Home Loan, LAP, Mortgage Loan
BankRuna -Your Housing Loan Facilitator
Apply ----> Home & Housing Loans, Mortgage Loans
Whether it is a Home loan for purchase of new house, flat, duplex or an existing one or it is for purchase of a plot of land and construction thereof, BankRuna provides you all the assistance you require without the need of running here and there and tapping the liaison of unorganized brokers about whose quality of service and integrity one is not aware of. We also help you in obtaining loan for renovation and extension of existing structures and a second housing loan. We act as reliable home loan consultants and housing loan facilitators for all of your housing related financial matters across India. On Property front, following loan facilities exist for eligible borrowers ---
* Housing loan for purchase of a new or existing property.
* Loan for renovation of the house or for additional construction.
* Loan against Property
* Loan against rent receivables
* Reverse Mortgage Loan
* Takeover of existing Home Loan to another Bank with or without increase of loan
HOME LOAN Document Checklist
|Housing & Mortgage Loans -- Quick Summary of facts|
|Stamp duty, Registration charges, VAT & Service Tax, Legal charges incurred for property purchase to be borne by the Borrower. Not to be included either in loan or as a margin.|
|Margin is 20% of the property cost barring above expenses for property value of below Rs 75 Lac and 25% thereafter. Varies from Bank to Bank. For loans up to Rs 20 lakhs, margin can be lowered to 10%.|
|No pre-payment penalty on home loans if the sanction is under floating rate arrangement.|
|No pre-payment penalty on switching the loan from one bank to another if sanction is under floating rate scheme.|
|Repayment can stretch up to 30 years in special deserving cases.|
|While choosing between Banks & Housing finance companies, the margin can be a big tilter as the housing finance companies include stamp duty etc. under their cost for determining the quantum of loan & hence loan amount becomes more. Their interest rate may be 0.15% -0.25% higher than the Banks. For Priority Sector borrowers, i.e. loans up to Rs 25 lakh, there is concessional rate of interest.|
Housing Finance Companies ( HFCs )
Frequently Asked Questions on Home Loans
Some questions that haunt a prospective home loan taker are how much loan one is eligible, how the repayment period can be matched commensurate with his income and age and why bankers are reluctant to consider loan for certain categories of job holders or self employed persons whereas welcome some other category etc. Then there are questions as to which banks dispose off loan applications quicker than others, what are the rate of interest for private banks or Housing Finance Companies and many more. BankRuna.com is the perfect place where you get answer to all these questions.
- What are the most important criteria for sanction of Home Loans?
- How to determine financial health of a home loan applicant ?
- What "Age" of the borrower has to do with sanction & amount of loan ?
- Does nature of job affect sanction & amount of Loan ?
- How can one enhance Home Loan eligibility?
- Which rate of interest I should choose- Fixed or floating ?
- What are criteria for taking loan for repair & renovation?
- How can I get a second Housing Loan ?
HOUSING LOAN PROBLEMS
You have taken a loan but unable to service the installments due to sudden loss of job, reduction of income etc and Bank is threatening legal action or seizure. Is it better to restructure the existing loan or ask for time or pay off by selling the house ? BankRuna.com is the right consultant to guide you on the matter.
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