HOME LOAN

INTRODUCTION

A loan given by bank , mortgage company or other financial institutions for the purchase of primary residence.

The owner need to transfer the title to the lender.

The borrower gets the title back after following conditions :

- payment of loan

- other terms of mortgage

Requirements For Home Loan

Before applying for home loan certain documents are mandatory for approval of home loan weather it’s a government or a private bank. The documents vary for salaried employees and self employed people. The documents required for home loan serves as a proof of your identity, address , income and also plays a major role in deciding the amount of loan to be issued.

Types Of Home Loan

Sr. No.

Types Purpose

1. Home Purchase Loan When purchasing a new house

2. Home Construction Loan When constructing a new house over an acquired plot

3. Home Extension Loan Taken for alteration of the existing house

*Various other types of home loans are also available.

Organizations Offering Home Loan

Government Banks

- State Bank Of India (SBI).

- Bank Of Baroda

- Allahabad Bank

Private Banks

- HDFC

- ICICI Home Loan

-PNB Housing Finance Limited

*Different banks offer different interest rates for home loans.

Home Loan Advantage

Low interest rates.

Tax benefit.

Capital Appreciation

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