You can still afford your perfect home, even if it is pricey. With a mortgage, you can relocate closer to the home you’ve always imagined.
You can create or buy residential real estate with the help of a home loan, which is a secured loan. It can also be used to improve, expand, or renovate your current residence. When you make a mortgage application, the value of your house is used as collateral.
This means that the lender will continue to own the home until the entire loan amount, including the principle and interest, has been returned. Understanding the terms and conditions of a home loan can be difficult, especially if you’re a first-time borrower.Because of this, getting a loan for personal use is the greatest option for anything from paying for your higher education to making home improvements to taking a trip abroad and any other kind of unforeseen requirement.
But if Elite Class Finserv is on your side, you won’t have to worry about anything. We help you identify the best house loan companies in India by providing 360-degree support from start to finish. From evaluating your eligibility for a home loan to getting the money, we support you throughout the entire borrowing procedure. Our expert home loan advisers offer specific industry knowledge that helps you get closer to your objectives. Choose Elite Class Finserv when comparing lenders to find the largest loan amounts, the finest loan terms, and the lowest home loan interest rates in India.
Uses of Home Loan
You have a choice of house loan options to select from, depending on your needs. Here are a handful of the most typical uses for loans. Buying a new house: Whether it is a finished apartment or a building that is still under construction, take out a loan to purchase a new house. Own the house where you’ve always imagined living with your family. Lenders will lend the bulk of the property’s market value; the remaining sum needs to be paid as a down payment.
New House Purchase
Whether it is a finished apartment or a building that is still under construction, take out a loan to purchase a new house. Own the house where you’ve always imagined living with your family. Lenders will lend the bulk of the property’s market value; the remaining sum needs to be paid as a down payment.
House Renovation or Extension
The best way to finance your renovation plans if you already own a house is with a home extension or expansion loan. You can expand your home by adding a second storey or an extra bedroom without using up any of your savings. The loan will cover all of the costs involved with improving your home.
Top-up on loan
A top-up on a home loan is an easy way to raise money if you already have a mortgage on a piece of real estate with the lender. In addition to your present mortgage, a restricted amount can be borrowed. Additionally, you can use the borrowed funds for low-interest personal needs.
Eligibility Criteria
Anyone can apply for a home loan, regardless of their employment status (salaried, government, or professional). You only need to adhere to the strict qualifying standards set by banks and NBFCs. Although bank and NBFC eligibility standards for personal loans may differ, candidates frequently need to meet the following criteria:
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
Application Process
Home Loan Balance Transfer
If you’ve been paying excessive home loan EMIs and want to lessen your financial burden, think about transferring your mortgage balance. A house loan balance transfer, sometimes referred to as a home loan refinance, is one technique to transfer your existing home loan balance from your present lender to a new one. Yes, refinancing your mortgage has a variety of benefits. Thanks to this facility, you might profit from lower interest rates and more palatable payback terms. During the process of transferring the balance of your home loan, you can also get a top-up loan if you need extra money.
The criteria for transferring a balance are the same as those for applying for a house loan in terms of eligibility and supporting documentation. You may rely on Elite Class Finserv’s expert home loan consultants for unwavering help throughout the process. To calculate your entire savings as a consequence of the balance transfer, use our home loan balance transfer calculator.
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.