How To Apply For Home Loan

How To Apply For Home Loan

Written by Roopya

Home loans are some of the most beneficial credit services that transform the dream of your own home into a reality. People who live in rented houses or apartments know the worth of a self-owned residence, but the lack of funds or proper planning becomes the obstacle between them and their dream home. However, banks and other financial institutions are always there to lend a hand of help in the form of home loans. In fact, there are several types of home loans to support you financially for various home-related matters. So, here is a detailed guide to different types of home loans, how you can apply for home loan online, and other relevant and essential information.

Types of Home Loans

Depending on your requirement, there are multiple types of home loans that banks and financial institutions in India offer.

  • Home Construction Loan- For building a new house.
  • Home Purchase Loan- For purchasing an apartment/ house for the first time.
  • New Home Loan/ Property Loan- For purchasing a new property/ house.
  • Plot Loans- For purchasing a new plot.
  • Renovation Loans- To renovate your home.
  • Home Extension Loans- For the extended construction of your house.
  • Balance Transfer Home Loans.
  • Home Loan Top-up.

Eligibility Criteria And Documents Required

Home loans are the most flexible loans that charge the lowest rates of interest among all kinds of loans. And the eligibility criteria is also very convenient.

  • Age of the borrower- Minimum 18 years- maximum 70 years.
  • Nationality of the borrower- Indian/ person of Indian origin/ NRI.
  • Current residence- Permanent residence in India/ Rented accommodation for at least 1-year-old.
  • Type of employment- Salaried person/ self-employed person.
  • The income per annum- 6 lakhs or more.
  • Credit score required- 750 or above.

A potential borrower must submit the following documents to prove his or her eligibility.

  • Identity proof- PAN card/ Passport/ Voter’s ID Card/ Driving License
  • Residential proof- Aadhaar card/ telephone bill/ electricity bill/ etc.
  • Employment proof- Employment details of the borrower.
  • Income proof- Salary statement/ Salary slip/ IT Returns/ Work permits/ etc.

Steps To Apply For Home Loan Online

Nowadays, online home loans have made it easier for borrowers to apply. At Roopay, you will get multiple authentic channels which offer hassle home loans for all kind of home-related matters. In fact, online platforms are the best place to compare loan offers, tenures, EMIs, and terms.

  • Step 1- Go to any of the online credit platforms available on the internet and put your details like your identity, residential status, source of income, annual income, worth of the property, etc.
  • Step 2- Then, search for the loan types and offers and compare those offers. Make sure that you are on an authentic platform to avoid scams and frauds.
  • Step 3- Use the EMI calculator and check the estimated EMI to get a perspective of your possible monthly burden. Check for the tenures, and terms and conditions too.
  • Step 4- Now upload the scanned copies of the documents required for the application.
  • Step 5- A representative on behalf of the loan provider will contact you for the further home loan process. You have to wait till the disbursal of the loan amount.

Things To Keep In Mind

As home loans have low-interest rates, don’t opt for any unauthentic loan offers. Rather, you can visit platforms like Roopay, which have genuine Indian banks and financial institutions with scam-free loan offers and an easy home loan process.

Types of Home Loans

Depending on your requirement, there are multiple types of home loans that banks and financial institutions in India offer.

  • Home Construction Loan- For building a new house.
  • Home Purchase Loan- For purchasing an apartment/ house for the first time.
  • New Home Loan/ Property Loan- For purchasing a new property/ house.
  • Plot Loans- For purchasing a new plot.
  • Renovation Loans- To renovate your home.
  • Home Extension Loans- For the extended construction of your house.
  • Balance Transfer Home Loans.
  • Home Loan Top-up.

Eligibility Criteria And Documents Required

Home loans are the most flexible loans that charge the lowest rates of interest among all kinds of loans. And the eligibility criteria is also very convenient.

  • Age of the borrower- Minimum 18 years- maximum 70 years.
  • Nationality of the borrower- Indian/ person of Indian origin/ NRI.
  • Current residence- Permanent residence in India/ Rented accommodation for at least 1-year-old.
  • Type of employment- Salaried person/ self-employed person.
  • The income per annum- 6 lakhs or more.
  • Credit score required- 750 or above.

A potential borrower must submit the following documents to prove his or her eligibility.

  • Identity proof- PAN card/ Passport/ Voter’s ID Card/ Driving License
  • Residential proof- Aadhaar card/ telephone bill/ electricity bill/ etc.
  • Employment proof- Employment details of the borrower.
  • Income proof- Salary statement/ Salary slip/ IT Returns/ Work permits/ etc.

Steps To Apply For Home Loan Online

Nowadays, online home loans have made it easier for borrowers to apply. At Roopay, you will get multiple authentic channels which offer hassle home loans for all kind of home-related matters. In fact, online platforms are the best place to compare loan offers, tenures, EMIs, and terms.

  • Step 1- Go to any of the online credit platforms available on the internet and put your details like your identity, residential status, source of income, annual income, worth of the property, etc.
  • Step 2- Then, search for the loan types and offers and compare those offers. Make sure that you are on an authentic platform to avoid scams and frauds.
  • Step 3- Use the EMI calculator and check the estimated EMI to get a perspective of your possible monthly burden. Check for the tenures, and terms and conditions too.
  • Step 4- Now upload the scanned copies of the documents required for the application.
  • Step 5- A representative on behalf of the loan provider will contact you for the further home loan process. You have to wait till the disbursal of the loan amount.

Things To Keep In Mind

As home loans have low-interest rates, don’t opt for any unauthentic loan offers. Rather, you can visit platforms like Roopay, which have genuine Indian banks and financial institutions with scam-free loan offers and an easy home loan process.

 

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