What is a home loan?

Answer 1

Home loans are ideal financing solutions for purchasing a home. These loan products are specifically designed to meet various needs of the home buyers. It can help you in owning a home and manage your finances effectively.

To be able to make an informed decision, be sure that prior to choosing the type of home loan to use, you already have a sure knowledge about what your personal preference in terms of the kind of home you want to have and your capacity to pay.

There are many types of home loans available in the market today, such as First Buyer Home Loan, Equity Loan, Refinance, Low Doc Home Loan, Construction Loan, Vacant Land Loan, Non Conforming Loans, Commercial Loans, and Reverse Mortgage Loans, to name just a few. Always remember too that different lenders have different variations on their offerings, so make sure you seriously look into the details. More often, it is the little details that actually make a difference.
Home Loan: It is the amount lend to purchase or construct a house. The property is mortgaged with the financier as a security till the successful completion of the loan. Repayment can be done through fixed EMI over a fixed term.

Application of Funds Purchase of Ready Flat/ Tenement/ Row house, Repairing/ Renovation of Flat/ Tenement, New Construction of Tenement & Row house

Type of Home Loans

Home purchase loans/ construction loans / Expansion & Extension loans/ NRI home loans / Balance transfer loans

Basic Documentation

# Completed loan application # Proof of identity & residence (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card) # Statement of Bank Account/ Pass Book for last six months # Income proof # Land & property documents

(Note- a banker can ask for additional document based on customers profile)

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