Online Quotes for Fresh Home Loan and Balance Transfer

It’s a new world, the systems of various sectors have changed a lot and people are now having plenty of avenues in fulfilling their dreams, such as; buying of homes, cars, appliances, dresses, gadgets, furnishings etc., which can now be bought with different kinds of financial instrument by banks and financial institutions. Home is a lifetime aspiration of any person and makes the biggest investment, however, the resource mobilization for the same is always been a point of worry until recently, but nowadays there are several banks and financial institution, who used to provide financial support in the form of housing loan, which is considered a great help for any intended buyer of home. Although there are some differences in technicalities and other features, which vary from bank to bank, but some important issues are almost same in all cases.

Online Quotes for Fresh Home Loan and Balance Transfer

Home loan and Other Features

Home loan is now one of the strongest tools for commercial banks and other such financial institutions as an important means of revenue generation. Banks are usually having some standard products or packages of home loan, at the same time; they make necessary changes in their existing packages or in the interest rates to woo potential customers. In the earlier times, the client used to visit the bank to discuss the finer details of the available home loans and other issues, but nowadays, due to stiff competition banks are providing a more comfortable way for their clients and their personnel visits the customer’s place to get the business. The advents of the computer and the internet technology have opened up the scopes for the banks, as well as, for the buyer to get all relevant issues through the online mechanism.

While the respective bank’s website provides useful information about the home loan, but usually a potential buyer always tries to compare other probabilities from other banks, which will be helpful for them to select the best loan program, as per their specific requirements. There is another mechanism, known as the online marketplace for home loans and related issues; where one can find multiple offers of various banks, including rates of interest, riders, loan repayment facilities, flexible EMIs, prepayment modalities etc., which are quite helpful for any customer to formulate a comparative idea about the issue.

Balance Transfer

If a person, after some time, feels that the interest rates and other terms & conditions are not very lucrative, whereas, there are some other banks, who are providing very supportive and beneficial offers, he can opt for the transferring of the existing loan from the present bank to the other bank for better profit. The relevant information, regarding specific issues of balance transfer of the existing loan, can be obtained in the online marketplace, where the person can get the competitive rates and terms, which are of great help in finalizing the decision of the intended transfer. One of the most imperative supports can be attained in the online marketplace of home loans; the eligibility test of the person concerned, which is a real benefit for taking the decision.

The procedure of home loan for under construction apartment

Careful considerations are required while opting to buy an under-construction apartment. Banks become a little apprehensive while giving home loan for under construction apartment and require thorough documentation.

Documents required for home loan for under construction apartment

  • Buying directly from builders
  1. No Objection Certificate(NOC) from the builder on their letter head
  2. Letter from builder indicating the latest progress of construction.
  3. Agreement with the builder duly stamped and registered.
  4. Own Contribution Amount Proof.
  • Buying from registered cooperative housing society
  1. Share certificate and registration certificate of society.
  2. Own Contribution Amount Proof.
  3. No Objection Certificate (NOC) from the society on their letterhead

Tripartite Agreement

The tripartite agreement is a key legal document involving the buyer, lender and the builder. It clarifies the status of all parties involved and keeps a watchful eye on the documents.

The home loan process

Applying for home loan for under construction apartment remains more or less same for every national or private bank with only minor changes. However every bank would require you to submit original documents of the property and then only can they sanction your loan.

  1. Loan Application

First and foremost you would need to submit your application for the loan which can be done by visiting the bank office or online. With the application form, a list of KYC ( know your Customer) documents are required to submit which include- ID proof, address proof, income proof, bank balance statement and employment details among others.

After successful submission of application for along with documents, the bank will send its representatives for a field investigation to verify all the details provided by the applicant. Once everything is verified and crosschecked, the loan will then be sanctioned.

  1. Registration

After all the financial and technical valuation, the loan registration process begins in which the applicant is required to submit all the legal documents and sign the loan agreement.

  1. Loan Disbursement

After the completion of registration, the bank will disburse the agreed amount of loan to the applicant.  All the original documents should be kept by the bank until the full repayment of the loan.

The EMI process

When buying under-construction property, your bank may link the disbursal of home loan to the construction stages of the property. In such cases you can opt for paying pre-EMI. In this you need to only pay the interest amount on the disbursed loan until the full disbursal is done. Your EMI starts after the pre-EMI phase.

The construction stages for can be divided for example into an agreement stage, completion of foundation and ground floor stage and the completion of subsequent floors. The interest rates on loans differs bank wise.

LoanYantra’s Tips– Knowing all about the process of home loan for under construction apartment places you in a comfortable position. Always opt for pre-EMI schemes for under construction properties as they provide significant advantages.

If you are unsure of anything, you can easily Visit Loanyantra and avail expert advice and easy and affordable bank loan schemes.


Know About The Home Loan Process for Villas!

Bank home loans can be quite a luxury if you want to get your dream villa. However there are some “know-how’s” and “what-not’s” in the home loan process for villas that one has to know before applying for loans.

Eligibility criteria for home loans

There are certain criteria that one has to fulfill for the bank to take in your loan application.

  • Age– the age of the loan applicant should be above 23 years and the loan should be re-paid before attaining the age of 65.
  • Income– annual income of the person applying for the loan should be above 1, 00,000/- per annum.
  • Job stability– a salaried employee applying for the home loan should have a minimum 3 years of continuous employment. For business personnel, his/her business should be growing for more than 5 years and should be gaining profit for the past 2 years.


The following list of documents also referred to as the KYC documents should be submitted along with the application.

  • Income proof of individuals.
  • Bank statement of last six months.
  • Proof of age.
  • Proof of residence.
  • Proof of identity that can be provided by voter ID, pan card, adhar card.

The Home Loan Process For Villas

Home loan basically involves four important processes or steps. The first step is the filling up of the application form followed by sanctioning, registration and disbursement.

  1. Loan Application

Most of the home loan application processes are done online which provides faster loan approval rates. However you can visit the bank office and fill up the application forms. You would need to submit the above mentioned list of KYC documents along with your application form.

  1. Sanction of home loan

Based on the various documents submitted, the bank will now proceed to evaluate the loan application.  Bank representatives should be sent to visit your residence and workplace to verify the details. If the bank is satisfied with your credentials, loan will then be sanctioned.

  1. Registration

Once the home loan is sanctioned, the bank will send details of the loan such as loan amount, tenure of the loan and certain other general terms and conditions. If you are satisfied with the details mentioned in the offer letter sent by the bank, you would then need to sign a duplicate letter of the same to be kept by the bank. This completes your registration process.

  1. Loan Disbursement

The amount that is sanctioned is then disbursed in one or more installments as mentioned in the sanction letter. EMI only starts after the total loan amount is disbursed. Till then the customer is only required to pay for the interest amount.

Loanyantra’s Tips: Banks usually provide you with 85% of the total expense required to buy the villa you have selected. The buyer has to make arrangements for the rest 15% themselves.

If you are still confused about the home loan process for villas or are looking for affordable and more flexible home loans, then Loanyantra ( is the best place to satisfy all your needs and queries.

Home Loan For Purchase Of Plot And Construction

Getting a home loan for purchase of plot and construction may be daunting and there are some of us who aren’t clear about the processes and steps involved and things to keep in mind constantly as you get the loan approved and start building your dream home. Fortunately, help is here. The process for home loan for purchase of plot is no longer a headache it used to be if you keep these things clear in your head.

Beginning the process for the home loan for purchase of plot and construction

The process begins by you filling out a formal application for the loan. It needs some basic details of your personal life including personal, education, income, employment, property details, costs estimated and your means of getting the repayment financed.

Documents necessary

The banks or financial institutions that provide you the home loan for purchase of plot generally ask the applicants to furnish the below-mentioned forms:

  • Age proof
  • Identity proof
  • Address proof
  • Income proof
  • Employment details
  • Educational qualification proof
  • Bank statement
  • Details of the property, if finalized

These people want to know that you’re the right person to get the loan to build your new home and ascertain that you would be able to fully repay it on time to the bank/agency without defaulting.

Types of house loans

Land loan, home loan and composite loan (land loan + house loan) are three types of the loosely-referred term “house loan”. A land loan or a plot loan is sanctioned when the customer wants to purchase a piece of residential plot/land. A land loan is only sanctioned if the land in question is non-agricultural and is under the limit of Municipal authorities.

Conditional clause for Land loans:

All land loans to be sanctioned come with a precondition that the construction should begin within a stipulated period. Whereas in the case of composite loan, the cost of construction is included in the loan value.

What’s the processing fee?

Banks charge a fee with the name processing fee in order to evaluate your application for the home loan for purchase of plot and it is non-refundable. It is generally quoted to be 0.25% to 0.5% of the amount you request for as the loan.

Verification process of the applicants

After about 2-3 days of submitting your application for the loan and depositing the processing fee, the bank invites you in for a meeting in person to decide if you’re capable of repaying it.

If your profile is satisfactory, the bank proceeds to conduct a field-investigation to verify the facts you have submitted. They validate every inch of detail you have mentioned on the application and scrutinize the facts commensurably. Your references are cross-checked and verified.

Repayment abilities of the applicant:

This is as simple as it sounds. If you don’t seem like you can pay back the amount of loan, you don’t get the loan. Getting them their money back with the interest is top-priority. The bank prepares and dispatches the loan offer letter to you.

 Property verification:

Bank wants to verify your property in question. Home loan is a type of a secured loan in which case you place your property as a collateral. You must submit the original documents of your property to the bank and you will get them back safely after the repayment in entirety of your loan amount with the interest, no-objection certificates, title-deed and any other required documents in original collected by the bank.

Final steps

A technical valuation by a qualified bank official takes place who evaluates the stage of the property, for example, if it is under construction the official verifies the stage of construction etc.

Loan disbursed!

The home loan agreement is signed later and the post-dated cheques for the fixed agreed upon term are submitted by you. Depending on the loan purpose, either plot or construction and the agreed means of cash disbursal (lump sum or in stages), the bank disburses the loan amount to the customer who begins building a house of their dream.

Some points we’d like to address:

  • Some land loans have a commencement clause. To address the concerns regarding speculative loan reasons, lenders have become sceptical about the borrower paying back. A commencement clause is attached with some loans which has penalties for non-commencement of construction as either increasing the interest rate over and above by 2% or the borrower may be asked to prepay the amount in its entirety and close the outstanding amount.
  • You have to register your land or property in the ownership of your name for later transactions that include immovable property. This guarantees a legal ownership title to you.
  • The sub-registrar or SDM of your area is the authority to receive your application, which you can make online and after due verification, they draw up a deed for you to complete registration.

At Loanyantra, we have partnered with major national banks to provide you, the customer, freedom to let the bank select you through our Organic Home Loan scheme. We shall appoint a dedicated relationship manager to monitor the status of your application every step of the way and give you services such as loan rate monitoring, part payment alerts, compare bank offers, discounts on your EMI’s etc absolutely free.

Know About the Home loan for Independent house

If you are trying to avoid living in a congested apartment with lots of tenants than independent houses give you a great way to enjoy privacy and peace of mind. There are a few documents you need to get crossed off your checklist before you apply for a home loan for independent house. Having these documents ready will ease up your loan sanctioning process and are crucial for buying independent houses.

  1. Sale deed-it provides evidential proof of the transfer of ownership between buyer and seller.
  2. Mother deed- this is the parent document and contains the full trace of origin of ownership of property from the very beginning.
  3. Latest tax paid receipt-the latest tax paid receipt provides proof that the property tax is paid up to date.
  4. Building approval plan- building approval plans are important as without it a property or building would be deemed illegal.

Home Loan Application

To apply for a home loan for independent house, you can either visit the bank office and fill out the application form or apply online. Online submission of application forms would produce faster processing rates. The maximum amount of applicable home loan for independent house or resale house is rupees 5 crores with a minimum of 5 lakhs.

Eligibility for loan

For resale of independent houses, bank does not provide loans for property that are older than 10 years. Also if you have previous loans pending you would not be eligible for the loan process. You must be within age groups of 18 to 70 years for availing independent house loans.


After the submission of application form along with identity proof documents such as – ID proof, bank statement, employment proof, address proof, you become eligible for the bank loan.

Representatives of the bank will then conduct a field investigation of the property for which the loan is applied verifying and crosschecking all the details provided in your application form and documents. After successful verification, your loan will be sanctioned.

Registration process

Before the registration process starts, you would be asked to submit all the legal and original documents of the property. After the successful submission of proper documents, you will be asked to sign the loan agreement thus marking the end of registration process.

Loan Disbursement

Once registration is done, the bank will disburse the loan amount at once or in installments as stated in the waiver.

The original documents shall be kept with the bank until the full repayment of the home loan is done along with interest.  The post disbursal stage is where you have to pay EMI for your loan.

If you are relatively new to the home loan process then visit Loanyantra. We provide a detailed, hassle free home loan process, that brings you closer to your dream home.

Loanyantra Tip- Each and every bank has its own different interest rate. Select the one that suits you best and avail their services. If you are with Loanyantra, selecting what’s best for you is much more easier.

What is the Process of Home Loan for Apartments?

Apartments have become the choice of residence for modern day city-dwellers. There are several major national banks and private institutions that offer home loan services, with their own different agendas. Setting up the loan procedure and stepping into your dream apartment may be a daunting task; therefore here is an overview of the entire process of home loan for apartments to help you get an overall idea.

  • Loan Application

You can fill up application for your home loan from any bank office or download it online.  There are a certain set of documents you would need to submit along with your filled application that includes:

  1. ID proof
  2. Address and income proof
  3. Bank Statement, photographs, and proof of employment

An online submission of the application form for home loan for apartments will result in faster loan approval rate.

  • Bank Investigation

After proper discussion with bank authorities, a field investigation will be undertaken by the bank to make sure that all the details given in the application match.  Bank agents will visit your office and current residence. Once the applicant’s repayment capacity is verified and everything else is crosschecked, the loan will be sanctioned.

  • Documentation

After your loan gets approved, you would be urged by the bank to submit the following documents:

  1. Original receipts of the amount paid to realtor in a 1 rupee revenue stamp.
  2. Copy of bank statement showing bank entry of own contribution.
  3. Documents showing the source of own contribution made.
  • Registration procedure

After all the legal documents are submitted and checked, the registration process begins. The loan agreement needs to be signed and returned back to the bank along with postdated cheques.

  • Loan Disbursement

After successful registration, the bank will now proceed to disburse the loan amount based on the terms of agreement, either in full payment mode or in partial payment mode. All the documents that you have submitted will stay with the bank until the full repayment of the loan is done.

Paying the EMI 

After the disbursement of loan, the bank will start deducting EMI from your mentioned bank account. The interest rate usually remains same throughout the period and if it changes, the bank will remind you or send you an alert.  Different banks offer different interest rates and thus it is up to you to choose the one that suits you the best.

LoanYantra’s Tips-There is a lot of real estate being built and thus it is absolutely necessary to choose one while taking your time. Once you have decided on your apartment, you need to get full disclosure on the property. This can be obtained from your agent if you have opted to search for property with the help of an agency or directly from the owner or builder. Having proper documentation at your disposal is always necessary while dealing with any kind of property.

Loanyantra ( provides you with some top class home loan options and professional advice that will make the process of home loan for apartments much easier for you.


Why Should You Invest In Immovable Property?

Immovable property refers to any immovable object or any item of property which can’t be removed from its place without altering or destroying the object, any property that is affixed to the ground for example, land or a building.

Acquiring Immovable Property

Acquisition of any type of immovable property by any person who is not residing in India but is of Indian origin (an NRI) or any person of Indian origin, can be an excellent form of investment as the real estate market, unlike in other places of the world, is constantly on the rise. NRIs or PIOs can only acquire commercial/residential properties and not any type of agricultural land, farm, house or plantation properties. Property can be acquired through the means of a purchase with the permission of the RBI, as an inheritance or as any gift of a piece of property. Agricultural land, farm houses or plantation property cannot be given as a gift to an NRI or POI.

Transferring Immovable Property

Transferring any immovable property can be done by a variety of methods. Transfer by sale is one of the most popular methods, where the property can be sold to any person who is residing in India with due permission from the RBI, as a gift to any resident of India and through any mortgage to a dealer or a finance institution after receiving prior approval of the RBI. If you hold any agricultural land by inheritance, you can sell it to a resident of India who is also a citizen only with prior approval of the RBI.

Why should you invest in immovable property?

Immovable property is one of the best sources of investment that you can make. It is a form of security and can be used as a nest for a rainy day since it can be sold or transferred. Since the value of real estate in India increases with time, investing in immovable property if you are a Non-residential Indian or a Person of Indian Origin or even a Indian resident can be an extremely sound investment that gives you excellent returns on your investment.

Documents required for purchasing immovable property

Buying a piece of land or any property is one of the most challenging and important decisions that you will make in your life. While there are a lot of legal notices and paperwork involved in the process, if you are able to grasp the nuances, you can reap the benefits. You will need a very clear title and paperwork that includes but is not limited to the parent deed of any piece of property which is necessary in order to trace the origins, the deeds of conveyance, records of mutation, the record of the rights of the property holder, the Survey and the Village map, the land index survey report, a Tippani, avoid certificate of tenancy and of acquisition, a valid conversion order and paid receipt of the same, Receipts for tax returns, Khatha, a copy of the approved plan for layout, the certificate order of release of site and the encumbrance certificate.

Thus, immovable property can be an asset that will increase value over the years and give great returns. With proper documentation, you can ensure that you make a solid investment that is bound to give you great returns.

Why is Your Co-applicant’s Credit Score Important For Your Home Loan?

Most of the prospective home loan customers are left distraught with the loan application rejection by the banks. One of the major reasons for the rejection of home loan application is attributed to bad credit score. If you are taking out a home loan jointly then it is necessary for even the co-applicant to maintain a sound and healthy credit score. Co-applicant can be spouses or business partners who are looking forward to purchase a property by securing a home loan.

Who can be your co-applicant?

A co-applicant can be described as a person who applies along with the borrower in order to secure a loan. It should be noted that a co-applicant can’t be a minor in any case as in legal fashion, a minor can’t be brought under a contract. Most of the banks offer a number of relations which can act as co-applicant when filing for a home loan. This includes parents, husband and wife, parent and son. 

The importance of credit history of co-applicant

Banks always make a detailed check of the credit report of both the borrower and the co-applicant when you apply for a home loan. All the necessary information will be checked thoroughly and decision of whether or not to offer home loan to the prospective customer will be taken. Bank will look into the salary slip, balance sheet and other credit information for both the borrower and co-applicant.

In simple words the credit score helps in determining the customer’s borrowing behavior in a true way. If you have a good and healthy credit score but the co-applicant is a willful defaulter or happens to be late in making payment then it will adversely affect your chances of securing the home loan. Banks always get extremely cautious when they check a lower credit score for lending a home loan. Thereby it is necessary to maintain a strong financial track record of both the co applicant and borrower while applying for a home loan.

Smart steps to establish a good credit history

Establishing a good credit history is quite easier than you think. Just follow the below mentioned simple guidelines and you will be able to secure home loan without much difficulty within a short time.

  • Make sure that the bills are paid in timely fashion as late payments are viewed quite negatively by the loan providers.
  • Keep the balances low and maintain a relatively healthy mix of the credit.
  • Make sure you do not apply for home loan after getting new loan sanctioned recently as this will be viewed as a credit hungry behavior.
  • Make sure even the co-applicant has not taken out a loan recently while applying for a home loan.
  • It is necessary to review the credit history on frequent basis throughout the year.

If the borrower and the co-applicant follow all these simple steps then they will both possess a sound credit score which will boost their chances of getting a home loan approved without much hassle.

What is An NBFC? Their Growth in Home Loan Sector.

Non-Banking Financial Companies are commonly referred as NBFC which offer certain types of banking services. NBFC does act like financial institutions but it doesn’t hold a banking license thereby they are not allowed to take deposits from the public. NBFC doesn’t offer core banking services like taking deposits but it offers other banking services like loan and credit facilities, underwriting, money markets, retirement planning and merger related activities. NBFC is going through a boom period wherein their overall credit grew by 10% from 2004-05 to 2014-15. This growth has been the result of the significant spike in the home loans and commercial vehicles loan sector in the given period.

Reasons for the Rise of NBFCs

The banking sector has been a dominant force in the various loan sectors and hasn’t been challenged by anyone worth noting. But the sudden rise in the NBFCs is seen as eating off the profits made by the retail banking institutions. NBFCs rise is majorly seen in the home loan segment which was the backyard of the core banking institutions. Statistics indicate that in the home loan sector the share of the NBFCs has gone up from mere 26 percent to a remarkable 38 percent within the years 2009 and 2015. While in the commercial vehicle financing sector this percentage has risen from 42 to 46 percent which brings a huge dent in the profits of the core banking institutions.

#1. Knowledge of market

The major reason behind the rapid rise of the NBFCs is that they tend to have closer connection with their prospective customers than other financial lenders. NBFCs are found to be extremely rooted to the ground as well as the market which helps it in offering wider range of loan products to varied types of customers across different geographical locations. In simple words NBFC has mastered the so called art of lending to its customers through sheer intelligence and diligence.

#2. Catering the specific need of customers

Shriram Finance and Mutooth Finance corporations are great examples of successful NBFCs who created their own brand in NBFC sector within a short while. Another reason for the rise of the NBFC is attributed to the fact it caters the need of self employed customer base that couldn’t come up with adequate income proof is a pre-requisite of getting loans approved by core banking institutions.

#3. Strong customer relationship

Strong customer relationship is another factor which has helped NBFC in becoming more appealing to its customers. Majority of first time customers at the NBFC tend to get in touch with the senior managers and officials which simply isn’t possible at the large banks. Such easier access to the officials not just adds to a better customer relationship but also makes customer more willing to pay additional 1 percent of interest, where the process is faster, easier and hassle-free.

These reasons play a vital role when a customer is opting for a home loan. NBFC has shown strong performance in the housing and commercial vehicle loans sector which have made it an integral part of our financial system over the time.

What is A Hybrid Home Loan? Banks Which Encourage Hybrid Home Loan.

In the current economical situation, banks are finding it tough to retain the customers. Thereby, they are indulging in innovative and attractive products. Hybrid home loan is one such product where people get features of both fixed and floating types of loans merged into one entity. In simple words, borrower of such hybrid home loan will be required to pay fixed interest rates in the first and second years and later on floating rates will come into effect. ICICI and HDFC banks have already started offering hybrid home loans with different features and interest rate offers to lure the prospective customers.

The Process Of Procuring Hybrid Home Loans

Buying hybrid home loans is as simple as buying any other loan product but the process is a bit different due to the dual interest rate feature. Banks might ask customers to sign separate loan agreement forms- one for offering the fixed interest rate and another for the floating rate of interest. Most of the banks will remove the hassle of making customers sign multiple documents for a single loan. They will certainly combine them into one agreement which can be filled and signed without wasting the precious time.

Like any other loan product it is vital to read and understand the terms and conditions present in the agreement before signing it. Under the hybrid loans many banks offer the option of foreclosing the floating component attached to the loan if interest rates tend to move up. Some of the banks even offer the opportunity of converting the floating rates into fixed if interest rates go uphill.

Floating home loans are for those who possess high risk appetite thereby opting for hybrid loans will be seen a wise decision. You would be required to keep a track on the changing interest rates and make sure that the EMIs are easier to come up with. If you fail to keep a tab on the floating interest rates in the later period, then you might get surrounded by unwanted problems.

Legality of Hybrid Home Loans

Rumors that have been surrounding the legality of hybrid home loans have been snubbed by the RBI with a swift verdict. RBI has stated that hybrid home loans or the loan products offering dual interest are legitimate in nature but it has to abide the rules set by the RBI. Banks are relieved with this clarification and they are hopeful that the people will understand the benefit of choosing the hybrid home loans in the scenario of increasing interest rate present in the country.

Furthermore it should be noted that the floating rates attached with hybrid home loans are carefully linked with bank’s base rate which means they can be reduced further if there is a cut  in the minimum lending rate. Currently hybrid home loans are offered by ICICI Bank with one and two year fixed options while HDFC offers three years and five years fixed options. SBI and Bank of Baroda also offer Flexi home loans which are a kind of hybrid home loans.