Making Home Loan Work For You

When it comes to choosing a home loan, interest rate is not the only thing to consider. Loan features – like the ability to make extra repayments, a line of credit, an off-set account – are just as important. To help you understand what features you could be offered by your lender, we’ve outlined some of the more popular options.

Making extra repayments

Being able to make extra repayments at any time during the life of your home loan is an important feature. Any extra cash paid into your home loan – like an annual bonus, a windfall, or a tax return – could end up saving you thousands of dollars in interest over the life of your loan.

It goes without saying that the more often you make extra repayments, the better – for example, if your mortgage repayments are calculated monthly, consider paying fortnightly instead as you’ll end up paying an additional month’s worth of repayments each year. And the sooner you’re able to start making extra repayments, the greater the benefit to you in terms of time and money shaved off your overall loan amount.

An off-set account

One of the simplest ways to reduce the interest payable on your home loan, is to set up an off-set account. An off-set account is a bank account linked to your home loan and used as you would any other savings or transaction account. The difference is your balance in this account is off-set against your total mortgage and interest is only charged on the difference.

For example: If you had a mortgage of Rs. 45,00,000 and your off-set account balance was Rs.1,00,000, interest would only be charged on the difference i.e. Rs. 44,00,000.

Some lenders calculate the off-set amount daily while others do this on a monthly basis, so it’s worth comparing lenders if this is something you think would work for you. You can have your salary paid into your off-set account, set up automatic payments to be paid from this account, and use it to make everyday purchases using a debit card.

A line of credit

If you have a large amount of equity in your property, you may be offered a line of credit. This means that your lender approves an amount secured against the equity in your property that you can draw down when you need it – say for home renovations or a family holiday.

Typically, you’ll only pay interest – charged at a variable rate – on the amount you draw down rather than the total approved amount. A line of credit is a useful feature to have, but probably better suited to borrowers who are careful at managing their finances and won’t be tempted into overspending each month.

 

What features work best for you?

As a Mortgage Management Expert, we understand that navigating through the numerous home loan features on offer by lenders can be complicated. We’d like to help you make an informed decision about which features are most important to you. Get in touch with us if you’d like guidance on your home loan features.

Indiabulls Housing Finance

Indiabulls is a popular name when it comes to choosing a housing finance company. In the legacy of more than a decade, the company has established itself as a trustworthy company that renders different schemes and policies, that helps people meet their financial needs. What makes Indiabulls different from other banking and financial institutions, is that it offers the highest LTV or Loans to Value ratio in the Indian market. It means that if you are taking a loan of Rs. 30 lacs, the Indiabulls offers loan amount up to 90% of the market value of the property. For loan amount above 30 lac up to 75 lacs, it offers LTV to a maximum of 80% of the property value. It also includes the land cost.

Key features of Indiabulls Housing Finance Loan-

  • The most important feature of Indiabulls housing finance is that it offers the highest LTV ratio in the market as compared to other banking and financial institutions.
  • Attractive interest rates are yet another feature that differentiates Indiabulls from others.
  • The prospective borrowers can apply for the housing loan individually or may have a co-applicant. The co-applicant can be spouse, parents, siblings or son or daughter.
  • It offers floating interest rates. It doesn’t apply on the loan disbursal amount. Any change in the interest rate will impact only the interest part of the EMI.
  • Indiabulls housing finance offers e-home loans making the loan application hassle-free.

Benefits of Home Loan from Indiabulls:

  • E-home loan facility makes it easy for borrowers to apply for a loan
  • Quick loan processing and approval
  • Flexible repayment
  • Indiabulls offers long and short tenure loans
  • Highest LTV rate

Brief overview of Indiabulls Housing Finance-

Rate of Interest It starts from 8.80%
Loan amount The minimum home loan amount offered by Indiabulls is Rs. 35 lacs
Loan Tenure Up to 30 years
Cheque Bounce Penalty Rs. 500 per instance
Cheque swap charges Rs. 500 per instance
Prepayment Charges Nil
Processing fee Up to .05%

What is the different purpose for which housing loan from Indiabulls can be used?

The borrowers who are looking for housing loan from Indiabulls can use this amount for different purposes, they are enlisted below:

  • Purchasing a new home, flat or independent houses.
  • Construction of a new house on the land owned by the borrower
  • Purchasing a new plot for construction.
  • Home extension or renovation.

Documentation for housing loan from Indiabulls:

The loan application and approval process of Indiabulls is simple but it requires the browser to submit the documents that can substantiate his/her credibility to repay the loan. Indiabulls offers housing loans for both the India residents and NRIs residing in Dubai, the UK and the US. Listed below is the complete set of documents that one needs to submit to get a housing loan.

Mandatory documents that one needs to submit:

  • Passport size photograph of the applicant
  • Filled and signed application form
  • Address proof like Adhaar card, Driving License, PAN card, Passport, Voter ID, Utility bills of last three months- this can be electricity bill or telephone bills.
  • Processing fee cheque
  • NOC from the builder or the housing society(original copy)

Tabular Representation for different categories of loan applicant:

Salaried Individuals Self-employed Individuals BSF Merchant Navy professionals and NRIs
In addition to the above mentioned documents the salaried individuals need to submit:

Form 16 of last 2 years

If they don’t get Form 16, they can submit Form 26AS or ITR of last 2 years.

Salary certificate

Last six month bank statement.

In case of variable salary, the salary slip of last 6 months is required.

In addition to the above mentioned documents, the self-employed individuals need to submit:

Last 2 years ITR

P/L of last 2 years

Balance sheet of last 2 years

Business registration certificate under Shops and Establishments Act or Factories Act or Gumasta License

Education certificates

Along with the application form, the BSF personnel needs to submit service certificate.

Last 3 months salary slips

Form 16 of last 2 years

To get the benefit, the BSF personnel needs to submit the service certificate

If they are on rent then they need to submit rent agreement with utility bills of last three months.

Salary slips of last 6 months

Continuous Discharge Certificate

Passport

Contract copy of last 3 years

Form 16 of last 2 years

Bank statement of 1 year for NRE or NRO account.

 

The NRIs need to submit Form P60/P45

Recent Employment contract along with Consumer Credit Check report.

 

Different types of Home loan products offered by Indiabulls:

Indiabulls Housing Finance Loan– This loan scheme is for the salaried, self-employed, BSF, merchant navy and NRIs. You can use this loan for buying a home or building your own home. The loan comes with attractive interest rates and tax benefits which makes it one of the most popular choices amongst those who are looking for a home loan.

Rural Home Loans- Indiabulls offers home loan to the residents of rural and semi-urban areas. They can use this loan scheme to buy a home in rural areas. The rural home loans from Indiabulls comes at an affordable and attractive interest rate.

Plot loans from Indiabulls- well, if you don’t wish to buy an apartment and are willing to construct your own house, then Indiabulls has plot loans for such needs. This lucrative interest rate makes it easy for individuals to build the home of their dream by availing plot loans.

Home Extension Loans- This is yet another popular loan schemes offered by Indiabulls. Home extension loan lets you use the loan amount to construct a new home, or if you are planning to add another floor to your house.

Home Improvement Loans– Your house is a reflection of your lifestyle and if you want to catch the eyes then it is important that your house should look different. To fulfil this dream of yours apply for the Home Improvement Loans from Indiabulls that helps you renovate your house, from painting to repairing to maintenance, you can use the Indiabulls home improvement loans for the same. It can also be used for home renovation.

Tax Benefits-

Availing housing loan from Indiabulls will not only fulfil your dream of buying a home or building your dream house but at the same time, it also gives you tax benefits. The Income-tax authorities offer certain benefits to the people who take home loan from specified financial institutions and Indiabulls is one of them.

Here is how you get benefitted from housing loan:

  1.    Section 24- As per this section of the Income Tax Act, an interest that the borrower pays on the capital borrowed for construction, repair or acquisition of property gets a rebate. The maximum amount which is eligible for deduction is Rs. 2,00,000 if the property is self-occupied. In case of the rented out property there is no limit of the amount of deduction.
  2.    Section 80C– As per this section of the Income Tax Act, the maximum deduction amount is Rs.1.5 lacs. This amount is under rebate on income or repayment of principal amount of home loan during the financial year.

Why choose Indiabulls Housing Finance from Loanyantra?

If you are searching for a good housing finance company then Indiabulls is a good choice. Loanyantra offers you a good platform to scout through a number of banking and financial services that provide a home loan. Our customer service will guide you through the entire process of loan application and approval. You can compare the interest rates and other benefits offered by banks in one go and finalize the one which can be in your best interest.

Why should you consider Loanyantra as a trustworthy platform?

    • One-stop solution- Loanyantra offers one stop solution where you can access all the information in one click.
    • Unbiased Reports– Loanyantra is a third-party platform where the information is not sponsored by any particular bank or financial. All the information on our website is unbiased and we present you critically analysed reports which will be in the best interest of the borrower.
    • SPOC- Loanyantra offers you a dedicated officer that will help you with the loan application. They will work in coordination with you until the loan gets processed.
    • Quick and time-saving- Time is money and Loanyantra completely comprehends this. We offer quick services and help you complete the paperwork so that you get your loan approved in time.

If you are searching for the right loan provider and are confused who to finalize, then Loanyantra will help you choose the right bank or financial institutions. To explore more about our services and how can we help you contact us today.

 

Traps to avoid by New Home Buyers

Buying a home is one of the largest and most complex purchases you’re ever likely to make. And getting it wrong can have a significant impact on both your financial and emotional health. That’s why it’s important to take time to fully research and understand the process and the complexities that go along with home buying. Here are our home buyer traps to avoid.

Not Getting Pre-approved
In this highly competitive property market, getting a pre-approval for a mortgage is absolutely the first step in the home buying process. And while the amount of paperwork involved may put you off, not getting pre-approved before looking for a property will ultimately cost you.

Securing a pre-approval helps define your property search so you know what price range you can realistically afford. It also shows the seller that you’re serious about buying, and it’s an absolute must-have if you’re buying at auction.

Not saving a deposit
At the very least, you need to have saved a 10 per cent deposit of the property value. If you have less than this, you still have a few options: you could ask a family member to gift you part of the deposit, or act as a guarantor on your home loan. Either way, lenders want to see you are capable of saving a deposit.

Not doing your homework
Defining what it is you’re looking for in a home is an essential part of the home buying process. Before you attend an open house, consider what it is that’s important to you in buying a property: for example, living closer to work or schools, a family lifestyle with a large garden, access to public transport.

Research reliable property data to get a realistic idea of property prices and what you can expect to buy for your budget. Remember to factor in the costs associated with buying, like mortgage registration and transfer fees, loan application and establishment fees, and Lenders Mortgage Insurance if you’re borrowing more than 80 per cent of the property value.

Not working with a mortgage broker
Mortgage brokers have access to a far bigger pool of financial resources and can often secure finance for buyers who have been turned down in the past. In many instances, mortgage brokers are able to negotiate sharper interest rates or terms. Most importantly, they’re experienced in dealing with and understanding lending policies of different lenders, so are able to guide you through the home buying process and ensure you make the best decisions.

Get in touch with our team today if you need assistance or advice around the home buying process.

Inshort about HDFC Home Loan

HDFC housing loan – Check your eligibility now or Calculate your EMI to decide at the fastest.

Key Points to note about HDFC home loan-

If you are applying for home loan from HDFC Bank then you must make a note of the following points :

  • If you add a co-applicant the you enhance your eligibility for a higher loan amount.
  • Adding a woman co-applicant will help you get better interest rate.

Details About HDFC Housing Loan:

Rate of Interest 8.80%-9.05%
Loan Tenure 1-30 years
Processing Fee Up to .50% of the loan amount
Guarantor Requirement Not Required
Pre-closure charges Nil
Maximum Loan Amount It varies from applicant to applicant and other factors decided by the bank.

When it comes to choosing the best option for the home loan, then one factor that instantly lures the borrowers is the interest rates offered by banks. Well, you have a number of banking and financial institutions offering the home loan. However, the right choice would be the one which offers attractive interest rates, expansive set of features, longer loan tenure, nil prepayment charges and great customer support is something that one eyes at. HDFC Bank is one of the leading banks in India that offers myriads of financial products and is known for its housing loan schemes.

Where can you use HDFC Housing Loan?

The bank offers housing loan under the following conditions:

  1.    Buying a new home
  2.    Buying a resale home
  3.    Construction of a new house
  4.    Property purchase
  5.    Transfer of home loan from one bank onto HDFC

Who can apply for home loan from HDFC Bank:

The following people can apply for home loan from HDFC bank, provided they meet the eligibility criteria specified by the bank:

  • Salaried and self-employed individuals can apply for HDFC housing loan
  • Every proposed owner of the property is considered as a co-applicant. But, all co-applicant cannot be co-owners.
  • The bank offers NRI home loan to non-resident Indians on a condition that the applicant must produce the proof the same.
  • The bank offers HDFC rural home loan to the farmers, agriculturists, dairy farmers etc.

Features and benefits of HDFC home loan

There are a series of benefits offered by HDFC bank that makes it a popular choice amongst the home loan seekers.

  • It offers comprehensive loan schemes for buying property, plot, or purchase of the resale property. You can also use the housing loan for construction of the house.
  • One of the distinctive features of HDFC housing loan is that it offers competitive interest rates when compared to other banks.
  • People-friendly policies and customer support makes HDFC bank a popular choice.
  • There are no hidden charges or last-minute costs that come up while you apply for a home loan from HDFC bank.
  • Innovative products like home extension loan and home improvement loans.
  • Door-step service with legal assistance.
  • Special offers for NRIs, defence professionals, farmers etc.
  • You can apply for home loan individually or have a co-applicant

Eligibility Criteria Specified by HDFC Bank-

  • The age of the applicant should be between 18- 65 years
  • Anyone who is salaried or self-employed can apply for home loan for HDFC bank but they must complete all the paperwork.
  • Any resident Indian can apply for home loan
  • HDC bank provides home loan to NRIs as well

Documentation-

Prospective borrowers  must submit the following documents for their housing loan processing :

  • Identity Proof- Adhaar Card, Driving License, Passport, Voter ID or PAN card will work well
  • Address Proof- Utility bills like electricity bill, phone bill, Adhaar card, Voter ID, Passport.
  • Proof of Income- The salaried individuals need to submit last six-month bank statement showcasing their credited salary.
  • Additionally, the salaried individuals need to submit employment contract, appointment letter.
  • The Self-employed individuals need to submit their recent ITR and P/L account attested by a CA.
  • The bank may also ask you to submit the buyer agreement or allotment letter.

Bird’s Eye View of the documents required for HDFC Home Loan under different categories:

 

Farmers or Agriculturalists Salaried Professionals Self-Employed
Application form with photographs Application form with photographs Application form with photographs
ID Proof and Address Proof ID Proof and Address Proof ID Proof and Address Proof
Last 6 Months bank statement Last 6 Months bank statement Last 6 Months bank statement
Processing Fee Cheque Processing Fee Cheque Processing Fee Cheque
A copy of title documents showcasing Land Holding Latest Salary Slip Proof of Business and Education certificates
Statement of last 2 years showing the loans availed (in case the borrower had applied) Form 16 ITR, Last 3 years P/L account, Balance Sheet

HDFC Home Loan Tax Benefit-

If you have bought or constructed a house afresh using a housing loan,  these are the tax deduction for home loan that you can avail of:

Section 80C

You can avail of deduction on the principal of the home loan repayment up to a cumulative limit (including provident fund, insurance premium etc.) of Rs.1.50 lakh per financial year.

Section 24

The interest that you pay on your home loan can fetch you a deduction of income up to
  • a) Rs.2 lakh in case the house is self-occupied
  • b) Without any limit if the house is rented out.

In case of a joint home loan, these tax deductions available on home loans can be enjoyed by the co-applicants separately, provided they are co-owners of the property and each of them is contributing to the home loan repayment. The actual amount of tax benefit enjoyed by each co-applicant is in proportion to their contribution in repayment of principal and interest, subject to the limits mentioned above.

Different types of Home Loan provided by HDFC Bank-

HDFC is known to cater to the variegated financial needs of the people by offering them different financial products like home loan, car loan etc. When it comes to a home loan, then HDFC bank has bifurcated its home loan products in the following categories:

  • Home Loan for Salaried and self-employed individuals- This is their primary home loan product for the salaried and self-employed professionals.
  • HDFC NRI Home Loan- This loan product has been specially developed for the Non-Resident Indians who are willing to invest in property in India.
  • HDFC Pre-Approved Home Loan– This loan is for those who are looking to negotiate with the sellers.
  • HDFC Home Improvement Loan – or popularly known as HIL is for those who are willing to make structural improvement in their house like painting, construction etc.
  • HDFC Home Loan Transfer-It is for those who want to shift their current home loan to HDFC for a better interest rate.
  • Home Extension Loan- If you are willing to add an extra room to your house or do any kind of modification, then HDFC offers you Home Extension Loan for the same. You might get confused between Home Extension Loan and Home Improvement loan, but an important point that differentiates the two is that the home extensions involves an increase in the total area of the house.
  • HDFC Home Loan for Agriculturalists- This home loan is for farmers, planters, horticulturists etc. who want to buy or build a home in villages. The bank doesn’t ask them to mortgage their land to get a home loan. The farmers also don’t need the Income Tax Returns to apply for a home loan from HDFC bank.
  • HDFC Rural Housing Finance-This loan is for the private sector and government employees for buying properties in rural residential.

Extra Charges While you are with HDFC Home Loan –

HDFC Bank doesn’t charges any hidden amount, but you must know the other charges that you might need to pay –

Type of Charges Amount
Late Payment Up to 24% per annum
Bounce Cheque charges Rs. 500
PDC Swapping Charges Rs.200
Cheque Swapping Charges Rs. 500
Per statement charge in case of issuance of duplicate statement NIL
Photocopy of Documents Rs.500
Increase or Decrease in Loan Term Up to Rs. 500 plus taxes

Why choose HDFC Home Loan via Loanyantra?

Well trusting a third party website for finalizing your loan provider can be a tough task for you, but at LoanYantra we make it simple. Our portal gives you an access to the whole new world of home loan providers. It’s a place where you can compare the interest rates, loan tenure, calculate EMI and also get to know which loan provider is the best for you. Here is what makes us stand out from the others:

  • A simple platform with a multitude of benefits– With just one click you can easily create the loan rates provided by different banks across the nation.
  • Unbiased Reports– We are a third party platform and hence all the data provided by us is not influenced by any of the banks or financial institutions. Be assured that you will get the correct and right information which will be in the best interest of the customer.
  • Easy to apply– Loanyantra wants to become a channel that can simplify your task of finding right lender and applying for the same. We help you with the complete procedure of home loan application and approval.
  • Time-Saving- Time is money and if you don’t want to waste time searching for the right bank, then you must long on loanyantra.com. We provide you with complete information and our team will help you complete all the paperwork in time so that you don’t waste your time running around.
  • No hidden charges– We don’t believe in bringing the cat out of the hat at the last moment. There are no hidden cost or charges that will leave you perplexed.

If you find this interesting and want to apply for home loan, then Loanyantra is the right platform for you. Our unbiased approach has made us carve a discernable niche for ourselves in the market. Moreover, we make sure that none of our customers face the hassle of running around and hence we also help you with door service. Connect with us today for easy home loan approval.

 

Bank of Baroda Home Loan Advantage At Its Best- Opt it Now

Bank of Baroda, very soon emerging as a largest and the best home loan provider, is now standing next to SBI as country’s second biggest lender among public sector banks.

The best of Bank of Baroda’s home loan features is, bank of baroda has one product, a home loan product which targets your every need, plot loan, construction loan, home loan advantage, also home extension loan.

This makes the employees of the bank explain clearly about the product and the details of the product to the customer and make the borrower aware of the existing offers.

Bank of Baroda Home Loan Advantage –

Bank of Baroda Home Loan Advantage allows the home loan customers to open an account while in home loan and save the extra funds in it or even can transfer the salary into the account.

Why Bank of Baroda Home Loan Advantage Product – 

  1. Same interest rate applicable as for Home loan product. (Irrespective of how much ever your loan amount is)
  2. Interest rate calculated on daily basis. (Helps reducing your principal amount according to the funds maintained in the account).

Why via Loanyantra – 

Loanyantra is a one stop solution for your loan needs. Loanyantra aims to have a seamless approach and try to reach the disbursal stage at the fastest.

  1. Avail o.2% discount for one year on your interest rate.
  2. No processing charges or legal fees applicable
  3. Free loan management tips and assistance through out your loan tenure.

What is Bank of Baroda Home Loan Advantage Product.

The Home Loan sanctioned is linked with Saving Bank Account.
Under this scheme, the borrower can deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
Any credit available in the linked SB a/c at the end of the day is counted for credit in linked Home Loan account.

Consequently, the borrower gets the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.
1. The borrower remits the Equated Monthly Instalments (EMIs) into the linked SB account.
2. Recovery of EMI is made by way of auto recovery from linked SB account only.

For what can you use the account?

Balance in SB account is available for drawal on demand. Hence, borrower is eligible for Cheque book facility, ATM cum debit card, internet banking facility, mobile banking facility etc. as per normal Savings Bank rules.

Eligibility and other factors –

Age –

  • Minimum for Borrower is 21 Years and Co-applicant is 18 years.
  • Maximum is 70 Years

Residents and Employment Eligibility –

  • Indian Resident – Need to be salaried for minimum 1 year or self-employed for minimum 2 years.
  • Non-resident of India (NRI) – Regular job with a reputed company or contract job with government organisations with work permit for 2 years.

Co-applicant –

A close relative can be the co-applicant for increase in eligibility. The close relative can be anyone from the family say, spouse, mother, father, son, daughter, son-in-law, daughter-in-law, sister-in-law and brother-in-law.

If the co-applicant is not any of those, then co-owner of the property can be the  co-applicant.

Repayment Period – 

  • Maximum of 30 years.
  • Extra prepayment charges not applicable if the preclosure is after 36 months from the time the loan is repaid.

Rate of Interest –

Flexible rate is applied for borrowers with Bank of Baroda.

Loan to value (LTV) Ratio –

  • upto 30 lakhs – 90%
  • 30 – 75 lakhs – 80%
  • more than 75 lakhs – 75%

Process for availing Home Loan via Loanyantra from Bank of Baroda – 

To keep the process simple and hassle-free, we follow a step by step procedure and ensure the customer is at ease at every step.

Step 1 – Make the customer aware of the documents required by the bank and make him/her understand the eligibility and offers.

Step 2 – Form filling and document collection

Step 3 – Confirmation mail from bank regarding the details.

Step 4 – Legal check and sanction letter from the bank.

Step 5 – Account opening formalities

Step 6 – Property check by authorities and cheque disbursal to your hand.

Every step is followed by Loanyantra. Clear your doubts and get to know the updates about your application before hand from Loanyantra. All you need to do is just keep your phone intact with you. Rest all is assured door step service.

Happy Home Loaning.

 

 

 

Why you should opt for a Home Loan from Bank of Baroda

Bank of Baroda – Why you should opt for a Home Loan in BOB

Bank of Baroda is one of the prominent names when it comes to public sector banks in India. Known for its people-friendly policies and myriads of banking products. In the month of September, 2018, BOB announced the merger with Vijaya Bank and Dena bank which made Bank of Baroda, the second largest bank in the nation after SBI. Bank of Baroda offers attractive interest rates for home loan and easy repayment options to the eligible person.

Why should you opt for BOB home loan?

Well, BOB offers attractive interest rates and has easy repayment options to the home loan borrowers. Apart from this, there are other benefits which makes BOB a popular choice amongst those who are looking for a home loan:

  • There are no prepayment charges for those availing home loan on floating interest rate
  • Easy and fast loan approval and with Loanyantra, we ensure the process to be seamless and target for the disbursal with in the month you had applied for.
  • No processing fees but minimum legal charges are applicable which Loanyantra always tries to waive off.
  • And the most important affordable interest rate with the lowest spread rate added in it.
  • By default your home loan is created with an account to save your extra funds or to transfer your salary through which you get benefits of Bank of Baroda Home loan advantage product.
  • Bank of Baroda gives you the benefit of applying for a top-up loan during the home loan tenure for a maximum of five times.
  • Bank of Baroda also gives you a free credit card and a concession of 0.25% for car loans.

Eligibility :

 

In order to avail home loan from Bank of Baroda, one must qualify the eligibility criteria specified by the bank.

Parameter Points to note
Age The age of the borrower should be between 21 years -60 years
Income The minimum income of the borrower should be Rs. 20,000
Work Experience The salaried individuals should have a work experience of 2 years and the business individuals should own a business stability of minimum 3 years
Loan Amount Rs. 15 lacs – Rs.10 crore

Documentation for a BOB Home Loan – 

For a successful home loan approval, it is important that the borrower must submit the documents specified by the bank.

Here is the list of documents that the borrower must submit:

  • Identity Proof like Voter ID, Passport, Adhaar Card, Driving License.
  • Address Proof like Ration card, Adhaar card, utility bills like electricity bill, phone bills etc.
  • Age proof- 10th certificate, Adhaar card, birth certificate or as demanded by the bank.
  • Signed application form
  • Passport size photographs
  • Last six months’ bank statement showcasing salary credited (for salaried individuals).
  • Form 16 of last 3 financial year
  • For business individuals, one needs to submit IT Returns of last 3 years
  • Balance Sheet and P/L account audited and attested by a CA. This should be of last 3 years.
Bank of baroda home loan low interest rates
Bank of Baroda Home Loan via Loanyantra.com

Other details of Bank of Baroda Home Loan :

Interest Rate and other charges Details
Interest Rates The Bank of Baroda Home Loan starts from 8.70%
Processing Fees Nil
Maximum Loan Tenure 30 years
Prepayment Charges No prepayment charges
Age of the Individual Salaried – The minimum age should be 21 and the maximum should be 60 years.

Self-employed – The minimum age is 21 and maximum of 65 years.

Our Role: If you find Bank of Baroda offering lucrative services or any other bank that is giving you attractive interest rates on home loan, you can connect with Loanyantra and figure out the one which is in your best interest. We are a leading platform where you can compare all the leading bank’s home loan interest rate and finalize the one which is best for you. We have been leveraging our services to the ones who need a home loan and have carved a discernible niche for ourselves. To explore more, contact us today.

 

 

 

 

HDFC Plot Loans or Self-construction Loans for Salaried and Self-employed

HDFC Plot Loans

What is HDFC Plot Loan?

HDFC provides loans to borrowers for the purchase of a plot of land to build their dream homes. Construction loans are given to both self-employed and salaried people. Borrowers can also get better deals and offers on credit cards with a good credit score.

Why HDFC Plot Loans?

  • No hidden charges.
  • There is no pre-payment penalty
  • Offers attractive interest rates that are affordable and easier for your pocket.
  • Customized repayment options to suit your requirement.
  • Lower processing fees compared to various other lenders.
  • Expert counseling in legal and technical aspects for a seamless transaction.

Features of HDFC Plot Loans

Loan Term:  The maximum limit for borrowers to distribute their payments of loan is 15 years. The term also depends on the type of scheme chosen and the customer’s profile, age of the customer at the time of loan maturity and age of the plot at the time of loan maturity are also the deciding factors of loan term.

Maximum Loan Amount

Loan Amount Maximum Funding
Up to Rs.20 lakh 90% of the property price
Rs.20.01 lakh to Rs.75 lakh 80% of the property price
Over Rs.75 lakh 75% of the property price

Note: If the property is outside city limits, the maximum funding of the loan can be restricted to 70% of the property cost.

Types of HDFC Plot Loans for Self-employed

  • TruFixed Home Loan

The TruFixed Home Loan gives a fixed rate up to 2/3 years, after which the loan will change to an adjustable rate loan automatically, totalling up to a total of a 15-year loan term. It provides customers a part fixed rate term and a part adjustable rate term.

  • Adjustable Rate Loan

The adjustable rate plot loan is linked to HDFC’s Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once in every three months if there is a change in the RPLR, taking the date of the first disbursement into account. A rise in the interest rate will result an increase in the EMI’s interest component which in turn will reduce the principal component. This will extend the loan term, and vice versa, in cases where the interest rate drops.

HDFC Plot Loan Interest Rates for Self-employed

  • TruFixed Loan

The Retail Prime Lending Rate (RPLR) is 16.65%

Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%
  • Adjustable Home Rate Loan

For self-employed professionals, the Retail Prime Lending Rate stands at 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.70 to 9.20
For others (up to 30 lakh) 8.75 to 9.25
For women (above 30 lakh) 8.80 to 9.30
For others (above 30 lakh) 8.85 to 9.35

HDFC plot loan interest rates for self-employed non-professionals

  • TruFixed Loan 

For self-employed non-professionals, the Retail Prime Lending Rate stands at 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.75 to 9.25
For others (up to 30 lakh) 8.80 to 9.30
For women (above 30 lakh) 8.75 to 9.35
For others (above 30 lakh) 8.90 to 9.40
  • Adjustable Rate Home Loan: The Retail Prime Lending Rate (RPLR) is 16.65%
Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%

Note: The above rates by HDFC might be revised at the time of disbursement.

HDFC plot loan documents required for self-employed

These are the documents to be submitted by the applicants and co-applicants along with an application for the approval of loan:

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Income Tax Returns (ITR) of 3 years, Savings account statements of the individual and current account statements of the business entity of last six months or Balance sheet and Profit and Loss account statements with schedules/annexures (all documents to be attested by a CA for points 2 and 3).
  3. Property related: Allotment letter or agreement copy of buyer and Title deeds in case of a resale with previous property documents.
  4. Other documents: Latest Form 26AS, business profile, list of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company, Memorandum and Articles of Association of the company, partnership deed if a partnership firm.

HDFC Plot Loan Charges for Self-employed

Some charges and fees applied for loan approval are mentioned below:

Processing fees:

For self-employed professionals

Rs. 3,000 or up to 0.50% of the loan amount whichever is higher + other applicable taxes

For self-employed non-professionals

Rs. 4,500 or up to 1.50% of the loan amount whichever is higher + other applicable taxes.

Conversion fees

HDFC provides switching of schemes for lowering interest rates.

Others

Cheque dishonour fees, fees for external opinion, property insurance, charges for delayed payments, etc. are some other charges.

HDFC Plot Loans for Salaried Individuals

The loan can be applied individually or collectively and the co-applicants must be the proposed owners of the plot.

Loan Term:  The maximum limit for borrowers to distribute their payments of loan is 15 years. The term also depends on the type of scheme chosen and the customer’s profile, age of the customer at the time of loan maturity and age of the plot at the time of loan maturity are also the deciding factors of loan term.

Maximum Loan Amount

Loan Amount Maximum Funding
Up to Rs.20 lakh 90% of the property price
Rs.20.01 lakh to Rs.75 lakh 80% of the property price
Over Rs.75 lakh 75% of the property price

Note: If the property is outside city limits, the maximum funding of the loan can be restricted to 70% of the property cost.

Type of plot loans for salaried individuals:

  • TruFixed Home Loan This loan provides customers with a part adjustable rate term and a part fixed rate term. In this type, one can avail fixed rate up to 2/3 years after which it changes to adjustable rate. The total number of years sums up to 15 years.
  • Adjustable Rate Loan Related to HDFC’s Retail Prime Lending Rate (RPLR), this loan has an interest rate that is revised every three months.

HDFC plot loan interest rates for salaried individuals

  • TruFixed Loan

The Retail Prime Lending Rate (RPLR) is 16.65%

Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%
  • Adjustable Home Rate Loan

For self-employed professionals, RPLR is 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.70 to 9.20
For others (up to 30 lakh) 8.75 to 9.25
For women (above 30 lakh) 8.80 to 9.30
For others (above 30 lakh) 8.85 to 9.35

Note: The above rates by HDFC might be revised at the time of disbursement.

HDFC plot loan documents required for self-employed

These are the documents to be submitted by the applicants and co-applicants along with an application for the approval of loan:

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Income Tax Returns (ITR) of 3 years, Savings account statements of the individual and current account statements of the business entity of last six months or Balance sheet and Profit and Loss account statements with schedules/annexures (all documents to be attested by a CA for points 2 and 3).
  3. Property related: Allotment letter or agreement copy of buyer and Title deeds in case of a resale with previous property documents.
  4. Other documents: Latest Form 26AS, business profile, list of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company, Memorandum and Articles of Association of the company, partnership deed if a partnership firm.

HDFC Plot Loan Charges for Self-employed

Some charges and fees applied for loan approval are mentioned below:

Processing fees:

For self-employed professionals

Rs. 3,000 or up to 0.50% of the loan amount whichever is higher + other applicable taxes

For self-employed non-professionals

Rs. 4,500 or up to 1.50% of the loan amount whichever is higher + other applicable taxes

Conversion fees

HDFC provides switching of schemes for lowering interest rates.

HDFC Plot Loan FAQ 

  • How can I apply for HDFC Plot Loan? Make an application at your nearest HDFC branch or download it from HDFC official website and submit it along with the required documents and processing fee at any HDFC branch.
  • What are the determining factors for availing HDFC loan facility? Primary factors for availing HDFC loan are the income and the loan repayment capacity of the customer. Others include borrower’s age, qualification, assets and liabilities, savings, etc.

HDFC Construction Loan

Home Construction Loan for Salaried

HDFC Construction loan helps in building your home from scratch and can be a fulfilling and enriching experience. You can build your own home tailored as per your imagination and family needs.

Home Construction Loan Essentials

HDFC Home Construction Loan can be applied individually or jointly. All the co-applicants need not be co-owners, but all proposed owners must be co-applicants.

The maximum payment period allowed for all home products are 20 years other than for Telescopic Repayment Option under the Adjustable Rate Home Loan which is 30 years. The tenure also depends on various factors of the borrower such as age, income, assets, etc.

Home Construction Loan Amount

Loan Amount Maximum Funding
Up to Rs. 30 lacs 90% of the property cost
Rs. 30 lacs- Rs. 75 lacs 80% of the property cost
Above Rs.75 lacs 75% of the property cost

Note: The maximum loan amount may vary as per the capacity of the borrower as assessed by HDFC.

Types of Home Loans

    • Adjustable Rate Home Loan: A home loan under this scheme is linked to Retail Prime Lending Rate (RPLR) of HDFC. The interest rate is revised every three months starting from the first disbursement date.
    • TruFixed Home Loan – 2 / 3 Year Fixed Rate Variant: A part fixed rate and a part adjustable rate term; this scheme has a fixed rate for up to 2/3 years. Later it converts to adjustable rate, totalling up to a term of 20 years.

HDFC Construction Loan Interest Rates

For Salaried: RPLR is 16.75%

Loan Slab Interest Rate
For women: up to Rs. 30 lacs 8.80 to 9.30
Others: up to Rs. 30 lacs 8.85 to 9.35
For women: Rs. 30 lacs- Rs.75 lacs 8.95 to 9.45
Others: Rs. 30 lacs- Rs.75 lacs 9.00 to 9.50
For women: Rs.75 lacs and above 9.00 to 9.50
Others: Rs.75 lacs and above 9.05 to 9.55

TruFixed Loan

RPLR 16.75%

Loan Slab Interest Rate
For women: up to Rs. 30 lacs 9.30 to 9.80
Others: up to Rs. 30 lacs 9.35 to 9.85
For women: Rs. 30 lacs- Rs.75 lacs 9.45 to 9.95
Others: Rs. 30 lacs- Rs.75 lacs 9.50 to 10.00
For women: Rs.75 lacs and above 9.50 to 10.00
Others: Rs.75 lacs and above 9.55 to 10.05

HDFC Construction Loan Documents Required

Below mentioned are the following documents applicants/ co-applicants need to submit with a completed and signed application form.

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Last 3 months’ Salary Slips, Last 6 months’ Bank Statements with salary credits, Latest Form-16 and IT returns
  3. Property related: Allotment letter or agreement copy of buyer and Title deeds in case of a resale with previous property documents.
  4. Other documents: Appointment or contract letter if employer is less than a year old, Cheque for processing fee in favour of ‘HDFC Ltd.’, Last 6 months of bank statements showing repayment of current loans if any, Passport size photographs of all the applicants / co-applicants and Own Contribution Proof.

HDFC Construction Loan Calculator

The official website of HDFC gives you the complete break-up of repayment options of your loan. The bifurcation of principal loan amount, interest amount, total amount payable and the monthly EMIs as per your loan plan.

Terms and Conditions

  • Security: HDFC requires some security interest on the loan or any other collateral.
  • Other conditions: Some information is provided here for the awareness of HDFC products and services. Visit the website to know about them in detail.

Role of Loanyantra: Loanyantra provides you all the necessary details about the type of loan you wish to borrow. Helping through every step of the process, it guides you through all the available options with ease by putting on the table the detailed calculations, facts and figures.

 

 

Tips for Young Property Buyers

Getting a foot onto the property ladder is certainly no easy feat, and it’s easy to see why many young people simply give up their dreams of home ownership. But the fact is, the rewards of property investment ultimately outweigh the effort. To help you get started in your property investment journey, here is our advice for young property investors.

Save, save, save

Saving a deposit is probably the biggest hurdle that most first home buyers or young property investors face. Unfortunately, in order to get into the property market, you’ll need money. Here are some ideas to help you save faster:

  • Live at home for as long as you can and avoid paying rent to someone else.
  • Cut back on non-essential spending – even the smallest amounts quickly add up.
  • Consider using Government first home buyer schemes if these are available.

Keep your options open

Once you’ve started saving towards a deposit, the next step is finding a property you can afford. It’s a good idea to look outside the traditional four-bedroom, two-bathroom family home, as it’s highly likely your first home won’t be your forever home.

Instead, think of your first home as a stepping stone – a chance to build up some equity that you can use later on to buy your dream home. You may even need to consider taking in a flatmate or an overseas student to help with the bills initially.

Consider your options

If you’re on a tight budget you can’t afford to be picky. You may need to buy further away from work with a much longer commute, or in an area that isn’t as trendy or as desirable just to get a foot onto the property ladder.

You might even want to consider rent-vesting as an option – renting a property near where you work while owning a property in a more affordable area that you rent out to someone else. There are plenty of opportunities for astute buyers with a little vision.

Keep your finger on the pulse

It’s important you keep up to date with what’s happening in the property market. Read property market reports and property listings, visit open homes or attend auctions, talk to a real estate agent or a mortgage broker to get a real understanding of property pricing, what’s available, and what you can expect to buy for your budget.

If you’d like advice on how you can get onto the property ladder – either buying your first home or investing in a rental property – get in touch with our team of mortgage experts.

Loan to buy a home and rent it

Loan Acquisitions for Buy-to-Let Investors

Being a landlord in India is not for the faint-hearted. The past few years have not been easy for the Indian real estate market thanks to numerous obstacles including new property laws, demonetization, and the Goods and Service Tax. Now, after a prolonged stagnant period, the sector is starting to show improvement and is on a structured path of recovery, giving hope to property investors across the board.  After several home loan interest rate hikes in recent times, however, an increasing number of Indians are opting to live in rental properties. This has created a big opportunity for investors that acquire residential property for the sole purpose of renting it out.  Unfortunately, funds are often tied up in investments and fixed assets in which case a buy-to-let investor will have to apply for a loan to purchase the property of his choice.

Why do landlords need additional finance?

Obtaining a property requires money. The cost of living in India may be in the region of 65% lower than in the USA but a house in a big city such as Mumbai can still cost anywhere between ₹50 and 75 lakh. Even if the sole purpose of the property acquisition is to rent it out, you will still be responsible for mortgage payments even if the house or apartment is vacant. Additional finance is often required to procure a home that can be rented out.

Property improvements don’t come cheap

Vacant properties result in a financial loss which is why it is critical to keep a property well-maintained in order to keep it occupied. Structures such as roofs, gutters, plumbing, walls, and fences lose their integrity over time and can decrease the rental value of a property if not addressed in a timeous manner. With 2.1% of the Indian population believed to be disabled, there is an increased need for accessible homes. A landlord can boost the appeal of his property significantly by making a range of improvements such as wheelchair ramps, wider doorways, lowered counters, and a roll-in shower. As important as regular maintenance is, and as appealing as a state-of-the-art kitchen, bathroom, or a fully-accessible home may be, it all costs a substantial amount of money, often necessitating the investor to take out a loan.

Where can buy-to-let investors seek financial assistance?

Once the need for financial assistance has been identified by a landlord, the next step entails determining which type of financial institution will render the most viable service. Prior to making any pertinent decisions, it is pivotal to conduct some research before applying for a loan from anyone. Depending on your own personal requirements you may opt to make use of a traditional brick-and-mortar institution, an online lender, or an investor-only lender.

Brick-and-mortar lenders

Long before the internet revolutionized the real estate and financial sectors, landlords seeking loans would have to venture into brick-and-mortar institutions such as the State Bank of India or the Canara Bank. These traditional loan providers are ideal for individuals who are seeking finance in a personal capacity from an entity that is very familiar with the Indian real estate market. Banking institutions also often forge close relationships with their high-end clients which results in better service and a speedier application process.

Online lenders

The internet has revolutionized the real estate industry in countless ways.  Making use of the services of online lenders is often far more convenient than dealing with a conventional service provider. An impressive amount of time is saved as there is no need to go into the bank or office of a loan provider to fill in any documentation as the entire application is done from the comfort of your PC or smartphone.  Online loan providers typically benefit first-class lenders the most as they typically have the funds available for the somewhat steep down payment.  Loanyantra is a perfect example of an online home loan provider that prides itself on its sought-after, reputable online presence.

Investor-only lenders

Investor-only lenders specialize in supplying finance to business organizations to allow them to invest in properties of a residential nature. If your organization fits this brief you may benefit substantially from making use this type of lender. Due to the clientele of investor-only lenders being so limited, the application process is streamlined significantly, saving you a hefty chunk of precious time.  An IO lender can be of great benefit to a business who is investing in a number of rental properties through a legal establishment as well as if your long-term plans involve more than straightforward residential properties, including things such as fix & flips and properties with a multi-purpose appeal.

Acquiring a loan with the purpose of investing in a buy-to-rent property is not uncommon and may result in lucrative financial gains. At Loanyantra you can expect not only to find fast and efficient service but also the best repayment rates available that will help you secure the property of your dreams.

 

SBI Home Loan Products

State Bank of India Home Loan Products

State Bank of India is one of the most popular choices when it comes to getting the home loan. It offers myriads of home loan products to cater to the various segments of customers. The bank offers affordable home loans at attractive interest rates starting from 8.35% per annum. The bank also offers home loan for Pradhan Mantri Awas Yojna scheme where the customer can avail subsidy up to Rs. 2.67 lakh.

Why you should choose SBI as your Home loan partner?

Well, SBI is one of the most trusted names when it comes to financial products. The bank offers a gamut of choices to cater to the variegated needs of the client. It also offers a number of benefits like lucrative interest rates, lower or nil processing fees, customer-centric approach that makes it one of the most popular choices when it comes to home loan. Here are the key features of SBI home loans:

  • Attractive interest rates
  • Lower or nil processing fees
  • No hidden charges
  • Easy repayment period
  • No pre-closure charges
  • The bank has its presence in all the cities
  • SBI calculates interest rates on the daily reducing basis which lowers the overall interest paid.

Eligibility criteria-

Home loans or any other type of loan demand that the individual should match the eligibility criteria so that the bank approves the loan. If you want to apply for the home loan from SBI, you need to match the following eligibility criteria:

  • The age of the individual should be between 18 years and 70 years
  • The annual income should be at least Rs.1.2 lakh per annum Salaried
  • Good CIBIL score and credit report

Documentation for home loan approval from SBI:

To get the loan approved, you must submit the following documents with the bank:

  • Filled and signed application form
  • 3 passport size photograph
  • ID proof like Adhaar card, passport, Driving License, Pan Card
  • Address Proof like Ration Card, Adhaar Card, Utility bills or as demanded by the bank
  • Last six month’s bank statement
  • Proof of property
  • ITR
  • Form 16 and the self-employed individuals, needs to submit the ITR of last two years, last two years’ income computation which must be certified by a CA.

CIBIL Score- CIBIL score represents the likelihood of the borrower to repay the loan. It reflects the creditworthiness of the applicant. All the banks take into consideration the credit score before approving the loan. It is always advisable that one must maintain a good credit score to get the loan approved. For SBI Bank, one needs to have a credit rating between 650-750.

SBI Home Loan Overview –

Interest Rate Starting from 8.30 % for women up to 8.60% and for others it is 8.35% up to 8.65%
Processing fees .30 % of the loan amount which can be a minimum of Rs. 2000 to maximum of Rs. 10,000/-
Loan Tenure Up to 30 years
Pre-closure charges No pre-closure charges

Home Loan Products Offered by State Bank of India:

SBI NRI Home Loan-  This home loan has been developed for NRIs who want to have home in India or want to make an investment here.

  • Minimum Loan Amount – Rs. 3 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – All the Non-resident Indians can apply for this loan.
  • Pre-closure Charges – Nil
  • Processing fess- 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – Floating 10.15%

SBI Flexipay Home Loan– This loan is perfect for salaried individuals who want to be eligible for higher home loan amount. The borrower can pay interest during moratorium period or pre-EMI period and then pay moderated EMIs.

  • Minimum Loan Amount – 20 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – Salaried Individuals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – 8.45-8.55  % p.a.

SBI Shaurya Home Loan- This home loan has been developed for defence personnel. This is a special home loan for defence employees. SBI Sharuya home loan comes at a lower interest rate and additional benefits. The defence personally also get an extended home loan repayment period.

  • Minimum Loan Amount – Rs. 10 lac
  • Eligibility – All the defence professionals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/ and no processing fees for central and state government employees
  • Interest Rate –  8.75% for women employee & 8.80% for General or Male Borrowers.

SBI Privilege Home Loan- This home loan is exclusively for government employees. The central and state government employees can apply for this loan. The loan amount is decided based on the borrower’s salary, repaying capacity, assets, age etc.

  • Minimum Loan Amount – 10 lacs
  • Maximum Loan Amount – Up to 50 crores
  • Eligibility – All the resident Indians are eligible to avail SBI Privilege home loan
  • Processing Fees- .30% of the loan amount plus tax. Zero processing fees for all central and state government employees.
  • Interest Rate – Starting from 8.30 %

SBI Pre-Approved Home Loan– or PAL grants home loan limits to the customer before finalizing the property. SBI Pre-Approved home loan has a non-refundable processing fee and will be taken at the time of sanction. The income of the borrower decides the loan eligibility.

  • Eligibility – Depends on the annual income of the applicant
  • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
  • Min Loan Amount – 10 Lacs
  • Max Loan Amount – No upper limit
  • Pre-closure Charges – Nil
  • Interest Rate – Floating 10.15%

Pradhan Mantri Awas Yojana by State Bank of India-

Keeping abreast with the Government of India initiative to provide the home to everyone by 2022, SBI has come forward with its home loan for PMAY or Pradhan Mantri Awas Yojna. The bank offers lower interest rates and easy repayment options so that one can fulfil their dream of buying home.

All the loan amount which is less than 30 lac fall under this scheme. The male borrowers can get a home loan at the interest rate of 8.40% and can avail a reduction on approximately 20 basis points, for female borrowers, the reduction is of around 25 basis points.

The best part about PMAY scheme is the lower interest rate and no processing fees. Furthermore, the individual who is eligible for this scheme will get a subsidy of 3%, 4% or 6.5% based on their economic condition.

FAQs

  1. Is a self-employed individual eligible to apply for SBI Privilege Home loan?

No, only state and central government employees can apply for SBI Privilege Home Loan.

  1. Is there any benefit for women borrowers?

Yes, the women borrowers get the benefit interest rate.

  1. What is the maximum age limit for SBI Privilege Home Loan?

The maximum age limit is up to 75 years.

  1. Is there any processing fees charged by SBI on the home loan?

Yes, the bank charges a processing fee of .30% plus taxes on the loan amount. But, the central and state government employees don’t need to pay this fees.

  1. Does SBI home loan require a guarantor?

Yes, most of the SBI loan require a guarantor.

  1. What is the maximum repayment period?

SBI grants the maximum repayment period of 30 years.

  1. Does SBI Bank allow balance transfer?

Yes, you can transfer your existing home loan to SBI.

  1. What tax benefit does SBI Home Loan offer?

Availing home loan gives you the tax benefit under Section 80C of the Income Tax Act, 1961.

Why choose Loanyantra as your helping partner?

Today, you may find a number of online portals rendering home loan services and help. But, if you are looking for a platform where you can get all the help related to home loan, its processing and approval then Loanyantra is the right place for. Started with an intent to provide one-stop banking solutions to the customer, LoanYantra brings all the bank details, loan services on your screen and everything at the click of a button. Irrespective of the kind of help you want regarding home loan, we help you find the best options and help you complete the modus-operandi so that your loan gets approved faster and easier. For more information on how we can help you, contact us today.