Home Loan
What is a home loan and how does it work?
A mortgage is a loan from a bank or lender to help you finance the purchase of a home. When you take out a mortgage, you make a promise to repay the money you’ve borrowed, plus an agreed-upon interest rate.
Government-insured mortgages
A government-backed loan is a loan subsidized by the government, also known as a Federal Direct Loan, which protects lenders against defaults on payments, thus making it a lot easier for lenders to offer potential borrowers lower interest rates.
Fixed-rate mortgages
The main advantage of a fixed-rate loan is that the borrower is protected from sudden and potentially significant increases in monthly mortgage payments if interest rates rise. Fixed-rate mortgages are easy to understand and vary little from lender to lender.
Adjustable-rate mortgages
An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. With adjustable-rate mortgage caps, there are limits set on how much the interest rates and/or payments can rise per year or over the lifetime of the loan.
What We Have Here for You
We provide financial stability to our clients and help them achieve their goals .
Home Purchase Loans
A home-purchase loan amount is utilized to buy a residential property. Financial institutions usually provide up to 80-85% of the market value of the house as loan amount. The interest rate on these loans is either fixed, floating or hybrid.
Home Construction Loans
A construction loan (also known as a “self-build loan") is a short-term loan used to finance the building of a home or another real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding.
Home Improvement Loans
A home improvement loan is an unsecured personal loan that can be made without providing any collateral. Unlike some home-related financing, you won't need to provide your home title. It's not a mortgage or a reverse mortgage and won't put your home at risk
Home Extension Loans
A home extension loan can be availed by someone who wishes to make any structural changes to their existing house to add more living space. These loans can be availed for up to 90% of the construction estimate for a maximum term of up to 20 years.
Land-Purchase Loans/Plot Loans
Land Loans are funded for purchase of land for construction of residential/non-residential property. You can also avail funds for construction based on the construction cost estimate. The construction has to be completed within a period of two years from the date of availing the loan.
Balance Transfer loan
Balance transfer of loan is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also better features. ... Balance transfer reduces you interest rates and finally enables you to save on the interest you have to pay.
Frequently Asked Questions
Some FAQ’s.
How much loan am I eligible for?
Your Home Loan eligibility depends on various factors like age, income, debt repayment history etc. The eligibility criteria differ from bank to bank. But, before you decide on the loan amount, it’s smart to evaluate your current financial situation and determine how much money you can comfortably shell out each month.
How is the EMI calculated?
Before you approach any bank for a loan, it’s important to find out how much you will be spending each month on your Home Loan EMIs to avoid any nasty surprises later.
What factors should I consider before opting for a Home Loan?
The interest rate
The rate of interest on your Home Loan can have a major impact on your EMIs and your total interest outflow. Shop around for lower interest rates before choosing a lender.
Check Your Credit Score
Your Credit Score has a major impact on the approval of your Home Loan application. Your score is based on your previous borrowing and repayment credit history. If you have a high Credit Score, you are more likely to get a better Home Loan deal with the bank.