Home Loan: Apply Housing Loan Online, Low EMI Starts ?650 per lakh | ReferLoan

Home Loan

Build your dream home with a Home Loan with fast loan disbursement, least documentation, and minimum Rate of Interest. Get a home loan for yourself with ReferLoan – compare your home loan from among 175+ Banks and NBFCs. In this article, we will understand details regarding

Eligibility Criteria for Home Loan

Key Features and Benefits in Home Loan

Documentations Required in Home Loan


Get Home Loan and Build your Dream Home

Staying in rent is never worth the money, and buying a home actually required lots of planning regarding finances and shavings but Home Loan makes it easy. Give your rent as EMIs and stay in your dream home today with a starting home Loans rate of Interest @6.50% with easy documentation with a loan tenure maximum of 20 Years.

Compare home loans from different banks and NBFCs from ReferLoan and keep your financial planning easy.

Key Features of Home Loan

  • Self-Relaxation: Buying a home is tough planning because lots of finances are required to buy own house and also financial planning, where home loan solve all these problems with east home loan facility by ReferLoan – now buy or construct your own home easily. Buying our own home makes us relax and solve half of our problems and secure family as well.
  • Future appreciation of capital: as the cost of the plot, house increases rapidly with time, it's better to buy a home for yourself which to be considered as the best asset for the future.
  • Benefits from TAX: it's better to buy your dream house with a Home Loan due to various TAX benefits, with a Pre – Construction TAX benefits under section 24(b) which is to be capped to Rs.2 Lakhs with other TAX benefits under Section 80EEA with additional Rs.1.5 Lakh benefits.
  • EMI Paid TAX benefits under Section 80C also.
  • Get HOME LOAN before 31st March 2022 and get additional TAX Benefits up to Rs. Rs.1.5 Lakhs under section 80EEA
  • Less to no pre-payment charges: as like another loan, the applicant needs to pay foreclosure charges but in a home loan, there is a minimum to no foreclose charges which means an applicant can close a home loan before loan tenure without any fee.
  • Get Top–Up on your Home Loan: if you require more funds from your existing home loan then you can apply for Home Loan TOP Up with more funds from a home loan into your account.
  • Home Loan balance transfer: If you think you’re paying a high rate of Interest for your Home Loan in your current account then change your bank with an easy home loan balance transfer facility.
  • Get maximum home loan tenure: get home loan tenure of maximum up to 20 Years with flexible EMIs facility.
  • More Loan amount: In-home loan huge fundings are provided and with good eligibility get a maximum loan amount of Rs.10 Crore and even more (no limit)
  • Best Rate of Interest: get a home loan facility with the best rate of interest starting @6.50 according to your eligibility criteria and documentation.
  • Healthy CIBIL: apply for a home loan and repay all the loan amounts on time create a healthy CIBIL score that allows you to apply for a loan at less rate of interest.

Types of Home Loan in India

There are basically different types of Home Loan in India under one section, and they are as follows

  1. Home Loan for apartment Purchase: the home loan is available for ready-to-move apartments or pre or in-construction apartments with easy documentation and a fast loan disbursal rate.
  1. Home Loan for Plot Purchase: even if you love to buy a plot to build your house or for some other purpose – but it is recommended by banks to start construction on that empty plot as soon as possible to apply for a home loan.
  1. Home loan for Construction: even if you think, loan amount for construction purpose – then the home loan is an option to do so with an approved building plan and application from the municipal to start building your dream home.
  1. Home Loan for Independent Home or buying a Bungalow: don’t want to move in an apartment and look for real privacy with the independent house – get a home loan with limitless loan amount and 20 years of easy pay option and less rate of interest.
  1. Renovate your home: get a home renovation loan and change your home again like a new home.

Applying for Home Loans Eligibility and Criteria

Basically, the Home Loans eligibility criteria differ from different Banks and NBFCs and these criteria are the same with salaried as well as a self-employed person – only the documentation differ from each other which we will discuss earlier.

  • Income: In the case of a salaried person Income places a role while applying for a Home Loans and the minimum salary should not be less than Rs.25,000/- per month.
    • In the case of a self-employed person, your eligibility is determined by the latest ITR or Income TAX Returns divided by 12 which makes the eligibility criteria.
  • Employment or Business continuation: the minimum employment for a salaried person fully relies on their Income TAX Returns with form 16 and form 26AS and other documentation.
    • In the case of a Self-employed person, the latest 3 years of Income TAX Returns and another financial statement like balance sheet,s, etc. which we will discuss in detail in the documentation part.
  • CIBIL Score: for applying for a home loan, a perfect CIBIL score is required which should not be less than 700. If the applicant’s CIBIL is less than 700 then the applicant must have a VALID REASON for lower CIBIL.

If the applicant CIBIL get affected due to COVID Lockdown due to which the applicant has to suffer for job or business which delayed the repayment of loans and the applicant is back with work and the business profit goes up then the bank will disburse the home loan for the certain applicant, rather than this no home loan for CIBIL less than 700.

  • Property Value: the value of the particular property is considered while applying for a Home Loan because Banks and NBFCs give the finances up to 75% to 90% of the total value of the property.
  • Age of Applicant: this matters a lot while applying for a home loan and differ for a salaried and self-employed person as well as for guarantor as well
  • If the applicant Is Self-Employed then the minimum salary can be 21 Years and goes up to the maximum age of 65 Years.
  • In the case of a salaried person, the minimum age decided by the bank is 21 Years and the maximum age should not be more than 60 Years.
  • If the applicant has a guarantor, then the maximum age of the applicant can go up to 80 years as well.

Home Loan Rate of Interest and fundings

As home loan rate of Interest totally depends upon the eligibility criteria of an applicant and the rate of interest is differentiated with different places and property and they are as follows.

  • Home Loan for approved properties: for approved properties, the Rate of Interest (ROI) starts at @6.50% and the maximum goes up to 8.50% where there are no funding limits when applying for loan amounts in approved properties.
  • Home Loan for Regularized Property: in this, the starting Rate provided by ReferLoan is 6.70% and the maximum goes up to 13.00% with no loan amount limits.
  • HOME LOAN Interest Rates and funding in Delhi NCR
  • In Delhi NCR the famous properties which are – Khasra Khatami and LAL Dora the Rate of Interest starts @9.00% and maximum goes up to 13.00% and the funding provided in these properties are maximum up to Rs.50 Lakhs.

Details Documentation of Home Loan

At first, the documents required for salaried Persons and are.

  • KYC of an applicant consist of the following documents:
    • PAN Card
    • Aadhaar Card
    • Voter ID card of Applicant
    • Driving License of applicant
    • Passport
  • Address proof of an applicant
    • Latest Utility Bill if the applicant is staying in own resident.
    • Proper Rent Agreement if the applicant is staying in Rent.
  • Income Proof of applicant
    • If the applicant is salaried than last 3 Month salary slip or if the salary is to be credited to a bank account then the last 12-month salary bank statement (PDF form)
    • If salary to be credited in salary account, then last 6 Months Banks Statement in PDF form
  • Other Documents
    • The last 2-year form 16 is required by the applicant.
    • Last 2 – Years of Income TAX Returns (ITR)
    • Company ID Card and if the ID card is not available then office Land Line number and official mail ID
    • Appointment letter if any
    • All loans running with sanction letter with a proper repayment schedule

Home Loan documentation for Self–Employed person

Proprietorship Concern

Private Limited Companies

Partnership Firm or LLP

Basic Documents of Main Applicants

·        KYC of Proprietor (Passport Size Photo, Aadhar Card & Pan Card Copy)

·        Latest Utility Bill of Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

KYC of Company (Pan Card of Company+ MOA & AOA & Certificate of Incorporation of Company)

KYC of Partnership Firm/LLP (PAN Card Copy of Firm/LLP +Partnership Deed/LLP Deed of Firm/LLP

Co-Applicant KYC (Not Mandatory at maximum places for Loan

KYC of Co-Applicant (Passport Size Photo, Aadhar Card Copy & Pan Card Copy)

·        KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)

·        Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

·        KYC of all Partners of Firm/LLP (Passport Size Photo, Aadhar Card & Pan Card Copy)

·        Latest Utility Bill of any of its Partner Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

Business Vintage Documents

·        Copy of GST Registration

·        3-Year-Old Business Vintage Proof (Any Registration or ITR 4)

·        Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill

·        Copy of GST Registration

·        3-Year-Old Business Vintage Proof (Any Registration or ITR 4)

·        Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill

·        List of Directors and Share Holders on Company Letterhead as of Date

·        Copy of GST Registration

·        3-Year-Old Business Vintage Proof

·        Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill

·        List of Partners with Profit Sharing Ration on Letterhead

         
  • Financial Documents Required for Self Employed Person:
    • Last 3 Years ITR Computation of Income Balance sheet Profit and Loss with complete Schedules of Applicant
    • Last 3 Year ITR along with Computation of Co-Applicant
    • Form 26 As Last 2 years
    • Audit Report + Tax Audit Report last 3 years
    • Last 12 months GSTR3B returns in PDF
  • Banking documents for Home Loan
    • All Current and Limit Accounts Banking Last 12 months in PDF Format of Applicant.
    • Saving Account bank Statement of Applicant & Co-Applicant Last 12 months in PDF format.
  • Other Documents Required
    • All running loan sanction letter with repayments schedule of applicant and Co-Applicant.
    • If EMI is not on time, then SOA (Statement of Account) is also required.
    • All running loan sanction letter with a repayment schedule of Co-Applicant Other
    • 2 Business reference along with Contact
    • Contact detail of the person who will attend PD along with email address
    • List of Debtors and Creditors on Letterhead of last 2 years and latest if LAP is above 2 Cr
    • Seller KYC

Collateral or Required Property Paper in Home Loan

  • If Property is approved from any authority then a copy of Collateral /Property Paper with complete Chain of last 13 years along with MAP
  • If Property is Leasehold Property leasehold, then PTM (Permission to Mortgage) Letter from the concerned authority is a must. Complete previous chain of last 13 years/ or from when authority allotted the property whichever is later is required
  • If Property title is Freehold and MAP is not approved, then the complete chain of the last 13 years is required.
  • If the Property title is Khasra Khatauni and proper demarcation is available then the complete chain of the last 13 years along with Farhad & Khatauni is required. If Complete demarcation is not available then a Letter from Patwari regarding demarcation is required.
  • If the Property title is Gram Panchayat /Village, then the complete chain of the last 13 years along with Farhad /Khatauni is required. If Complete demarcation is not available then a Letter from Gram Panchayat regarding demarcation is required.
  • If the Property title is LAL Dora, then along with a complete chain of the last 13-year additional documents of the Lal Dora Certificate are required.
  • If Property is acquired through WILL, then the last registry with a complete chain of the last 13 years is required. Additionally, if Will is not registered through Court, then Bank may ask for additional documents.
  • If the property title is GPA, then there is no option for funding with us. If the Property title is GPA & GPA is done on or before 13 October 2011 and the property is subject to the registry then we do have the option. This case also required a complete chain of the last 13 years.

How to get Instant Home Loan?

If you think you’re eligible for Instant Home Loan and have all the documents then follow these three steps to apply for a Home Loan with ReferLoan.

Step 1: Visit Refer Loan’s website or download the ReferLoan application.

Step 2: Log in to ReferLoan if you’re an existing customer or “Register” for a new customer.

Step 3: Click on “Apply” and a form page will open

Step 4: Fill the particular form with – Your name, Mobile number, email ID, selecting LOAN option followed by HOME LOAN options and click “SUBMIT”

You’re lead will get generated and ReferLoan Home Loan expert will contact you as soon as possible, provide all your required documents to the expert and your file will get Logged in into the best bank or NBFC for the Best Rate of Interest and longer tenure.

After all the process your home loan will be provided into your bank account instantly.

Home Loan EMI Calculators - ReferLoan

Home loan EMI calculator will allow you to understand how much EMI you need to pay in how much loan Installments, where EMI calculator makes it easy and becomes the best home loan financial planning tool as well for many.

We will provide you the basic mathematical formula and calculation to understand your EMI to be paid with ease:

So, the formula for EMI Calculator is – ReferLoan

{P X R X (1 + R) N / [(1 + R) N – 1]}

Were,

P – Principal Loan Amounts

N – Loan Tenure in Months

R – Monthly Interest Rates

N – Number of Months

Here the ROI is calculated as per month

Means, R = Annual Rate of interest /12 /100

Why Apply for a Home Loan from ReferLoan?

There is various reason to choose ReferLoan for Home Loan and they are

  1. Compare and choose the best home loan option from among 175+ Banks and NBFCs
  2. Full documents support from ReferLoan experts.
  3. ReferLoan backend team will log in your file in the best bank according to your eligibility criteria for best Rate of Interest
  4. All the work done digitally and sent anywhere from PAN India
  5. Home loan not only for home but also for Purchase of Apartments, Plot Purchase, construction purpose, Home Renovation and many more.
  6. Login to the ReferLoan portal and track your files.
  7. Get loan amount directly into Bank Account very quick.

Frequently Asked Questions

1. How to calculate Home Loan EMI?

To calculate home Loan EMI, you need to know how much loan amount you’re getting, what is the loan tenure provided by the bank and at what Rate of Interest he banks or NBFC is providing Home Loan, after getting all this information just put this information in this formula to get the EMI to be paid by an applicant.

Eighter way bank will provide you with the EMI as well. to calculate Home Loan EMI – you can also use the ReferLoan EMI calculator as well

2. How much Home Loan can I get?

The loan amount is basically depending on the various factors which are the CIBIL of an applicant, Age of an applicant, salary or business turnover, and lots of many things. After justifying all the eligibility as per particular bank policy and documentation, the bank will allow for a home loan with a certain amount starting from Rs.10 Lakhs up to Rs.2 Crore (no limit)

3. How much Home Loan can I get on a 40,000 salary?

A good loan amount can be provided by the bank if your salary is Rs.40,000/- but with salary many more factor also depends on which is already discussed in eligibility criteria, if you get fit in eligibility then contact our ReferLoan expert or apply for a home loan to get the full details about your loan amount.

4. How to apply for Home Loan

You can easily apply for a home loan by filling up an easy application form on the ReferLoan website or in ReferLoan applicant in 4 Simple steps.

Step 1: Visit Refer Loan’s website or download the ReferLoan application.

Step 2: Log in to ReferLoan if you’re an existing customer or “Register” for a new customer.

Step 3: Click on “Apply” and a form page will open

Step 4: Fill the particular form with – Your name, Mobile number, email ID, selecting LOAN option followed by HOME LOAN options and click “SUBMIT”

Our ReferLoan expert will contact you about the same as soon as possible.

5. How much CIBIL score is required for HOME Loan

The minimum CIBIL require for applying for a home loan is no less than 700 and even if your CIBIL score is below 700 then there is a chance of getting a Home Loan after the applicant provides a complete and Valid justification of reason for Low CIBIL score.

6. What are Interest Rates Charged in Home Loan?

The Interest rates are different in the case of different properties as like if your want to take a home loan for an approved property or then the Home Loan rate of Interest will be between 6.50% to 8.50%, for regularized property the Rate of Interest will be between 6.70% to 13.00% and for Khasra Khatauni and LAL Dora properties the Rate of Interest varies between 9.00% to 13.00%.

7. What is the Processing Fee for Home Loan?

Different banks and NBFCs charge different processing fees, but in some places the processing fee charges from 1% to 3% as well.

8. Where to get a Home Loan in Delhi NCR?

There are many aggregators Home Loan in Delhi NCR but ReferLoan is considered as the best for Home Loan because ReferLoan is a Leading Fintech company trusted by 200+ Banks and NBFCs and with fast Loan disbursal time with all-digital processes and ReferLoan also provides full support to the customer with sales after service as well.

A roof for a complete financial solution – gets a home loan and also the Property Insurance at a premium rate only in one place.

9. How to get Home Loan in 25,000 Salary?

If you’re getting a 25,000 salary and your match the eligibility criteria like age, CIBIL, and other things and justify the bank policy then you’re eligible for Home Loan without any problem. Reach to ReferLoan with Apply Us button.

10. Home Loan for minus 1 CIBIL?

Usually, CIBIL score starts from 300 to 900 and minus 1 CIBIL score is considered as the fresh applicant for Home Loan which is not Valid by Banks or NBFCs and if you want to take Home Loan then you can take Home Loan using any co-applicant and they can be anyone your family member, friend, etc.