Overview
What is a Home Loan?
Any amount of fund borrowed from a financial institution or NBFC to acquisition, expansion, or building of a house with a fixed or variable rate of interest that is paid via EMI or an Equated Monthly Instalments over a set time period, is known as a home loan. The property is secured with the lender throughout the duration of the loan . You can avail the home loan for reasons like:
- Purchase of Residential Property
- Acquisition of Land
- Home Construction
- Home Expansion
- Home Renovation
- Balance Transfer
Different Types of Home Loan for Your Varied Needs
An array of banks can provide you with the best home loan rates, at the most competitive rates as well as affordable EMIs. The different types of mortgages or home loan are covered in detail below.
Home Loan
A Home Loan is the most popular type of loan where the house is pledged by the financial institutions until the full repayment of the loan.
Home Construction Loan
If you own a parcel of land, but you have insufficient fund to build a house on that area, you can have your dream home built by availing a home construction loan.
Home Extension Loan/ Improvement Loan
Do you need an extension of your building or add an additional floor to your existing structure? A home extension loan is the ideal option to choose. If you are looking forward to improve or renovate your home together with the furniture & fixtures , home Improvement Loan is the best solution
Home Loan Balance Transfer
Are you burdened with high-interest rate credit of your home loan? Home Loan Balance Transfer gives you an option to transfer your debt onto an affordable rate thereby reducing your finance cost.
Composite Home Loan
This Loan facility offers you an option to borrow money for purchasing land and construct a building on it under a single loan bracket.
Home Conversion Loan
If you're planning to relocate your current residence to a new residence s you can decide to take advantage of a home Conversion Loan.
Pradhan Mantri Awas Yojna
The Government of India has adopted a plan to allow each Indian citizen an opportunity to own a house in India through the creation of CLSS. PMAY comes with subsidised interest rates and the benefits differ with different levels of Income Groups. The permissible Loan amount is prefixed and increases with the rise in income level.
NRI Home Loan
By this facility an NRI can avail a home loan for acquiring a house property in India.
Features of Home Loan
Home Loans are secured advances. Loan is advanced by mortagaging the property you want to purchase.
Lenders offer a Maximum Home Loan to 100% of the value property
Tax benefits are available if Home loan is taken. Deduction is also available u/s 24(b)
Interest rates on home loan can be fixed rate or Floating Rate.
You can apply for a home loan together with your parent or spouse as a co-applicant, or a joint applicant. For this, you will be eligible for tax benefits as well.
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Eligibility Criteria
Home Loan Eligibility Criteria
A Home Loan is a loan that requires the buyer to pledge their property that is to be used as collateral. You can qualify for this kind of credit if you meet the lender’s eligibility requirements. The most basic home loan eligibility criteria , also known as mortgage loan eligibility requirements are as these:
Age
Between 18-65 years
Employment
Salaried person: You must be working for a private or public limited company with a minimum experience of 2 to 3 years
Self-employed: Must have an experience of minimum 3 years
Income
The minimum income required differs from lender to lender. For your home loan minimum salary must start from Rs 25000 per month.
Credit Score
Lenders assess your creditworthiness or ability to repay a home loan from your credit score which is taken from your credit history of credit report. Your credit score is the most important. It affects your loan amount, period of tenure, interest rates etc.
Eligibility Criteria
Home Loan EMI Calculator
How to apply for a Home Loan
Check Your Eligibility
Click On Apply Now
Fill In Personal And Financial Details
Submit Application
Document Required
List of Documents Required for Home Loan
Photo Identity Proof
- PAN Card
- Voter ID
- Aadhaar Card
- Passport
- Driving License
Age Proof
- Any of the above Identity Proof with Permanent Address
- Birth Certificate
- Bank Passbook
Residence or Address Proof
- Electricity Bill
- Telephone Bill
- Post-Paid Mobile Phone Bill
- Water Tax Receipt
- Property Tax Receipt
- LIC Policy Receipt
- Recognized Public Authority Verification Letter
Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property share certificate is required
- Occupancy Certificate
Testimonials
FAQ's
Frequently Asked Questions(FAQ's)
You can take up to 30 years to repay your housing loan.
The maximum amount is subject to 80% of the current market value of your property and income eligibility of the borrower.
You can include your spouse, parents, children, siblings as a co-applicant for the Home Loan. We consider his/her income to enhance your housing loan eligibility.
Income tax benefits and insurance benefits are made available to the Home Loan borrower.
You can apply online through our website.
You can also email us at info@fourbridgesloans.com or contact/whatsapp us at 9147300131.
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