How can I apply for a home loan online?
Online banking. As popular as online shopping now. Many home loan schemes are now tailored to the needs of customers.
You’re probably eligible for any sort of Home Loan if you are:-
• At least 18 years old.
• Less than 60 years old
Now, there is a Home Loan Eligible Employment Type.
That is,if one is :-
• Salaried / Self-employed with regular income
• If they earn more than the minimum income required.
Online or offline,and especially online, a Home Loan amount eligibility is based on these factors:-
1)Minimum Salary
2)EMI limited to about 50% of monthly income.
In order to increase your eligible Home Loan amount,one should follow these steps.:-
1) Add your Spouse as Co-applicant.
Make your spouse a co-applicant,and her/ his income will add to your eligibility
2) Choose a Loan Maximum Tenure.
Choose longer tenure loan up to 30 years.
Now,for the formalities. General Documentation needed to apply for any ome Loan,online.
1. Signed application form with photograph. You can scan this as a document and send.
2. ID and residence proof. Again,scanned.
3. Processing fee receipt.
4. Last 6 months bank statements, or records of transactions done online and offline . Again, scanned.
This is a special criterion. Documentation for salaried applicants:-
1. Last 3 months salary-slips
2. Form 16 or Income Tax Returns.(Scanned and sent).
Now, the second of the lot.Documentation for self-employed applicants:-
1. Education qualification certificate & proof of business existence. Scanned and uploaded.
2.Last 3 years Income Tax Returns with computation of Income.
3. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account.
All Banks, national or international, provide a wide range of home loan products to suit the individual needs and preferences of its customers. However, in India ,various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provide to SBI, that is, State Bank of India. And why so? Well, for its :-
• Low interest rates,
• Flexible payment options .
• Zero hidden charges are some of the features that lend to the popularity of SBI home loans.
With thousands of branches spread across various geographical locations has made SBI one of the most accessible banks to obtain a loan from. So remember this, while applying for a housing loan.
Now,Home Loans not only offer attractive benefits and terms for its customers, but banks also offer low competitive rates on its home loan! Yes, the market competition for housing loan is a great oligopoly.
As of May 3rd 2016, the interest rate for SBI home loan stands between 9.35% to 9.40%. The above mentioned rates are irrespective of the loan amount.
There are many Home Loan Schemes offered respectively by various banks in concern.
Banks offer a wide range of home loan products to its customers. One can choose the best home loan scheme that suits your budget and requirement. Home loans come with new and innovative benefits to cater to the home finance needs of all its customers! Following are some of the home loan options available online, from any bank. All one has to do is Click the website/(s)!
One category of home loan offered by most banks is specially for youngsters.
This home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is approximately 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.
This holds the rule and terms for most banks in this sector.
• Eligibility – 21-45 years.
• Minimum Income – Rs.30,000 per month approximately.
• Pre-closure Charges – Nil.
• Interest Rate – Floating 10.15%(ideally).
Now, when one and anybody or any organization applies for a loan, they must and make it mandatory to have these documents listed in the list below.
Documents required applicable to all loan seekers:-
• Duly filled loan application, an online form process.
• 3 passport-size photographs,scanned and uploaded.
• Identity Proof (Voter ID Card/Passport/Driving License/Pan Card),all duly scanned and submitted.
• Proof of Residence (Current Address Proof), again, scanned and submitted.
• Bank Statement for last 6 months.
• Personal assets and liabilities declaration.
• Proof of property.
• Income Tax Proofs (If required). That is,income tax transaction transcripts,found from the website of Income Tax of India.
• Signature Identification from present banker, scanned and uploaded.
Most loans require guarantors. And heavy amount such as home loans are no different.
Listed herewith are the Documents required for Guarantor:-
• Assets and liabilities Statement.
• 2 passport-size photographs, duly scanned and uploaded.
• Identity Proof, again,scanned and uploaded.
• Address Proof.
• Signature Identification from present banker, scanned and uploaded.
How can one decide which amongst the wide array of home loans offered through and by various banks fits their exact requirement?
Well, use Google! And, mentally scan the websites of each bank that appears as a result on your search!
Banks charge a low processing fee for its home loans. Up to 0.35% of the loan amount is charged, on an average. The amount can be maximum of Rs.11,500, approximately.
Also, since rules bind us so much, we may wonder, that :-
“Can one pay off my SBI home loan earlier than the initial tenure?”
Definitely!
Yes. One can pay off their home loan earlier too, without a pre-payment penalty fee!
The sooner,the better!
Also, is there any security required for and while availing any such home loan?
Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits and so on.
And, is a guarantor always required to sign any housing loan application?
Yes, to maintain formalities. A guarantor with all the valid and required documents needs to sign one’s loan application.
So with all these riddles about the whole home loan concept solved above,one again sets to wonder :-
“What kind of job makes one eligible for availing a home loan from a bank?”
Well, you can either be a salaried employee or self-employed for obtaining this loan. However, the only condition with most banking institutions is that you should be earning a regular income and should be able to furnish proofs of the same.
Now,for the most important part of this informative essay.
Before you apply for the loan, Check your CIBIL Score for applying for any Home Loan! This is mandatory.