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About Home Loan
To make your home loan journey a smooth sail, in this article we will help you to know eligibility criteria, rates of interest, process, necessary documents, comparison and transfer for lowest rates.
Home or housing loans are advances made to borrowers who require funds to purchase houses/flats/land. They can also be availed of for construction, extension and renovation of houses.
Lenders can be banking or non-banking financial institutions
Get financing for whatever you need now
Achieve all your goals and aspirations; with the right kind of help, exactly when you need it.
New Home
New Home Loan at basic interest rates from Borrow-Loan Company. You can apply online and check your eligibility and easy EMI. Fast Approval for your new home loan.
Home Conversion
A home conversion loan is a scheme for those who have already taken a housing loan. This loan follow some rules and regulations.It is a part of loan.
Land Purchase
Borrow Loan offers home loan for land purchase to make your dream home. You can compare home loan rates with our compare loan table. Apply online for Home Loan.
Home Renovation
Get instant approval for renovation your home. Borrow introduce home improvement loan. It is with basic rate and flexible EMI repayment.For more detail you can check our loan products.
Features of Home Loan
- They are secured advances.
- Collateral is usually the property that is being funded. Existing property can also be put up as security.
- Home loan interest rates are lower when compared to unsecured personal advances.
- The advance can be used to fund property for residential or investment purposes.
- Amounts offered are higher than under other types of loans; up to 85% of the property value.
- Repayments are made in EMIs (Equated Monthly Instalments).
- Pre-payments are allowed, to reduce liability.
- They are long-term in nature; tenors usually vary between 5 – 30 years
- Non-interest charges include processing fees, pre-payment charges, inspection fees, documentation fees etc.
- They qualify for tax benefits as per provisions of the IT Act, 1961 (subject to changes).
Home Loan – Eligibility
Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a personal loan.
Age
Maximum age of applicant at loan maturity: 60 years
Income
Minimum Net Monthly Income: Rs 20,000
Credit Rating
Applicant should have the bank specified credit score.