Even if your ideal home can be expensive, you can still afford it. You can move closer to the house you’ve always wanted to create with a mortgage.
You can obtain a home loan, which is a secured loan, to build or purchase residential real estate. You can also use it to upgrade, enlarge, or renovate your current home. Your home’s value is used as collateral when you apply for a mortgage.
This means that up until the full loan amount, including the principal and interest, has been repaid, the lender retains ownership of the house. It can be challenging to understand the terms and conditions of a house loan, particularly if you’re a first-time borrower.Because of this, a loan for personal use is the best choice for anything from paying for your higher education to home renovations to international travel and any other form of unforeseen need.
However, you won’t need to worry about anything if Vraj Fincare is by your side. With our 360-degree support from beginning to end, we assist you in finding the top house loan providers in India. We help you every step of the way—from determining your eligibility for a house loan to receiving the funds—in your borrowing process. Our knowledgeable home loan consultants provide unique market knowledge, assisting you in getting closer to your goals. When comparing lenders, go with Vraj Fincare to discover the highest loan amounts, the best loan conditions, and the lowest home loan interest rates in India.
Uses of Home Loan
Depending on your requirements, you can choose from a variety of home loan solutions. Here are a few of the most common ways that loans are used. Purchase of a new home: Use a loan to buy a new home, whether it is a completed apartment or a property that is still under construction. Own the home you’ve always seen yourself and your family residing in. The majority of the market value of the property will be financed by lenders as a loan; the remaining portion must be paid as a down payment.
New house purchase
Use a loan to buy a new home, whether it is a completed apartment or a property that is still under construction. Own the home you’ve always seen yourself and your family residing in. The majority of the market value of the property will be financed by lenders as a loan; the remaining portion must be paid as a down payment.
House renovation or extension
If you currently own a home, a home addition or expansion loan is the best option for funding your renovation plans. Without taking money out of your savings, you can add a new bedroom or a second floor to your home. All of the costs associated with enhancing your home will be paid for by the loan.
Top-up on loan
When you already have a property mortgaged with the lender, a top-up on a house loan is a simple way to raise money. A limited amount can be borrowed in addition to your current mortgage. Additionally, you can use the borrowed amount for personal expenses with low interest rates.
Eligibility Criteria
Anyone can apply for a home loan, regardless of whether they are a salaried worker, a government employee, or a working professional. All you need to do is meet the minimal eligibility requirements outlined by banks and NBFCs. While bank and NBFC eligibility requirements for personal loans might vary, the following requirements are often required of applicants:
Salaried or a working
professional
Aged between
21 and 60 years
Having a job and a minimum
3 months experience
Having a minimum Rs. 25,000 net income per month.
Documentation Required
Photo Identity Proof
- PAN Card
- Aadhaar Card
- Passport
Proof of Residence or Address Proof
- Voter ID
- Aadhaar Card
- Passport
- Registered Rent agreement
- Bank statement with current address
- Latest gas or electricity bill
Income Proof
- Income Tax Returns for the last 3 years
- Business Licence Details
- Balance Sheet audited by a certified CA and Profit and Loss account for the last 3 years
- Business address proof
- 6 month bank statements of current and savings accounts
- A copy of Form 16
- 6 month bank statements of salary account
- Last 3 months’ salary slip
Others
- Allotment Letter
- Sale Deed
- No Objection Certificate or NOC
- Allotment Letter from Society/Housing Board/Private builder
- Stamped Agreement of Sale
- Possession Certificate
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Occupancy Certificate
- Land Tax Receipt
Home Loan Balance Transfer
Consider a house loan balance transfer if you’ve been paying high home loan EMIs and wish to lighten your financial load. One way to move your outstanding home loan balance from your current lender to a new one is through a home loan balance transfer, also known as a home loan refinance. Yes, there are a number of advantages to refinancing your mortgage. You may benefit from cheaper interest rates and more favourable repayment conditions thanks to this facility. If you require more funds, you can also obtain a top-up loan during the house loan balance transfer procedure.
The eligibility requirements and documentation requirements for a balance transfer are the same as those for submitting an application for a home loan. Count on the knowledgeable home loan consultants at Vraj Fincare for full support throughout the procedure. Utilize our home loan balance transfer calculator to determine your overall savings as a result of the balance transfer.
Documents required for a balance transfer
- Identity proof – Passport, Aadhar Card, Driving License, etc.
- Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
- Bank statements - Last 12 months’ statements for current and savings accounts
- Income proof - Balance sheet and Profit/Loss Account audited by a registered CA for the last two years, last three years of ITRs - both company and individual
- Property documents - Allotment Letter, Sale Deed, NOC, Allotment Letter from Society, Stamped Agreement of Sale, Possession Certificate, etc.