Know About
Home Loan
A memorable and significant event in everyone's life is purchasing a home. We are a house loan service provider, and we'll help you get a home loan quickly. Based on market research and in-depth industry experience, our team of professionals recommends the finest alternatives. As one of the top house loan service providers, we are aware of how important this step is for you and provide a variety of home financing solutions to make the process of purchasing a home easier and more enjoyable. Purchasing a home is a significant decision, but choosing the best lender is even greater. Since a home loan is a 15-20-year commitment, you must take into account a number of variables, including competence, in-depth topic knowledge, and secure retrieval of the funds.
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Send in a fully completed application along with a photo.
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Provide the necessary paperwork
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Internal checks will be made.
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Interview with a bank representative in person
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Bank provided a letter of sanction contingent upon title clearance and property value
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Title clearance by our panel's attorney
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Property valuation by a panel valuer and bank representative property inspection
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gathering pre-disbursement paperwork
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Payment of the loan
Features & Our Assistance
Send in a fully completed application along with a photo.
counselling and direction throughout the journey
Benefit from a larger loan amount based on your salary.
ROI begins at 6.5%
Duration of repayment: 3 to 30 years*
cheapest processing costs
No additional fees
No issues after the loan
Documentation made more easily
Doorstep assistance
Home Loan Types
Purchase of Home
Send in a fully completed application along with a photo. A new home from a builder or a used home can both be purchased with this loan.
Land Loan
Send in a fully completed application along with a photo. You can purchase a residential parcel of land to build your home with the help of a land loan offered by financial institutions. You can buy a piece of land now and have a house built on it soon. Any of our home loans will help you if you decide to start construction.
Construction Loan
Send in a fully completed application along with a photo. On an existing property, you can construct a house according to your plans and specifications. Plot + Loans for Construction With this financing, you can receive a construction loan and a plot loan to help you buy a plot and build your home on it.
Home Improvement Loan
Send in a fully completed application along with a photo. Any home's interiors are a reflection of its owners' individual likes and tastes, therefore upgrades are necessary to keep up with the times.Your existing loans can be repaired and improved with the aid of a home renovation loan. You are eligible for 80% of the improvement's cost. The architect and engineer are needed to provide a comprehensive cost estimate for the property that will be built or refurbished.
Home Extension Loan
Send in a fully completed application along with a photo. We make it simple for you to add onto your house as you like. You can expand your home or add space as needed with a home extension loan. Therefore, if you ever want to expand your living room or add a great study area, we will assist you in obtaining the required regulatory licences. As a provider of home finance services, we will set up financing for as much as 80% of the extension's price.
Balance Transfer & Top Up
Send in a fully completed application along with a photo. With the help of this option, you can transfer the remaining balance of the loan to another bank or financial institution in exchange for better terms and conditions. Additionally, you can use a top-up loan to raise the loan amount.
Home Saver
Send in a fully completed application along with a photo. In this flexible payment plan, loans are approved as overdrafts. When an overdraft is liquidated at the conclusion of the loan term, its drawing capacity will be lowered each month to the extent of the primary component of the EMI. The interest portion of the EMI remitted will be used to pay interest obligations.
Procedure
1. Send an application that is fully completed and includes a photo. 2. Submit all necessary paperwork 3. There will be internal checks. 4. Personal meeting with a bank representative 5. Bank-issued sanction letter conditioned on title clearance and property valuation 6. Title clearance by our panel's lawyer 7. A panel valuer's appraisal and a bank representative's assessment of the property 8. Gathering pre-disbursement paperwork 9. Loan repayment
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Who can avail a Home loan?
Individuals
Salaried Individuals: Any individual who is in permanent service in any government undertaking or any reputed private sector Company in India. We also offer loans to salaried Non-Resident Indians (NRIs) working with reputed companies in select countries. Professionals: Professionals, i.e., allopathic doctors, architects, chartered accountants, cost accountants, practicing company secretaries, management consultants, and lawyers. Self Employed: Individuals like traders, distributors, manufacturers, service providers, etc.
Non-Individual Entities
Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited companies. -
In how many years can I repay the loan amount?
You can get Home Loan for a maximum of 30 yrs. However, the term for the loan will be restricted to the retirement age or 60 yrs at loan maturity for salaried customers and 65 years for self-employed customers.
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Does the agreement for sale have to be registered?
Yes, very much so. In many states in India, the agreement for sale between the builder and the purchaser is required by law to be registered. Therefore, in your interest, you are advised to lodge the contract for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
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What is a dual-rate of interest?
In dual-rate, the interest rate is fixed for the particular period; it won’t change with the change in the Base Rate or PLR of the Financial Institution until that particular period. Once that period of Fixed Rate is over, the rate of interest of your loan will be linked to the Base Rate or PLR of the Financial Institution.
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What are the income tax benefits for the home loan borrower
The total interest payable by you would qualify for deduction under Section 24 for income tax purposes up to the overall limit of Rs 150,000/-. Principal repayments would qualify for deduction from taxable income under Section 80C up to the overall limit of Rs. 1,00,000/- Stamp duty and registration charges and other expenses related directly to the transfer are also allowed as a deduction under Section 80C, subject to a maximum deduction amount of Rs.1,50,000. Claim these expenses in the same year you make the payment on them.
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What is the process of changing from a floating rate home loan to a fixed-rate home loan?
For changing from a floating-rate home loan to a fixed-rate home loan, you will have to execute an amendatory loan agreement for conversion and pay a conversion fee on your outstanding loan amount.
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Can I make a part pre-payment?
Yes, you can make part pre-payments, and generally, there are no charges for floating-rate loans. For fixed-rate loans, it may vary as per bank norms. Usually, banks provide the facility of par prepayment up to a maximum of 25% of the balance outstanding against your loan amount at the time of the request. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.
Eligibility And Documents Required
Eligibility requirements
Your eligibility is based on your ability to repay loans, as assessed by financial institutions. Your eligibility is determined in part by your income, age, qualifications, number of dependents, spouse’s or co-applicant’s income, assets, liabilities, savings history, stability, property value, and length of employment.
Required Documents for Salaried
| Duly filled application | Documents |
|---|---|
| Identity Proof | Pan Card, Aadhar Card |
| Passport size photographs of all applicants | |
| Address Proof | Electricity bill |
| Latest form 16 and last 3-month salary slips | |
| Last 6 months bank statement of salary account | |
| Existing loans sanction letter/repayment track if any | |
| Processing fee cheque |
Sole proprietorship/ Partnership/ Pvt. Ltd Company
| Duly filled application | Documents |
|---|---|
| Identity Proof | Pan Card, Aadhar Card |
| Passport size photographs of all applicants | |
| Business proof | |
| Latest address proof/Business proof | |
| Last 2 years income tax return of firm/ company | |
| Last 12-month bank statement of main operating account of the firm | |
| Audited financials | |
| Certified copies of MOA /AOA / Partnership deed as applicable | |
| Professional qualification certificate if applicable | |
| Existing loans sanction letters/Repayment track record if any | |
| Copy of property papers | |
| Processing fee cheque |
A well-known business with a reputation for building futures is Banks Town. Banks Town is a top loan provider with over 10,000 clients and ten years of experience, offering doorstep services. One of our main services is to offer loans to SMEs for operating capital, loans for enterprises to expand, loans for machinery upgrades, loans for education, and loans for homes to help you realize your ambitions.
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