Home loan is an amount being lent by various banks or NBFC to the individual to buy a
house, purchase a plot, construct a house, repair & renovate the house, balance transfer
of existing home loan, etc.
Bank or NBFC mortgaged the property and charged EMI (Equated Monthly Installment) on the loan amount being lent by them. EMI consists of both interest and principal amount, which has to be paid by the borrower to the bank or NBFC. EMI calculation depends upon three factors i.e.
(i) Loan Amount,
(ii) Loan Tenure, and
(iii) Rate of Interest. EMI on loan amount remains same throughout the loan tenure, if rate of interest not changed.
Documents required for home loan depends upon the type of employment of an individual. Documents required for different types of employment are as follows:
Rented House to Own House: If you are residing in a rented house, then it is always advisable to take a home loan and shift to your owned house. Rent will compensate your EMI (Equated Monthly Installments) and this will also give you capital appreciation. Investment in the property by taking housing loan will not only give capital appreciation but also peace of mind, social respect and recognition.
High Property Price: As price of the property is very high and buyer may not be having all the amount, bank or NBFC are there to lend you money in the shape of housing loan for which they charge interest on the loan amount.
Type of home loan depends upon types of property, an individual want to purchase. As per the need of the customer banks or financial institution come up with different types of home loan finance company in Delhi NCR products at lower rate of interest. As per the need of the customer bank or financial institution provides different types of home loan. Each housing loan product has its unique feature and advantage, so it is always advisable to consult with a professional consultant before taking a home loan.
Home Loan is an agreement between borrower and the lender (bank or NBFC) that regulates the term of loan. Home loan agents in Delhi provide you a list of options. Loan eligibility criteria for almost all the banks are different but there are some common loan eligibility criteria which borrower has to fulfill to avail home loan from bank or NBFC.