What is a Home Loan?
Owning a house has now got simplified. It is because if one does not have the monetary support to purchase one then he or she can avail home loan from rupeeloan.com. In this context, it is important to say that home loans are secured loans. The financial institution offering the home loan retains the borrower's property documents as collateral. If you want a home loan then you need to apply for the loan online.
If you want to avail home loan then understand that it takes very less time to complete the application process. How much loan that you as a borrower can avail or the tenure of the loan is provided in detail in the website of ruppeloan.com. The home loan can be applied by professionals, salaried individuals, self-employed individuals as well as business persons. The repayment options of the loan are simple and flexible.
The Need for a Home Loan
If you want to take a home loan for property purchase then you can use the rupeeloan.com. The housing loan can be used for repair, it can be used for renovation works, such loans are also used for construction as well as home extension purposes. In many instances, you may want top-up loans or loans on existing loans. There are a number of banks and other financial institutions which offer home loans at attractive rates to the prospective borrowers.
Things to Consider While Applying for a Home Loan
If you apply for a home loan then the following are the things that you require to know:-
- Home Loan Eligibility:The criteria for home loan eligibility is the borrower's work stability, the person's age, employment history, credit history, and income. Prior to applying for a home loan, it is important that you check the eligibility for the loan.
- Loan Disbursal Time: The loan may take few days for disbursal as it requires a few documentation.
- Interest Rate (fixed or floating):If you are taking a loan for a short term period then fixed interest rates loans are the best whereas floating rates loans are ideal for a longer period. Hybrid loans are those loans where the borrower can benefit from both fixed and floating rates.
- Terms and Conditions: The rupeeloan.com highlights some terms and conditions for loans to prospective borrowers. If you want to take a loan from rupeeloan.com then it is important that you go through these terms and conditions.
- Hidden Charges:There can be hidden charges like processing fee or late payment of charge and therefore it is important that you go through the loan agreement prior to selecting the loan provider.
Benefits and Features of Home Loan
Following are some of the benefits and features of taking home loans:-
- Maximum Home Loan Amount: The borrower can get 60 to 80 percent of the purchase value of the home. However, it is important that you pay 20% of the loan amount as down payment.
- Flexible Tenure: The home loan tenure can be between 1 and 15 years. Sometimes, it can be 20 years or more than that. The repayment of home loans depends on the borrowed amount, it also depends upon many other factors.
- Low Interest Rate:The home loan is a secured amount, it has a low rate of interest. The rate of interest can be either floating or fixed, it can be a combination of the two.
- Tax Benefits on Home Loan:There are tax benefits on the home loan that you can check online.
- Improve Home Loan Eligibility with Co-applicant: While applying for a home loan you the borrower can add spouse or blood relative as a co-applicant. It helps to improve the eligibility for securing the loan.
Types of Home Loans in India
There are various categories of home loans and they are the following:-
- Loan to Purchase House:This type of loan is used to purchase new as well as old residential property. The tenure of such home loan ranges from 1 year to 15 years. Sometimes, the tenure ranges up to 30 years.
- Plot Loans: Such loans are used to purchase plot or land for investment or construction purposes. The plot loans are also used to purchase vacant plots.
- Top up Home Loan:If you are already having a house loan but want an additional loan then you can take top-up loans from rupeeloan.com.
- Home Extension Loans: Such loans are used if you want to add some extra space to your house.
- Home Conversion Loans: The home conversion loans can be availed if you own a house having an existing home loan and are planning to invest in a new house.
- Home Construction Loans:The home construction loans are used to construct a house on land or plot.
- Home Improvement Loans: The borrower can apply for home improvement loans to repair and renovate your current house.
For information about the home loan, eligibility requirements visit relevant resources available online.