If you have a dream to build a lovely house, then you should know what a home loan is. Through this article, complete information about home loan is being explained in Hindi. With this, you will know which are the documents required for the loan i.e. paper (document)? There are also different types of home loan and which loan will be best for you and through which bank home loan is easily available, we will know all these things in Hindi.
If you want to calculate the home loan or home loan, there are many home loan calculators available online, with the help of which you can calculate the loan amount, EMI and eligibility.
Apart from this, if you want to check the subsidy eligibility for home loan in 2023, then the process of that has also been explained below.
If you are a single working woman, a widow or a disabled woman, then you do not need to despair. For women like you, the government and some financial institutions have taken special care to provide home loans.
Apart from this, the Government of India has come up with a good home loan scheme so that the transgender can get a house easily. Along with this, HDFC Bank and LIC have also made every possible effort to fulfill the dream of women having their own house. So let’s know the complete information about home loan.
What is home loan?
In simple words, a loan taken for the purpose of buying, building or repairing a house is called a home loan. Home loan is a type of secured loan. It is provided for a longer tenure and also has a lower interest rate as compared to other types of loans like gold loan, personal loan etc.
As it is a secured loan, to avail it, you will have to put up a valuable asset as security with the home loan provider bank or financial institutions.
As security, you can pledge your land documents, security papers such as demand shares, mutual funds, insurance papers, any other valuable immovable property and the documents of the house itself which you want to buy. Can be kept on
However, based on the market value of the mortgage option mentioned above, the loan amount will be decided by the loan provider.
Almost all home loan providers banks or financial institutions and NBFCs mainly ask for the documents of the property you are taking or against which you want to take a loan.
However, your land documents will remain with the loan provider until you repay the entire loan amount.
If you have land and you are thinking of building a house on it or want to buy a ready-made house, then its documents have to be given to the home loan institution. After that, that institution will verify the documents of your land or house, that is, will investigate.
If everything is correct then you will be issued a sanction letter. All the information is written in that sanction letter like loan amount, EMI, interest rate, loan tenure etc. The loan amount is disbursed after signing that acceptance letter.
For your information, let us tell you that the loan amount is not given directly to you, it is given to the seller of that land or house. The loan amount will depend on the type of your property, your age, CIBIL score, your income etc.
The housing loan given by the bank in 2023 is at least 75% and the maximum loan to value ratio (LTV) is up to 90%.
For example, the market price of a house or land is Rs 1 lakh to Rs 30 lakh and you get it registered as a mortgage, then you can get a loan amount of up to 90% of that property. You will have to invest the rest of the money yourself. State Bank of India gives loan amount ranging from 75% to 90%.
If we talk about Non-Banking Financial Company (NBFC), then there is no fixed LTV for them. Some companies give less and some give more loan amount.
On the other hand, if you want to buy a ready-made house, then for this also you will have to give the documents of that house to the loan provider. When you deposit the entire amount of the loan, then the papers of your house will be given to you under the ‘Transfer of Property’ Act 1882. Simply put, after repaying the loan, you can take a No Objection Certificate (NOC) from the bank.
There is another type of home loan called Loan Against Home i.e. Loan Against Property (LAP), read about it below.
Home Loan Types
There are mainly 4 to 5 types of home loans. It is not that the loan is taken only for buying a new house. Apart from buying a new house, the loan goes for a number of house works, which are as follows.
- For purchase of land for house construction
- for the purchase of a new house
- for home repair
- for complete construction of unfinished house
- For extension to an already built house
- to buy another new home
- Home Renovation Loan
- Balance Transfer Home Loan
- NRI Home Loan
- Bridged Home Loan
Home Loan Interest Rate 2023
When it comes to loans, the interest rate of any secured loan is always low. Home loan interest rate is even less.
The home loan interest rate depends on certain factors such as your age, income, property value and location, credit score, etc. Apart from this, the fall in the repo rate also helps in reducing the interest rate of the home loan.
Apart from this, the home loan interest rate also depends on whether you are opting for Fixed Interest Rate or Floating interest rate. For your information, let us tell you that the fixed rate of interest is always 1% to 2.5% more than the floating rate.
The home loan interest rate in 2023 is at least 6.80% p.a. of Citibank, followed by HSBC Bank and Bank of Maharashtra at number 2 and 8.35% per annum and the processing fee of both banks is around Rs 10,000. This rate can be more or less.
If we talk about the highest interest rate, then India Shelter Finance’s home loan charges up to 13% interest. In addition, Federal Bank charges a maximum interest of 9.90%. But the higher the interest rate, the easier it becomes to get the loan.
There are also some banks and financial companies that you have to contact to know the home loan interest rate like Dhanlaxmi Bank, Central Bank of India, Sundaram Home Finance, Reliance Home Finance etc.
Home Loan for Salaried Individuals
You can apply for Home Loan even if you do a job and get salary every month. Home loan facility is available for salaried individuals, but the loan provider bank or financial institution has its own eligibility criteria.
The bank where you apply for a home loan will first verify whether you are eligible for the loan or not. If you fulfill all the criteria then the home loan will go.