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Home Loans
Home, built out of your dreams. A place where
one return after a hard day's work and relax, a place where one
shares precious moments with family. Banks helps you realise your
long cherished dream of owning your home through hassle free and
customer friendly home loans.
Oneshopfinance offers Home Loans in Mumbai,NRI loans in Mumbai,Housing Finance in Mumbai,
Property Finance in Mumbai,Low Interest Rate Home Loan in Mumbai,Cheap Home Loans
in Mumbai,Home Loan Without Income Proof in Mumbai,Long Tenor Home Loan upto 25 Years
in Mumbai,Home Loan Rates in Mumbai,Home Loan EMI Calculator,Home Loan Amortization Schedule,
Smart Home loan in Mumbai,Floating rate Home Loan in Mumbai,Fixed Rate Home Loan in Mumbai,
Multiple Home Loans in Mumbai,Bank Loans in Mumbai,Home loan without Guarantor in Mumbai.
Home Loan Process
The moment you decide to buy a home, you can put in your application for Home Loan.
Yes, you can apply for a loan even before you have selected the
property.
The property need not even be in the same city where you are residing.
The only condition being that Bank has home loan operations in both
the cities.Oneshopfinance helps you to compare home loan interest rates in Mumbai
Home loan process is basically divided in three stages
1 Pre-Approval
2 Legal and Valuation
3 Disbursal
Pre-Approval
Pre-Approval is basically individual credit approval based on
the specific set of financial and identity documents.
Legal and Valuation
Legal and Valuation is the process of evaluation of the property
documents by the banks empanelled lawyer and valuer , Lawyer checks
the legality of the documents wherein the valuers determines the
market value of the property
Disbursal
It’s the process of preparing the payorder after
submitting all the original documents as per the lawyers report
and signing of the agreement between the bank and the applicants
of the loan.
If it is refinancing you are interested in, it is possible within
6 months from the date of purchase of property
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Eligibility
A number of factors are taken into account when assessing your repayment
capacity. Your income, age, number of dependants, qualifications,
assets and liabilities, stability/ continuity of your employment
/ business are some of them.
However, there are ways by which you can enhance your eligibility.
- If your spouse is earning, put him/her as a co-applicant. The
additional income shall be included to enhance your loan amount.
Incidentally, if there are any co-owners they must necessarily
be co-applicants. One can include Spouse/Parents/Children as Co-Applicant
if you require higher eligibility subject to maximum of three
applicant.
- Providing additional security like bonds, fixed deposits and
LIC policies may also help to enhance eligibility
Following are eligible to apply for Home Loan
- Salaried Individuals
- Self employed Professionals/Business men
- NRIs
To apply for Home Loan
- You must be at least 21 years of age when the loan is sanctioned
- The loan must terminate before 58 years or retirement ,whichever
is earlier in case of salaried and for selfemployed before 65
years.
- The maximum tenor that the banks gives the loan is from 5 years
to 20-25 years subject to the retirement age.
- Your must be employed or self-employed with a regular source
of income
The final amount to be sanctioned will depend on your repayment
capacity. However, what you ultimately are entitled to will have
to conform within the limits fixed for each loan.
Also, when the company looks at the total cost, registration charges,
transfer charges and stamp duty costs are included.
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Features of Home loan
- Banks offer attractive interest rates
- Door-step service from enquiry till loan disbursal
- Can go for balance transfer from other bank
- Maximum loan
- 85% of the cost of the property (including the cost of the
land) and based on the repayment capacity of the customer.
- Maximum Term
- 20 years subject to your retirement age.
- Applicant and Co- Applicant to the loan
- Home Loans can be applied for either individually or jointly.
Proposed owners of the property, will have to be co-applicants.
However, the co-applicants need not be coowners.
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Floating and Fixed Home Loan Interest Rates in Mumbai
Adjustable Rate Home Loan
Loan under Adjustable Rate is linked to Retail Prime Lending Rate
rates of banks. The rate on your loan will be revised every time,
if there is a change in Retail prime lending rate . However, Generally
the EMI on the home loan disbursed will not change If the interest
rate increases, the interest component in an EMI will increase
and the principal component will reduce resulting in an extension
of term of the loan, and vice versa when the interest rate decreases.
- Fixed Rate
Fixed rates depends on the products which you choose from banks,
some banks have fix only for 3-5 years,
Security for the loan is a first mortgage of the property to be
financed, normally by way of deposit of the title deeds or such
collateral security as may be necessary.
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Repayment
You normally repay the loan through Equated Monthly Instalments
(EMIs) comprising both principal and interest. If the final disbursement
is however still pending, you pay interest on the portion of the
loan disbursed before the EMI commences.
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Documents
The following documents needs to be submitted for Pre-Approval
| The following documents needs to be submitted
for Pre-Approval |
| Salaried
Customers |
Self
Employed Professionals |
Self
Employed Businessman |
| Application form with photograph |
Application form with photograph |
Application form with photograph |
| Identity and Residence Proof |
Identity and Residence Proof |
Identity and Residence Proof |
| Latest Salary-slip |
Education Qualifications Certificate and Proof of business
existence |
Education Qualifications Certificate and Proof of business
existence |
| Form 16 |
Last 3 years Income Tax returns (self and business) |
Business profile |
| Last 6 months bank statements |
Last 3 years Profit /Loss and Balance Sheet
|
1. Last 3 years Income Tax returns (self and business) |
| 2. Last 3 years Profit /Loss and Balance Sheet |
| Processing fee cheque |
1. Last 6 months bank statements |
1. Last 6 months bank statements (self and business) |
| 2. Processing fee cheque |
2. Processing fee cheque |
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Security for the loan
Security for the loan is a first mortgage of the property to be
financed, normally by way of deposit of title deeds and/or such
other collateral security as may be necessary. Interim security
may be required, if the property is under construction.
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Fees
0.5%- 1% of the loan
amount applied plus applicable service taxes and cess
No Charges for
- Part Prepayment of loan upto 25% of loan outstanding in a financial
year (except in case of prepayment through a refinance from other
bank or institutions prepayment charges will be applicable)
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FAQs
For what purpose can I avail a home loan?
You can take a loan for constructing a house, purchase of a ready
built house / flat or a flat in resale, the takeover of existing
loans from approved banks / housing finance companies, the purchase
of a plot of land, for renovation of the house and extension of
the house
What are the borrower categories who can avail of the loan?
Banks offer loans to salaried individuals, self employed professionals
or businessmen and for NRI individuals
Who can be a co-applicant for the loan?
You can include your spouse/parents/children as a co-applicant for
the Home Loan and we shall include his / her income to enhance your
loan amount. Further, in case there are any other co-owners, they
also need to be co-applicants
What is the security to be provided?
Security for the loan is a first mortgage of the property to be
financed, normally by way of deposit of title deeds / or such collateral
security as may be necessary. Please do ensure that the title to
the property is clear, marketable and free from encumbrance. To
elaborate, there should not be any existing mortgage, loan or litigation,
which is likely to affect the title to the property adversely
Can I repay the loan ahead of schedule
Yes. You can repay the loan ahead of schedule, however if the loan
is prepayed or transferred to another bank or HFC, a nominal fee
@ 2% of principal outstanding is charged
Are the Bank policies subject to change
Yes. These policies are reviewed periodically.
How is the loan repaid?
All loan repayments are done via equated monthly instalments (EMI).
What is an EMI?
An EMI refers to an equated monthly instalment. It is a fixed amount
which you pay every month towards your loan. It comprises of both,
principal repayment and interest payment.
When does the repayment start?
EMI payments start from the month following the month in which the
full disbursement has been made.
How is the EMI paid?
The EMI is to be paid every month through post-dated cheques (PDCs)
or Electronic Clearing System (ECS)
What if a PDC bounces?
In the case of a bounced cheque or delayed payment, charges and
outstanding dues will be charged as per the prevailing company policy.
What is pre-EMI interest?
In the case of part disbursement of the loan, monthly interest is
payable only on the disbursed amount. This interest is called pre-EMI
interest (PEMI) and is payable monthly till the final disbursement
is made, after which the EMIs would commence.
What is the minimum loan amount?
You can get a home loan starting from Rs. 5 lakh . The loan amount
depends on your repayment capability and is restricted to a maximum
of 85% of the cost of the property or the cost of construction as
applicable.
Repayment capacity takes into consideration factors such as income,
age, qualifications, number of dependants, spouse's income, assets,
liabilities, stability, continuity of occupation and savings history
How
much time will it take for my loan to be approved?
It takes a week for your loan to be sanctioned after you have submitted
all the documents
When will the loan be disbursed?
Your loan will be disbursed on:
- Your identification and selection of the property.
- Submission of the legal documents.
- Legal and technical clearance of the property
- Investment of your contribution towards the property
What is an amortization schedule?
An amortization schedule is a table giving the reduction of your
loan amount by monthly installments. The amortization schedule gives
the breakup of every EMI towards repayment interest and outstanding
principal of your loan
Can I get IT certificates in the name of both the Applicant
and co-Applicant separately
As per the IT rules only one certificate can be issued for a home
loan and hence one certificate will be issued in the name of both
applicant and co applicant
When is the IT certificate issued?
The IT certificate will be issued at the end of a financial year.
You can expect to receive your copy of the IT certificate in the
month of April or May.
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How can I get the tax benefit during the year?
You can request for a provisional IT certificate that can be issued
any time during the course of the year
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