What is a Home Loan?
A home loan is a secured loan that you obtain from a financial institution to purchase or construct a house. The property you buy is mortgaged with the lender as security until the loan is fully repaid. Home loans offer a substantial amount of funding for a long tenure at an affordable interest rate.
This financial product makes the dream of homeownership a reality for many. Repayments are made in Equated Monthly Installments (EMIs), which include both the principal and interest components. Owning a home through a loan also provides significant tax benefits.
Features & Benefits of a Home Loan
A home loan is not just about buying a house; it comes with a host of benefits.
Get a substantial loan amount, often covering up to 90% of the property's value.
Enjoy flexible repayment with tenures extending up to 30 years, resulting in lower EMIs.
As a secured loan, home loans come with attractive and competitive interest rates.
Avail tax deductions on both the principal and interest components under the Income Tax Act.
Own a valuable asset that has the potential to appreciate in value over time.
Option to transfer your existing home loan to a new lender for better interest rates.
Types of Home Loans
Lenders offer various types of home loans to cater to different housing needs.
Home Loan Eligibility Criteria
Lenders evaluate several factors to determine loan eligibility. While specific criteria vary, here are the general requirements for both salaried and self-employed applicants.
For Salaried Individuals
- Nationality: Indian resident.
- Age: Typically between 23 and 62 years.
- Employment: A stable job with a multinational, public, or private limited company.
- CIBIL Score: A good score, usually 750 or higher, is preferred.
- Work Experience: Minimum 3 years of work experience.
For Self-Employed Individuals
- Nationality: Indian resident.
- Age: Typically between 25 and 70 years.
- Business Vintage: A stable business with a minimum of 5 years in the same field.
- Income: A regular source of income from the business.
- CIBIL Score: A strong credit history with a high CIBIL score.
Documents Required for a Home Loan
A smooth loan process requires proper documentation. Here’s a general checklist of the documents you’ll need to submit.
- KYC Documents: PAN Card, Aadhaar Card, Passport, etc.
- Income Proof: Salary slips (last 3 months), Form 16, Bank statements (last 6 months), and ITR for self-employed.
- Property Documents: Sale agreement, title deeds, approved construction plan, etc.
- Proof of Business (for self-employed): Business registration documents, partnership deed, etc.
Why Choose Quick Services?
Experienced Professionals
Our team consists of highly trained and experienced security and management experts.
Client-Centric Approach
We tailor our services to meet the unique needs and requirements of each client.
Reliability and Trust
Committed to providing dependable services that our clients can trust.
24/7 Support
Our support team is available around the clock to address any concerns.
