Get Home Loans at Lowest Interest Today
Buying your dream house is a very important decision and happiest thing in life. Home loan is a secured loan offered against the security of a house or property which will be directly funded by the bank loan, and the property can be for a commercial or personal one. Taking Home loan is a loan which is taken by a borrower from the bank issued against the property or security intended to be bought on the part by the borrower, which will be given by the banker as a conditional ownership over any property. That is, if the borrower is failed to pay back the loan money then the banker can retrieve the lent money by selling the property of the borrower again.
Different Types of Home Loans:
There are different types of home loans available, here I have listed all types of home loans:
1. Home Purchase loans:
Home purchase loan is a basic type of home loan. This is a loan for purchasing a new house.+
2. Home improvement loans:
Home improvement loans is for improving or repairing your old house, which is already bought. You can repair and make your home like new.
3. Home conversion loans:
Home conversion loan is a loan where the borrower has already taken a home loan for financing his current home, but now wants to move to another new home. The conversion home loan helps the borrower in transferring the existing loan to the new house which needs extra funds, So completely the new loan pays the previous loan and fulfils the money which is required for new house.
4. Home extension loans:
Home extension loans serves the purpose when the borrower wants to expand or extent an existing home, (like adding extra room) etc.
5. Land Purchase loan:
Land purchase loan is taken just for buying lands for construction or investment purposes.
6. Home Construction Loan:
Home construction loan is taken for constructing or building new house.
7. Bridge loans:
Bridge loan helps in financing new home of the borrower, whenever he wants to sell the existing house. Bridge loan is normally a short term loan for the borrower and it also helps during the interim period when he wants to sell the old home buy a new house. Time is given to him to find a buyer for the old home.
How to apply for home loans:
Different banks have different way to take home loan. But for applying home on the very first step you must need to fill up the application form with the correct details and submit the form to the bank till than you will have to wait.
For applyling loans you need to be eligible individual aged between 18 to 50 years and you can also take loan by joining along with others.
For applying Home Loans you need the following things:
- Address proof.
- Identity Proof.
- Bank statements.
- Age proof.
- Employment details.
- Educational proof and qualification details.
- Income proof.
- Property details.
- PAN card.
After given the proper details now you will have to wait for the payment processing. After the completion of process you will have to verify the applicant and after submitting all the full form details, your applicant form will be verified and check whether you have a capacity to repay all the money along with the interest within a period of time or not. If you don’t have capacity to repay the money than your home loan will be denied.
If your application is accepted and verified, then you will get a home loan offer letter, which means that the banks have accepted and looking for more details. After agree with the terms they offer you will get your loan sanctioned within just a period of time. Build your dream house and live life happily with your close love ones.