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Home Loans
Home Loans
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The home buying process can seem complicated, but if you take things step-by-step and you know how to choose the right home loan, you will soon be holding the keys to your own home!

Step 1: Figure out how much you can afford. What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. The calculations can help, but it is best to visit a lender to find out for sure. A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that down payment!

Step 2: Know your rights

Step 3: Shop for a loan. Save money by doing your homework. Talk to several lenders, compare costs and interest rates, and negotiate to get a better deal. Consider getting pre-approved for a loan

Step 4: learn about home buying programs

Step 5: Shop for a home. Chose a real estate agent, Wish list-what feature do you want, Home- shopping checklist-take this list with you when comparing homes.

Step 6: Make an offer. Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale

Step 7: Get a home inspection. Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

Step 8: Shop for homeowners insurance Lenders require that you have homeowners insurance. Be sure to shop around.

Step 9: Sign papers. You’re finally ready to go to “settlement” or “closing”. “Be sure to read everything before you sign.

Step 10: the House is yours now. Have Puja or hawan

Term used in Housing Finance

EMI: Equated Monthly Installment till the loan is the paid back. It consists of a portion of interest and the principal

 Floating Rate of interest: Rate of interest which varies with the market lending rate. This means that there is an element of risk of paying more than budgeted amount in case the lending rates goes up

 Monthly Reducing balance: In this system interest reduces monthly with repayment of Principal amount

 Annual Reducing Balance: In this system Principal is reduced annually at the end of the year so you end up paying interest even for the portion of principal you have actually paid back 

Fixed rate of interest: Rate of interest remains unchanged throughout the period of the loan

Processing charge: It’s a fee payable to the lender on applying for the loan

Prepayment Penalties: When loan is paid back before the agreed term of the loan, then banks/institution charge penalty for the prepayment

Commitment Fee: Some institution charge commitment fee in case the loan is not availed within a stipulated period, after it is processed and sanctioned

Miscellaneous Cost: It is quite possible that some lenders may charge documentation or consultant charges

For Resident Indians:

 Various factors like income, age, educational qualification, current labiates, total assets, spouse’s income and more are taken into consideration to determine the eligibility of a home loan applicant. The general eligibility name applicable for the Resident Indians includes:

*   The loan applicant must be 21 years or older when the loan is approved

  The loan applicant must terminate before when the applicant turns 65 years or before retirement, or whichever is earner

  The loan applicant must have a regular source of income- employed or self-employed

For NRIs:

 Though the eligibility citation set for the NRIs is similar to that resident Indians, more emphasis is given on the following when it comes to the appraisal of an NRI case.

*   Qualification-the NRI applicant has to be a graduate

  Current and past job profile

  Probably of combusting abroad for the loan tenure

*     Probably of combusting servicing the loan with an extended tenure in case the NRI Applicant has to return to India

*   Should be employed abroad for at least 12 years

Bank Loan Application Documents checklist
For Resident Indians

 *   A passport size photograph

 *   PAN card

 *   Voters ID

 *   Passport or license for age proof

 *   Last six month bank statement

 *   Salary certificate/Slip

 *   Latest from 16

 *   Certified IT returns for the past 3 years

 For NRIs 

*    Passport and visa copy


*    Salary certificate/Slip

   Work Permit/Job Contract

   Personal Bank Statement for last 6 months (Overseas & NRE/NRO)

*    Processing fee cheque from NRE/NRO account

   Power of Attorney (if the applicant not in India, he/she can execute power of Attorney in formal)

*    Applicants from the UK or US need to produce credit report

Additional Fee

The following fee and charges are attached with home loans processing.

*    Prepayment Penalty is charged by certain banks- usually 1-2% of the amount being pre-paid

*    Processing fee- The free payable to the lender on applying for a loan, usually range between 0.5-1.50% of the sanctioned loan amount. 

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