Home Loan in Nashik

Home Loan

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About Home Loan

A house door with your name on it is the ultimate dream of any living being. In India, owning your own house is considered as one of the major signs of success. As the average income ratio of Indians is increasing with of globalization and government pay commissions, the desire to buy own house increasing simultaneously. Along with them the price of property is increasing day by day, irrespective of urban and rural areas. Thus it becomes highly impossible for a common man to buy a house only with his or her savings. This has lead to an increase and extreme popularity in purchasing home loans from banks and NBFCs to live in a dream. Home loans are the highest selling banking product. It also assures a stronger and longer relationship with your bank.

A home loan which is also known as housing loan refers to an amount borrowed by consumer/s from a bank or NBFC to buy, construct, repair or renovate a residential property. This borrowed amount or loan is lent on a fixed or flexible tenure and an interest rate on the borrowed amount. The borrower/s are supposed to pay off the principal amount of loan with the interest in the given tenure.

Why Choose Ruloans To Apply For Home Loan in Nashik?

Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers in Nashik can apply for home loans with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.

Hassle free process

We have developed an efficient, smooth and easy process for our consumers to get a home loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a home loan with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.

Compare your loan options

You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your home loan as per your budget and expectations.

Free expert guidance and advice

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, to choose the right home loan, without charging a dime.

Privacy policy

We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.

Characteristic of Home Loan

  • The home loan amount varies from bank to bank. But the minimum is Rs 2,00,000/-
  • Home loans come with longer repayment period, as long as 30 years. It includes repaying the principal amount along with the interest costs. The minimum tenure is 5 years.
  • Home loan can be repaid in the form of EMI (Equated Monthly Installment)
  • The EMI (Equated Monthly Installment) of the loan is formed by combining the principal amount and the interest together.
  • The home loan charges are inclusive of registration charge, processing fees, prepayment penalty, commitment charge and miscellaneous charges for documentation and consultation.
  • Home Loans are considered as secured advances
  • To avail a home loan, borrower has to give mortgage. The collateral here is usually the property that is being bought or even the existing property can also be given as collateral.
  • You can enjoy tax benefits on home loan according to the Income Tax Act, 1961.
  • The repayment of home loans is done in equal monthly installments.
  • To reduce liability, banks accept pre-payments. It is allowed by all banks and NBFCs. Very few banks charge for pre-payment.
  • You can get a home loan irrespective of whether you want a house to stay in or for investment purposes.
  • In home loans, you can get loans in higher amounts compared to other types of loans i.e. 85% to 90%.
  • To avail the home loans you can have your spouse or parents as co-applicant or joint applicant. You get tax benefits from that.
  • The interest rate on home loan is comparatively lower than personal loan as it is a type a secured loan.
  • The amount bank will give you under home loan will vary based on your income, credit history, the locality/city you are planning the purchase a house in and various other factors.
  • The banks offer home loan with three main types of interest rates: Fixed, Floating or a combination of fixed and floating. The Indian government has introduced MCLR (Marginal Cost of funds based on Lending Rate). This is used by banks to decide the rate of interest at which they want to lend money to borrowers.

What are the Eligibility Criteria to avail a Home Loan?

To determine whether you are eligible to get a home loan or not, there are various criteria involved. Such as income, employment status, loan tenure etc. The criteria differ from bank to bank. But we have given some of the important eligibility criteria below:

Any consumer who has a regular and steady source of income can get a home loan.

Irrespective of consumer's profession (salaried, self-employed or business person) he/she can get a home loan.

The consumer, who wants to apply for home loan, should be of minimum 21 years old. Whereas the repayments has to be done by the age of 60, maximum 65.

If you have a bad credit history, especially before 3 months of applying for home loan, it can become a large hurdle in accessing the loan..

Applicant's savings history with bank plays an important role in approval of the loan.

Those who have their own business or are self employed, have to present their profits and turn over to determine the value of loan they'll be applying.

The applicant also has to give the proof of current residence. He or she should be staying at the current residence for at least a year. As it will be seen as a proof of stability with along with employment and financial

The applicant also has to give the proof of current residence. He or she should be staying at the current residence for at least a year. As it will be seen as a proof of stability with along with employment and financial

*The eligibility criteria differ from bank to bank. The above details are generic, not specific.

What are the Documents Required to avail a Home Loan?

The process of getting a home loan can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria. The list of required documents differs from bank to bank. But we have given a generic list of required documents below:

1. Neatly signed and filled loan against property application form.

2. Passport-size photographs

3 Statements of investments (if any)

4 Copy of plan approved for the proposed construction/extension (in case of applying for home loan for extension)

5 Cost estimation or valuation report from the bank's (or finance company's) panel CA

6 Allotment letter of housing board/NOC of the society/builder etc.

7 Bank statements and salary slips of last 6 months from application date

8 Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.

9 Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.

10 Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.

11 Valuation/cost estimation report from evaluator approved by the NBFC or Bank

12 Property papers with OC and CC

Additional Documents to be submitted by salaried applicants:

Salary certificate from the employer (original).

Copy of ITR or Form 16 for last 2 years.

Additional Documents to be submitted by Non-Salaried/Self-Employed/Professionals/Other

Copy of challans proving that Advance Income Tax has been paid.

Copy of ITR/Assessment Orders of 3 years.

Business proof (registration of business)

Bank statements of last one year

How to Apply For a Home Loan on Ruloans?

Applying for a Home loan on Ruloans involves few easy steps:

Step 1: Go to the Home Loan in Nashik' page on our website and click on 'Apply Now' box.

Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.

Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.

Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.

Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions

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