A sum of money borrowed from a financial institution or bank and NBFCs to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms.
Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank’s and NBFCs the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property.
The Magic thing about home is that it feels good to leave, and it feels even better to come back Wendy.
A house is made of Brick & Beams, but home is made of Love and Dreams Unknown
LoanMoney is an Authorized Direct Selling Agents of various National, Multinational and Non Banking Financial Companies for promoting their sales for asset division.
10 Lakh To 10 Crore
6.75% to 7.50%
Maximum loan amount you can get upto 90%
Show DetailsUpto 10 Crore
6.75% To 7.50%
Get 12 months EMIs waived at no extra charge
Show DetailsUpto 10 Crore
6.75% To 7.25%
Get Up to 20% Higher Eligibility & EMI as low as ₹809/lakh
Show Details10 Lakh To 5 Crores
6.85% to 8.25%
OD Facilities With Term Loan
Show DetailsUpto 10 Crore
6.75% - 8.30%
Loan up to 75% to 80% of the property cost
Show DetailsUpto 3 Crore
9.00% to 12.50%
Eligibility Can Be made as per Customer Requirement
Show DetailsUpto 5 Crore
8.10% To 11.50%
Get Interest Saver Account with Home Loan
Show Details5 Lakh To 10 Crore
6.75% Onwards
Get Interest Saver Account with Home Loan
Show Details5 Lakh To 75 Lakhs
7.35% to 9.45%
Excellent post disbursement services
Show Details10 Lakh To 3.5 Crore
6.90% To 9%
Get a top-up loan up to Rs. 50 Lakh
Show DetailsLoanMoney is a one-stop solution for all your housing loan requirements. Whether you’re looking to purchase or build your first home or just want to refurbish your current home with interest rates starting as low as 8.00%* LoanMoney provides home loans of up to Rs. 10 crores with flexible tenure of up to 30 years. You can transfer your existing home loan easily with the Balance Transfer facility, and also avail a top-up loan facility of up to Rs. 50 lakh to secure finance for other requirements.
Home Loan Eligibility Calculator helps you to understand the maximum loan you can avail of depending on your net monthly income and repayment capacity. Various factors will consider for your home loan eligibility such as net monthly income, property document, company category, job continuity, CIBIL Score, other financial liabilities, etc. You can also check eligibility criteria and document required for the Home Loan.
Particulars | Salaried | Self Employed & Professional |
---|---|---|
Age(Min-Max) | 23 To 58 Years | 25 To 65 Years |
Minimum Income | Net Monthly Salary > 30000/- or More | Min. 2,50,000/ p.a |
Co-applicant | If Require | If Require |
Loan Tenure | 30 Years | 30 Years |
Maximum Loan Amount | Max. 10 Crore | Max. 10 Crore |
Employment/Business Continuity | 1 Year Job Stability is Mandatory. | 3 Year Business Continuity |
CIBIL Score | Minimum 720 | Minimum 650 |
Home loans are sanctioned either at fixed interest rates or floating interest rates.
What is Fixed Rate Home Loan?
Fixed Interest Rate home loan is a loan where the interest rate doesn't fluctuate during the fixed-rate period of the loan. And because of the fixed interest rate, the loan EMIs also remain constant. A disadvantage with a fixed-rate home loan is that its interest rate is usually 1% - 2.5% higher than the interest rate for floating rate home loan.
What is Floating Rate Home Loan?
Floating Interest Rate refers to a variable or adjustable interest rate that fluctuates over the duration of the debt obligation. Floating Interest Rate is the opposite of a fixed interest rate, where the interest rate remains constant during the entire loan tenure. Floating interest rate home loans are cheaper compared to fixed interest rate home loans. Also, RBI mandates no prepayment or foreclosure charges for people borrowing a floating rate home loan. The only difficulty with a floating rate home loan is that its EMIs change with the change in the interest rate, which can create stress in planning expenses in advance.
Banks also need you to submit some documents that verify your eligibility to help you get your loan faster. Document requirement changes from bank to bank, but the following are the general ones:
Documents Required for Applying for Home Loan by All Applicants and Co-ApplicantsHome loans are short term loans which need to be repaid back within a shorter loan tenure of up to 30 years. Banks offer flexible repayment options starting from 2 to 30 years, depending on the Applicant’s profile. As they are short term loans, the borrowed money will have to be repaid back soon. Therefore it is always best to evaluate your repayment capacity before your application for the Home Loan. Home Loan EMI Calculator lets you calculate the EMI which you will have to pay every month if you take a loan of a particular amount and tenure at a specific interest rate.
There are various factors to consider while taking a Home Loan in order to assure the borrower gets the best possible deal. Factors such as:
Loan Amount: Rupees 5 Lakhs to 10 Crore
Rate of Interest (APR)*: 8.50% to 11.55%
Repayment Tenure: Upto 30 Years
Processing Fees: 1% or 10000/-
Prepayment/ Foreclosure: Nil charges for floating rates loans
Illustration: Rs. 1 Lac loan on @12% with processing Fees for 60 Months comes to Rs. 1,33,466/- Equated Monthly Instalment shall be: Rs. 2,224/- only.
* APR - Annual Percentage Rate
Home loans are usually accompanied by the following costs:
All other Loans would continue to attract prepayment penalty upon pre-closure, as per the terms and conditions of the loan agreement which is duly signed and executed by the customer. Quick Form for Personal Loan in Delhi NCR.
The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
Banks charge fees at the time of application (processing fee) and at the time of loan sanction (administrative fees). The processing fee is either a fixed amount not linked to the loan or it may be a percentage of the loan amount. The loan amount received by you can be less than the processing fee. And as for the administrative fee, 1% of the loan amount sanctioned will have to be paid. Both the processing fees and administration fees are payable upfront.
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