Do you want to bring to life the house of your dreams? Then think no more and opt for a home loan. In the contemporary times housing sector is the fastest growing sector. The national as well as the multinational banks are cashing on this phenomenon and are offering home loans at attractive rates of interest. The various products of the home loan schemes right from the purchasing of real estate to a flat, from home extension to home improvement are offered by almost all the banks. A number of factors should be kept in mind while taking a loan like the amount of loan, the market value of the loan, tenure of the loans and other related prerequisites.
Home Extension Loans: Home Extension Loans are those which are provided by the banks to such customers who want to extend their houses or add more rooms to the existing house.
Home Improvement Loans: Home Improvement Loans are those types of loans which are issued to the owner of a property for improvements like maintenance, repairs and all sorts of renovation.
Home Equity Loans: Home Equity Loans are special kind of loans in which the borrower or homemaker may borrow the loan amount against home equity or using their home as collateral.
Land Purchase Loans: Land Purchase are those which are offered by banks for purchase of land, house or flat.
Top Up Loans: Top Loans are those specific loans which are offered on existing loans for meeting his other needs like purchasing of furniture and other business or trade requirement.
Home Purchase Loans: Home Purchase Loans are provided to individuals by the banks for the purpose of ownership of a house or a flat.
The application process of home loans is also very easy and the indivdual or the professional or the company can apply by simply filling up the application form. The documents that are required for the approval of home loans are different in case of self employed professionals and salaried individuals. The requirements for a salaried customer are application form with photograph, the latest salary slip, Form 16, residence and identity proof, the bank statement of last 6 months, processing fee cheque. The requirements of the business men vary by only 4 documents that is the proof of educational qualification, proof of business existence with the complete business profile and last three years income tax return, personal and business bank statements of the last three months and the income statement and balance sheet of the last three years. Rest of the documents remains the same. All the banks that provide home loans include HDFC Bank, Bank of India, IDBI Bank, ICICI Bank, State Bank of India, Standard Chartered Bank, Bank of Baroda, Development Credit Bank, Citibank, Union Bank of India and UCO Bank. The terms and conditions may vary from bank to bank.
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