Build your dream home with a Home Loan with fast loan disbursement, least documentation, and minimum Rate of Interest. Get a home loan for yourself with ReferLoan – compare your home loan from among 175+ Banks and NBFCs. In this article, we will understand details regarding
Eligibility Criteria for Home Loan
Key Features and Benefits in Home Loan
Documentations Required in Home Loan
Staying in rent is never worth the money, and buying a home actually required lots of planning regarding finances and shavings but Home Loan makes it easy. Give your rent as EMIs and stay in your dream home today with a starting home Loans rate of Interest @6.50% with easy documentation with a loan tenure maximum of 20 Years.
Compare home loans from different banks and NBFCs from ReferLoan and keep your financial planning easy.
There are basically different types of Home Loan in India under one section, and they are as follows
Basically, the Home Loans eligibility criteria differ from different Banks and NBFCs and these criteria are the same with salaried as well as a self-employed person – only the documentation differ from each other which we will discuss earlier.
If the applicant CIBIL get affected due to COVID Lockdown due to which the applicant has to suffer for job or business which delayed the repayment of loans and the applicant is back with work and the business profit goes up then the bank will disburse the home loan for the certain applicant, rather than this no home loan for CIBIL less than 700.
As home loan rate of Interest totally depends upon the eligibility criteria of an applicant and the rate of interest is differentiated with different places and property and they are as follows.
At first, the documents required for salaried Persons and are.
Home Loan documentation for Self–Employed person
Proprietorship Concern |
Private Limited Companies |
Partnership Firm or LLP |
||
Basic Documents of Main Applicants |
||||
· KYC of Proprietor (Passport Size Photo, Aadhar Card & Pan Card Copy) · Latest Utility Bill of Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill) |
KYC of Company (Pan Card of Company+ MOA & AOA & Certificate of Incorporation of Company) |
KYC of Partnership Firm/LLP (PAN Card Copy of Firm/LLP +Partnership Deed/LLP Deed of Firm/LLP |
||
Co-Applicant KYC (Not Mandatory at maximum places for Loan |
||||
KYC of Co-Applicant (Passport Size Photo, Aadhar Card Copy & Pan Card Copy) |
· KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy) · Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill) |
· KYC of all Partners of Firm/LLP (Passport Size Photo, Aadhar Card & Pan Card Copy) · Latest Utility Bill of any of its Partner Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill) |
||
Business Vintage Documents |
||||
· Copy of GST Registration · 3-Year-Old Business Vintage Proof (Any Registration or ITR 4) · Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill |
· Copy of GST Registration · 3-Year-Old Business Vintage Proof (Any Registration or ITR 4) · Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill · List of Directors and Share Holders on Company Letterhead as of Date |
· Copy of GST Registration · 3-Year-Old Business Vintage Proof · Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill · List of Partners with Profit Sharing Ration on Letterhead |
||
Collateral or Required Property Paper in Home Loan
If you think you’re eligible for Instant Home Loan and have all the documents then follow these three steps to apply for a Home Loan with ReferLoan.
Step 1: Visit Refer Loan’s website or download the ReferLoan application.
Step 2: Log in to ReferLoan if you’re an existing customer or “Register” for a new customer.
Step 3: Click on “Apply” and a form page will open
Step 4: Fill the particular form with – Your name, Mobile number, email ID, selecting LOAN option followed by HOME LOAN options and click “SUBMIT”
You’re lead will get generated and ReferLoan Home Loan expert will contact you as soon as possible, provide all your required documents to the expert and your file will get Logged in into the best bank or NBFC for the Best Rate of Interest and longer tenure.
After all the process your home loan will be provided into your bank account instantly.
Home Loan EMI Calculators - ReferLoan
Home loan EMI calculator will allow you to understand how much EMI you need to pay in how much loan Installments, where EMI calculator makes it easy and becomes the best home loan financial planning tool as well for many.
We will provide you the basic mathematical formula and calculation to understand your EMI to be paid with ease:
So, the formula for EMI Calculator is – ReferLoan
{P X R X (1 + R) N / [(1 + R) N – 1]}
Were,
P – Principal Loan Amounts
N – Loan Tenure in Months
R – Monthly Interest Rates
N – Number of Months
Here the ROI is calculated as per month
Means, R = Annual Rate of interest /12 /100
There is various reason to choose ReferLoan for Home Loan and they are
1. How to calculate Home Loan EMI?
To calculate home Loan EMI, you need to know how much loan amount you’re getting, what is the loan tenure provided by the bank and at what Rate of Interest he banks or NBFC is providing Home Loan, after getting all this information just put this information in this formula to get the EMI to be paid by an applicant.
Eighter way bank will provide you with the EMI as well. to calculate Home Loan EMI – you can also use the ReferLoan EMI calculator as well
2. How much Home Loan can I get?
The loan amount is basically depending on the various factors which are the CIBIL of an applicant, Age of an applicant, salary or business turnover, and lots of many things. After justifying all the eligibility as per particular bank policy and documentation, the bank will allow for a home loan with a certain amount starting from Rs.10 Lakhs up to Rs.2 Crore (no limit)
3. How much Home Loan can I get on a 40,000 salary?
A good loan amount can be provided by the bank if your salary is Rs.40,000/- but with salary many more factor also depends on which is already discussed in eligibility criteria, if you get fit in eligibility then contact our ReferLoan expert or apply for a home loan to get the full details about your loan amount.
4. How to apply for Home Loan
You can easily apply for a home loan by filling up an easy application form on the ReferLoan website or in ReferLoan applicant in 4 Simple steps.
Step 1: Visit Refer Loan’s website or download the ReferLoan application.
Step 2: Log in to ReferLoan if you’re an existing customer or “Register” for a new customer.
Step 3: Click on “Apply” and a form page will open
Step 4: Fill the particular form with – Your name, Mobile number, email ID, selecting LOAN option followed by HOME LOAN options and click “SUBMIT”
Our ReferLoan expert will contact you about the same as soon as possible.
5. How much CIBIL score is required for HOME Loan
The minimum CIBIL require for applying for a home loan is no less than 700 and even if your CIBIL score is below 700 then there is a chance of getting a Home Loan after the applicant provides a complete and Valid justification of reason for Low CIBIL score.
6. What are Interest Rates Charged in Home Loan?
The Interest rates are different in the case of different properties as like if your want to take a home loan for an approved property or then the Home Loan rate of Interest will be between 6.50% to 8.50%, for regularized property the Rate of Interest will be between 6.70% to 13.00% and for Khasra Khatauni and LAL Dora properties the Rate of Interest varies between 9.00% to 13.00%.
7. What is the Processing Fee for Home Loan?
Different banks and NBFCs charge different processing fees, but in some places the processing fee charges from 1% to 3% as well.
8. Where to get a Home Loan in Delhi NCR?
There are many aggregators Home Loan in Delhi NCR but ReferLoan is considered as the best for Home Loan because ReferLoan is a Leading Fintech company trusted by 200+ Banks and NBFCs and with fast Loan disbursal time with all-digital processes and ReferLoan also provides full support to the customer with sales after service as well.
A roof for a complete financial solution – gets a home loan and also the Property Insurance at a premium rate only in one place.
9. How to get Home Loan in 25,000 Salary?
If you’re getting a 25,000 salary and your match the eligibility criteria like age, CIBIL, and other things and justify the bank policy then you’re eligible for Home Loan without any problem. Reach to ReferLoan with Apply Us button.
10. Home Loan for minus 1 CIBIL?
Usually, CIBIL score starts from 300 to 900 and minus 1 CIBIL score is considered as the fresh applicant for Home Loan which is not Valid by Banks or NBFCs and if you want to take Home Loan then you can take Home Loan using any co-applicant and they can be anyone your family member, friend, etc.
The benefit from home loan depends from different banks and NBFCs and here are the benefits and feat
Read MoreReferLoan is the answer – as because ReferLoan is tied up with more then 200+ financial Institutio
Read MoreThe eligibility criteria for applying home loan are different and varies from bank and NBFCs. So, fo
Read More