Home Loan
What is Home Loan and Why you should Consider It?
Home loans can be used for a brand-new home, or to renovate your ancestral property or even to build an extra room. Home loans are secured loans that are obtained by an applicant to fund the purchase/construction of a new house. The repayment tenures are flexible and are up to 30 years. High loan amounts of up to 10 crores can be obtained. Balance transfer facility and special interest rates for women applicants are available. Apply for home loans at Universal Financial Service. We offer best interest rates and a pool of lenders to choose from.
Features and Benefits of Home Loan
- Comprehensive Solutions for Every Dream House: We have the perfect Loan Against-property solution if you are considering constructing your dream abode. Our versatile offerings cater to all your housing needs, ensuring your dream home becomes a tangible reality.
- Affordability at its Core: Our commitment to making homeownership accessible is reflected in our affordable Loan Against Property, starting as low as ₹5 Lakhs, coupled with competitive interest rates.
- Balance Transfer: Enjoy lower monthly EMIs by transferring your outstanding loan balance to Grihum Housing Finance and ease your financial burden.
- Top-Up Loan: Manage your sudden financial needs with a Top-Up Loan on your existing loan with minimal documentation.
- Competitive interest rates: We offer Loan Against Property at competitive and affordable interest rates, ensuring lower monthly instalments for you.
- Doorstep service: To make your loan experience effortless, our trained and knowledgeable executives are there to assist you whenever you need it your doorstep.
What kinds of properties are eligible?
In India, most banks provide the following types of home loan
- Home Purchase Loans: Commonly known as a home loan or housing loan are provided for buying houses or apartments. Banks usually offer 80 to 85% of the market value of the property as a loan. They are available for various tenure periods and with fixed and floating interest rates. This can be used for purchasing new homes or old homes which have entered the real estate market as resale.
- Plot Loans: This type of loan is provided for the purchase of land or an empty plot for residential activity, construction or investment purpose. This loan cannot be used for buying any agricultural plot of land. Unlike home loans where the loan amount provided is about 80 to 85% of the price of the property, land purchase loans are offered only up to 70% of the cost of the land.
- Home Construction Loan: Home construction loans are provided for the sole purpose of constructing a home on an already available piece of land. The land can be an empty plot or demolishing an existing house and building a new one in its place. The loan amount provided for this is normally 85% to 90% of the construction cost.
- Home Improvement Loans: These loans help the borrower with all home renovation or improvement work. They are extended towards all construction and renovation work. This could include paint job, new flooring work, plumbing or exterior elevation works are all covered under home improvement loans.
- Home expansion loans: These are loans provided to the borrower for expanding their existing home. This includes expanding a single room, adding additional rooms to building a new floor above the existing house. These projects could vary from Rs. 20,000 to more than Rs.10 lakhs based on the project.
Requirements
Loan Amount
5 Lacs to 5 Crores
Age
Min 21 to 60 Years
Emplyoment Status
Self Employed Individuals, Salaried Employees, Business Man
Documents Required
It is necessary to get an accurate list of the required documents directly from your lender, but most lenders will require the following documents:
- Application form. Some lenders allow you to download the form from their website. The application form generally includes your personal information, contact details, details of the property (location etc.), various costs involved in buying property, the loan amount and the tenure sought, and your income details. The cheque for the processing fee is usually submitted with the form.
- Photograph
- Identity Proof (could include passport, election/voter’s ID, permanent driving license, Permanent Account Number (PAN) card or Aadhaar Card
- Address proof ( could include passport, election/voter’s ID, permanent driving license, Society outgoing bill (only from registered societies), electricity/water/telephone bill, Gas bill (pipeline connection only), Property tax bill, Domicile certificate with address issued by Municipal Corporation
- Signature Proof
- Date of Birth Proof
- IT Returns & Balance Sheet & P/L Account statement for the last 2 years.
- Business Continuity Proof for 5 years.
- Bank Account Statements for the last 6 months
- Copy of papers of property to be mortgaged
Note that there could be differences between the income documentation required from salaried employees and others.