note: The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Documentation
Note: Documents requested may vary from lender to lender, contact Loanz360 for any inquiry.
Age Proof – Birth certificate/SSC certificate/Matriculation certificate or marks sheet/etc.
Proof Of Identity – Voter’s ID/Passport/PAN Card or Form 60/Driving License/Aadhaar Card
Address Proof – Aadhaar Card/Electricity Bill/Ration Card, Copy of Utility Bill/Insurance Bond/Bank Statements/Income Tax Assessment Order/Property Registration documents/Pensioner Book/Property Tax Receipt/Employer Certificate
Income Proof Documents – Copy of latest three months’ salary slips/bank statements, Form 16 for salaried individuals, Copy of Income Tax Returns (ITR)/C.A certified Balance Sheet and Profit and Loss Statements along with business stability and ownership proof.
Existing Loan Documents (If Any), Property Papers/Documents of Property to be Purchased.
NRI Documents Required
ID Proof – PAN Card/Photocopy of Passport
NRI Status Proof: Copy of work permit(if applicable)/Visa/Current overseas resident card
Address Proof: Passport/Drivers License/Ration Card/ Any other certificate from Concerning Statutory Authority
Income Proof: Employment contract/Appointment letter with current employer/Latest three months salary slips/Bank account statement for last six months for salary proof/General power of attorney/Last year ITR except for NRIs in Middle East nations and Merchant Navy Employees
Property Papers: Documents of property to be purchased/Detailed home plan estimates from the architect (Upon request)
Charges & Interest Rate
CURRENT HOUSING LOAN INTEREST RATE START @8.30 P.A ONWARDS.
Different Financial Institutions' Home Loan Rate of Interest vary based on Loan amount, CIBIL Score type of property , Technical Deviation of the Property.
Rate of Interests of the Home Loan will change time to time, below mentioned rate are tentative at this point in time only for information sake & may vary by banks at the time of santioning Loan.
At LOANZ 360 experts will try to do out best to get best rate possible for the clients.
Compare interest rates and check more deals offered on home loans by our financial partners at Loanz360 in 2022.
Bank Name | Interest Rate (P.A) |
HDFC | 8.3% onwards |
Allahabad Bank | 8.50% |
Bank Of Baroda | 8.55% |
Kotak Mahindra | 8.30% |
Pirmil Housing | 10.75% |
Hudco Home Loan | 9.25% |
Karur Vysya Bank | 8.55% |
Citi Bank | 8.50% |
IDFC First Bank | 8.70% |
SBI | 8.55% |
ICICI | 8.50% |
Bandhan Bank | 9.0% |
Axis Bank | 8.60% |
IIFL | 10.50% |
GIC Housing Finance | 10.20% |
Shriram Housing Finance | 10.90% |
India Shelter Finance | 13.00% |
Syndicate Bank | 8.90% |
Tata Capital | 9.5% |
IndusInd Pvt Ltd | 8.70% |
Bajaj Housing Finance | 8.60% |
Bank of Maharastra | 8.5% |
Fullerton India | 9.99% |
Federal Bank | 8.65% |
Bajaj Finserv | 8.50% |
HSBC | 8.35% |
Aditya Birla Capital | 8.60% |
RBL Bank | 9.50% |
Corporation Bank | 9.40% |
Oriental Bank Of Commerce | 9.75% |
Karnataka Bank | 9.08% |
Indiabulls Housing Finance | 9.65% |
LIC Housing Finance | 8.55% |
Indian Overseas Bank | 8.45% |
DCB Bank | 10.50% |
Sundaram Home Finance | 8.95% |
Punjab National Bank (PNB) | 8.75% |
Nainital Bank | 7.00% |
Standard Chartered Bank | 8.99% |
Vijaya Bank | 9.45% |
UCO Bank | 8.90% |
Lakshmi Vilas Bank | 8.55% |
Union Bank Of India | 8.40% |
United Bank Of India | 8.75% |
IDBI Bank | 8.50% |
Reliance Home Finance | 8.75% |
Punjab & Sind Bank | 9.30% |
Bank Of India | 9.30% |
Yes Bank | 8.70% |
PNB Housing Finance | 8.50% |
Canara Bank | 7.90% |
Note: Our financial partners are not limited to the above-mentioned banks. Contact Loanz360 to discuss options. The interest rates may vary subject to conditions.
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Click HereContact NowFAQ
Can I get Instant digital approval on Home loans?
Yes. You can now get instant digital approvals on your home loans with our leading financial partners at Loanz360 within a matter of minutes.
What is a Power of Attorney?
A Power of Attorney is a legal document that allows an individual to appoint someone else to handle their financial affairs. This can include making decisions about their assets, such as their home or other property. General POA allows the individual to confer general rights like lease, sell, etc, while specific POA will allow the owner to grant only a specified right to the chosen person.
How can NRIs pay for home loans?
The housing loan must be paid in full over the loan’s term by funds transferred to India through banking channels from any location outside India.
Can I apply for a joint home loan with my friend or a business partner?
Mostly no. Most banks do not offer their services if the co-applicant is not an immediate family member of the applicant. However, under certain circumstances, few banks are willing to lend loans if the co-applicant signs the co-ownership document along with the owner.
What costs are not covered by a home loan?
You will be responsible for additional costs beyond the margin, such as the initial down payment, stamp duty, registration, and transfer fees.
Is taking home loan insurance important?
There is no law stating that home loan insurance is mandatory. However, most mortgage lenders expect homeowners to insure their property against potential hazards to avail of the loan.
Can I ask for my processing fee back if the loan does not get sanctioned?
Although the payment cannot be refunded in full, the security deposit or a part of the processing fee can be refunded by the lender if the loan is denied or rejected. However, most banks offer a zero processing fee policy for your convenience and comfort.
What is a prepayment or part payment penalty on home loans?
Prepayment or part payments should be fine with several banks offering their customers a levied charge on these payment options. Check with the banks or the marketplace before you apply for a loan to understand the benefits and lower your EMIs.
What is the maximum repayment tenure on a home loan?
With repayment periods extending up to 5 to 25 years before retirement, repayments on home loans are highly flexible and vastly extendable.
What is the maximum amount I can avail of on the loan?
Loans on homes vary from lender to lender, most encouraging vast funding of 10 crore INR.
What is mortgage fraud?
“All mortgage fraud schemes contain a material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase, or insure a loan,” says the FBI.
Why Loanz360?
We work with an exclusive network of over 50 leading financial institutions across the country to provide only the best bank loans. So, we’re sure to find a solution that’s right for you. With our years of experience and intimate industry knowledge, we’ll ensure you get the best loan possible.
