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Types of Home Loans: There are various types of home loans available, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), government-insured loans (such as FHA loans and VA loans), and specialized loans for specific purposes (such as construction loans or jumbo loans).
Loan Terms: Home loans typically have a repayment term of 15 to 30 years, but shorter terms may also be available. The interest rate and monthly payment amount can vary based on the loan term.
Down Payment: Most home loans require a down payment, which is a percentage of the purchase price paid upfront. The amount required can vary, but it is often around 10% to 20% of the home's value. However, some loan programs offer options for lower down payments, such as FHA loans with a minimum down payment of 3.5%.
Interest Rates: The interest rate on a home loan can be fixed or adjustable. A fixed-rate mortgage offers a consistent interest rate over the life of the loan, providing stability in monthly payments. Adjustable-rate mortgages have an initial fixed-rate period, after which the rate may adjust periodically based on market conditions.
Eligibility and Application Process: Lenders assess various factors, including credit score, income, employment history, and debt-to-income ratio when evaluating loan applications. The application process typically involves completing an application form, providing documentation, and undergoing a thorough review and approval process.
To get specific details about home loans and their offerings, I recommend visiting the websites of reputable financial institutions, banks, or lenders. They usually provide comprehensive information about their home loan products, terms, interest rates, and application processes. It's also advisable to contact them directly or consult with a mortgage professional to discuss your specific needs and obtain personalized guidance.
List of documents required for loan
List of documents required for loan
> General Documents:
> General Documents:
1. 3 photographs.
2. Proof of ldentify (PAN card/ Passport/ Driving License Voter
ID/Aadhar Card).
3. Proof of Residence (Elec. Bill) Tele. Bill / Ration Card /Employer
Certificate).
4. Photographs of borrower / co-borrower/ guarantor.
5. Loan A/c statement for the last 1-year of existing loan.
6. Statement of accounts-SB account/current account.
> For Salaried Employees
> For Salaried Employees
1. Salary Slips-Last 3 months.
2. Form 16-Last 2 years.
3. Employer's Certificate / Serving Certificate for defense Personal.
>For self Employment/professionals/Businessmen
>For self Employment/professionals/Businessmen
1. Income Tax Returns - last 3 years.
2. Balance sheet and profit & loss A/c with computation sheet-last 3
years.
3. Business Address proof.
4. TDS certificate or form 16A 26 as if applicable.
>Property Documents:
>Property Documents:
Complete channel of property documents, Buyer Seller Agreement I
Estimate & Map Approval for Construction.
V in case of Takeover of Home loan Accounts:
1. List of property documents deposited with existing Financier.
2. Copy of Sanction Letter of existing Home Loan.
3. Statement of account of existing Home Loan.
4. Closure certificate avising dues payable in Home Loan to be taken
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