INSIGHT INTO THE AMAZING WORLD OF HOME LOANS IN INDIA
Take a situation, where in you wanted to construct a house, good initiative. However, you do not have the financial power to get the house constructed. What to do? You are clueless, it is like playing chess in the dark.
What are Home Loans?
A huge amount borrowed from the banks/financial institutions in India, by keeping asset as guarantee, at rate of interest convenient to a person is known as the Home Loans.
Why The Need For Home Loans In India: People in India are struggling to build house and financial assistance is very negligible to build the house. Cost of leading a life has increased considerably, yet people love to have a house under their name.
Moneymindz.com is providing unbiased financial advice to people in India, to take up home loans. Thanks to rise of many banks/financial institutions in India, many people are opting for various home loans.
Kinds Of Home Loans In India:
Some of the home loans available in India are as follows:
1. Plot Purchase Loans: You are measured by the land you own under your belt. Purchasing land is a future investment for building the house. Land available in India can be used for commercial and residential purposes.
Actual price of land can be found, by visiting the Taluk office/Village Panchayat office. Various nationalised/private banks in India are offering the land/plot purchase loans at reasonable rate of interest.
2. House Construction Loans: A crucial loan to construct the independent house, row house, villas in India is the house construction loans. Facts are available like the layout/design of the house, materials used, financial cost as well.
3. Home Purchase Loans: Loan taken in order to purchase flat / apartment / villas / row houses/condominiums/independent houses in India is the home purchase loans. Lot of players are there assisting the people with home loans at suitable rates. Rate of interest vary like hybrid, fixed and floating depending upon the area, you purchase the house.
Home Enhancement Loans: A type of loan undertaken in order to do the renovation/repair of the house is the home improvement loans. It consist of general renovation, painting, undertaking repairs, overhead tank maintenance/construction, electrical work, renovating kitchen, basements, flooring, tilling, checking for leakages and others in a systematic manner. One need to take loans, as all rates of above mentioned services have shot up.
NRI Home Loans: A special loan, catering to the Indians living abroad, working hard under challenging conditions is known as the NRI Home Loans. Offered by the banks/specialized financial institutions to people willing to set up house in India. The eligibilities for taking up NRI home loans will be different than the normal home loan criterion. Slowly, these people are becoming target of the banks, in generating revenue.
Document Required (Employees):
ØBank Statement (6 Months)
ØIncome Tax (Form 16)
Document Required (For Business):
ØIncome Tax (Form 16)
ØRegistration form of the business house
ØLatest Salary Slips
Hence a home loan from good bank will ensure steady flow of funds for customer.
TO KNOW MORE ABOUT HOME LOANS: