Borrower takes this loan to purchase his own home.
This loan is taken to cover the expenditure done on repair and renovation of the home.
If someone wishes to buy a piece of land then this loan can be an option.
When an individual wishes to build a new house then this loan comes into force.
If an individual plans to build up an extra room, bathroom or kitchen in his existing house, then this loan can be availed.
This loan is taken jointly by the spouses or two people to purchase a new home.
You can easily switch your outstanding home amount with another lender who offers better terms and conditions and lower interests.
This kind of loan offers some more amount of money that you can borrow over your outstanding loan amount.
1) Look at the principal amount that you will be borrowing from the bank or financial institution. You must be able to pay it back as per your financial status.
2) You must take into the consideration the duration in which you will be paying back the loan amount. You have the liberty to select the duration as per your expected income in the future.
3) There are different rate of interest of banks and financial institutions that offers loan. Make sure that you choose the lowest rate of interest available so that you should not land up as a defaulter in any case. That way you will not burn a hole in your pocket and repayment of the loan will be easy.
4) EMI is the combination of the principal amount plus interest rate that you need to pay to the bank. It is divided into monthly installments that you will pay to the bank.
1) Fill up the form available by entering your name, personal details and employment information in the given columns.
2) Calculate the loan amount with the help of home loan eligibility calculator. This will also calculate the monthly EMI amount that you will pay to the bank.
3) Upload the scanned copies of your documents.
4) You can also apply via SMS by taking the SMS code and number from the bank where you will apply for the loan.