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Applying for a joint home loan can come with its own pros and cons. One must not always go for a joint home loan until he understands all the related risks properly and it's utmost necessary to apply for the same.

There are also some benefits of applying for a joint home loan. Let's investigate various considerations one must be aware of while applying for a joint home loan.

When to apply for a joint home loan?

Become a joint borrower do not mean that you also the co-owner of the property. It just simply means that you are sharing the liability of the borrowed amount. Even if you are not the joint borrower you can still be a legally joint owner of the property.

By applying for joint home people are often seeking for better borrowing capability. As while applying for joint home loan both of your incomes are combined and then your loan borrowing capacity is calculated.

However, while calculating the cost of the loan, they will only consider the joint applicant who has got a better credit score. Hence it advised, that if you are eligible for the loan amount by yourself, then no need to have a co-applicant.

The joint application can only help if the co-applicant has a good credit history and much stronger than yours.

What are the eligibility criteria for joint home loans?

You cannot have everyone or anyone as a joint applicant for your home loan. It could only be your parents, your brother, or a married wife.

Even siblings can only apply jointly with only a few banks and financial institutions, that too when they co-own the property.

The only brother can be co-applicant. Two sisters are not allowed to be co-applicant in a joint home loan.

Also, the term of joint home loan changes per your co-applicant. If the co-applicants are parent and child, the loan terms would be near to ten years subject to the retirement age of the parent.

If two brothers are co-applicant, then the term for a home loan would be 20 years. It's best suited for married couples since they co-own the property and the liability to pay. They are also considered as normal under the joint home loan and would have enough loan term of 30 years to repay it.

While applying for a joint home loan, both of you would require submitting your documents like identity proofs and income proofs with your lender with your loan application.

Benefits for applying for a joint home loan.

There are few benefits associated with your joint home loan as below -

Tax Savings

When you apply for a joint home loan, both or all the applicants are eligible for tax savings of around one lakh fifty thousand on the principal amount each per Section 24 of Income Tax Act and an amount of one lakh in the interest being paid into your home loan repayments per Section 80C for each year.

However, to have the privilege of getting a deduction on interest being paid, one must get the possession of the property and it must be a self-possessed property.

Women Joint Applicant Benefits

If you have women co-applicant, then you get all the special benefits that are applicable for women applicants. This includes lesser interest rates on your home loan plus you also tend to save on the registration cost as applicable by law in the state in which you have bought your property.

Things you must be aware of before applying for a joint home loan.

There are some loopholes while applying for a joint home loan. Let's also understand them under below headers -

Paying Liability

It must be jointly owned responsibility. All the joint owners could have this understanding amongst themselves on how to divide and make the payments. Bank will just need one cheque every month as loan repayment.

Many people tend to have a joint account and tend to submit their share in that account and one of them just signs the cheque. Other ways to make this joint payment is to divide the number of repayments into half and one can make the payments for the first six months and another co-applicant can make the repayments for the next six months.

One more way popular to make such repayments is one candidate makes the payment and other candidates just repays his share of amount to the first candidate.

Remember, if any payments get delayed, or applicants refuse to make the payments due to internal disagreements, then the bank will follow normal court procedure to get the money back and all co-applicants shall be included in that court procedure.

Unforeseen Risks

One must examine his rights and upcoming liabilities before signing on that joint applicant form. Co-ownership is a different thing as per law and is not impacted by being co-applicant in the related home loan.

In case of demise of one of the partner, the law states that his share of the property will go to his decedent and not to his co-applicant in the loan. However, since you are the co-applicant, you are still liable to make the repayments of the remaining loan amount after one of your partners is not there.

It also advised that both the co-applicant get themselves a life insurance to safeguard their partner from their part of liability in the loan amount, in case something happens to them.

Remember, even in the case, you two are separated and divorced by the law still, you have a joint responsibility to repay the loan amount where you two are co-applicants.

The only way to get your name removed from the joint application of home loan is either pay the entire amount of the loan or get it refinanced in the name of one of you who would then be liable for repayment of this new loan.

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Whether to apply for a joint home loan - LoansXpert

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Applying for a joint home loan can come with its own pros and cons. One must not always go for a joint home loan until he understands all the related risks properly and it's utmost necessary to apply for the same. There are also some benefits of applying for a joint home loan.

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Home is one of the biggest asset for most of us, we indulge in our lifetime. Hence, it must be a thoughtful decision and must be made with careful considerations. It also leads one to borrow money and that loan amount remains there for almost half of your lifetime in your repayment list.

Hence it's not only an emotional decision but also a financial decision. Here are some aspects one must consider before investing into buying a home.

Home Loans

While you insist on buying a home, you need a huge amount of cash which either you may have in your savings account or like 80% of other individuals, you must be considering borrowing money.

The government also have very favorable home loan offers currently floating in the market and yes if you could afford the repayment of the amount, every month for the next 30 years of your life, then why not.

Check your credit score

First thing you must consider before applying for a home loan is to check your credit score. This may not only impact the approval of your loan but will also impact the overall cost of your loan.

Just by improving it to its best, one can easily save a lot of amount on loan closure. A good credit score means lots of loan options and helps you negotiate with your preferred lender. Read our article on 1. How to improve the CIBIL Score? To improve your credit scores.

Get a preapproved loan

Having a pre-approved home loan could help you grab your preferred location and help you cut down on your choices. A pre-approved loan is different from pre-qualification. In pre-qualification, you don't have surety of disbursal of loan however under the pre-approved loan, you are certain to get the loan offered.

This puts you in a positive situation in front of your homeowner that you won't delay or decline the offer in terms of changing financial position.

Negotiate with your lender

Try to negotiate with your lenders on your home loan amounts and terms. Your lender may not be offering you the best loan option applicable to your situation, hence its always good to evaluate all the option you have in the market and to choose the best and most secure loan available.

Most people just approach their banks and take whatever they are offering. However, the lending market is not just restricted to your bank and may have a lot more lucrative and less expensive loan options available.

Also, when you have researched about all the loan options, you can as well negotiate with your bank to get the most favorable options while you prefer remaining with them.

Borrow as per your capacity

While applying for a home loan, one must know the repayment amount they can payoff easily every month without any further hardship.

It is always advised to hire a financial consultant to help you make a wise decision about your home loan by evaluating your current assets and liabilities and how they may change further in the coming loan period.

Like maybe you can afford a re-payment now, but you have a plan to get married in the next 2 years and then start your family in the next 5 years which may add up to your current liabilities. A financial analyst will take all this into consideration and help you make a wise decision.

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Things to consider before buying Home - LoansXpert

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Home is one of the biggest asset for most of us, we indulge in our lifetime. Hence, it must be a thoughtful decision and must be made with careful considerations. It also leads one to borrow money and that loan amount remains there for almost half of your lifetime in your repayment list.

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There is no certain age to buy a home. There are several other factors that could govern your home buying decision. At whatever age you are, your financial stability is one of the prime factors that may decide upon your home buying decision.

One must possess a good credit score, enough income to bear monthly repayments and a desire to live in the locality for a long period to make a home buying decision.

However, depending on your age, you might have other considerations while buying a home. Let's look upon these considerations and what can be done about them to have preferable conditions to support your home buying decision.

Buying Home at a very Young Age

Some individuals dream to own a house as soon as they land up a regular paying job. However, just having a regular monthly income is not the only consideration for many lenders to allow you to borrow a home loan.

They also seek your financial stability. Most of the young people who have just started, face problem to secure a loan as they don't have enough credit history to support them. Also, they may be facing challenges towards savings for down payments required for such a home loan.

First thing is, you must seek stability in your current job and vicinity in which you wish to buy a home. It should not require you to relocate to a different location which is hard to reach from your current job location. Since you have just started, you may already be facing enough challenges around your day to day life, and you would like to add up long traveling time to that routine.

Financial Specialist suggests that one must spend at least three years in a job before seeking a home loan. This not only gives you stability in your income stream but also helps you with enough time to build a good credit history.

Then to show positive credit history, try to keep your debt to income ratio low and try not to default any of your payments during this period. Often young people tend to overspend and switch from one credit card company to another.

In the finance world, all your credit cards show up in your credit history and one must possess not more than two credit cards at a time. Also, while you switch your credit card, do not forget to close your previous credit card by following a proper procedure.

Normally one should seek a NOC from the respective bank for his or her credit card.

To help you with your down payments, you can make a habit of saving as much as possible in your monthly salary. Then you can ask your parent for help for an additional amount of your down payments. Borrowing from your friends and family is yet another popular way to get money at low or no cost. here is a detailed guide about how you can reduce your EMI.

While seeking lending options, you can ask your parents to help you by signing it as a guarantor. This will up your chances to get a loan as your parents must be having a good and long credit history and when this adjoins your application, your loan application becomes much preferable to your lenders.

Also, before you start looking for loan options, just get a copy of your credit report and see where you stand. Also, this will allow you to correct any mistakes in your credit report rather than having a surprise later after applying for a loan.

Buying Home at Old Age

The trend shows that most of the people buy their dream home at the age ranging from 45 to 55 years.

This might be because they tend to save a lot by then to buy their preferred home. However, one must take a wise decision before making an investment in buying a home. Being at that age, you might also be serving several other obligations towards your children and family and must be addicted to a certain lifestyle.

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At what age you should buy a home - LoansXpert

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There is no certain age to buy a home. There are several other factors that could govern your home buying decision. At whatever age you are, your financial stability is one of the prime factors that may decide upon your home buying decision.

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Are you planning to buy a house but are not satisfied with the design of the already available houses in the market and want to put your own creativity in building your own Dream House by buying a plot?

Or are you planning to buy a plot for your investment purpose and later on construct a house on it or just resell it after the value of the plot which you bought increases?

And are you wondering whether there is really any type of loan that exists to buy a plot?

If above are the questions which are delaying you in achieving your dream of buying a plot?

Then you have landed on the right platform.
YES, A Loan named as Plot Loan exists!
Here are the things which you should know with regards to buying a plot by applying for a plot loan.
Eligibility Criteria:
Most of the banks' eligibility criteria regarding the age groups of the applicants are between 21 to 70 years and depending on whether he or she is a salaried or self-employed, The maximum age at the time of maturity will vary.

The salaried claimant must have a disciplined source of income and more than that he must fit into the specified income criteria. Whereas a self-employed claimant must have been in the business consistently as per the specified number of years.
Geographical Aspects:
Majority of the banks will allow you to buy plots only within the municipal or corporation limits.

If the local development authorities have allotted plots for purchasing, then also you are eligible for the plot loan facility.
Repayment History:
A good CIBIL score and a disciplined repayment history is a must to avail the benefits of a Plot Loan.

How much Loan Amount can be Sanctioned and what are the Interest Rates?

The sanctioned amount depends on the internal credit guidelines of respective banks. However, you can get up to a maximum of 70% of the total market value of the plot.

The interest rate treatment for the plot loans is expected to be the same as that of the House loans.
The Interest rate applied can be of two types:

1. Floating Interest Rates: These are the rates which keep on changing from time to time.

2. Fixed Interest Rates: A fixed interest rate is an interest rate which is fixed. However, the fixed Interest rate can convert automatically to floating interest rates after a period of time, for instance, after 3 years.

HDFC Bank is one of the banks which offers loans with both the Fixed and Floating Interest options.

What is the Treatment of the LPV Ratio on Plot Loans?

The Loan to value ratio in terms of Plot Loans is lower than the Home Loans. If the LPV ratio is low then the cost of the loan will also be less.

What is the Tenure of Plot Loans?

The tenure for plot loans is between 10-15 years. For Instance, SBI gives 10 years for the repayment of the loan and HDFC gives 15 years. However, Some NBFCs like Dewan Housing Finance provides 20 years tenure for plot loans.

The loan tenure for plot loans is lesser as compared to home loans tenure which can go up to 30 years. But do keep in mind that a shorter loan tenure means a higher EMI.

Thus it is very necessary that you have enough cash flows to aid the repayments.

Nuts and Bolts to Not Forget :

1. Limited Time Period:

Do you know that besides applying for a plot loan to buy a plot, you can also apply for a loan to construct a house on it?

There exists this fantastic 2 in 1 loan facility which will help you in fulfilling your goal of constructing your Dream House, however, the only thing to keep in mind is that you should not be lazy and complete the construction within the given time.

For example, SBI Realty Home Loan not only gives you a benefit of purchasing a plot but also offers you a separate loan if you want to construct a house on it.

The SBI Realty Home Loan mandates you to complete the construction within 5 years from the date of approval.
If you fail to do this, the bank can take one of the two actions:

1. Ask you to foreclose the loan.

2. Penal interest will be charged on the amount.

2. Fixed-rate loans consisting of prepayment penalty clause:-

There can be a prepayment penalty in terms of fixed-rate loans. A Prepayment penalty is a penalty which can be applied if you clear the debt ahead of the predetermined schedule.

3. Tax treatment on repayment of plot loans:-

Plot loans don't offer any tax benefits unless you are constructing a house on it.
If you are planning to construct a house on that plot then tax benefit will be available on both the following portions of loan:

The first loan is taken to purchase the plot.

The second loan is taken to construct the house on the same plot.

Tax deductions will only be applicable if the construction of the house is completed.

For Example, You take a loan of 4,00,000 Rs to purchase a plot and after a year you take a loan of 2,00,000 Rs. Then the tax benefit will be given on the combined amount.

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Need Loan to Buy Plot? Here is how you can - LoansXpert

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Are you planning to buy a house but are not satisfied with the design of the already available houses in the market and want to put your own creativity in building your own Dream House by buying a plot?

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Home loans are the loans that you take so as to have a good home for yourself. Banks and NBFCs both offer home loans but a bank is regarded as a good option to take the loan from. Everyone wants to lower the expenses related to home loans. So let us know why banks are better than NBFCs while taking the loan.

Let us first know what Banks and NBFC are and their types.

Bank

Banks are the government authorized financial institutes that provide loans to the general public and accept deposits from them.
Types of BANKS
There are three types of banks in India:
Public sector banks
Public sector banks are the banks where the government has major control over them. Here the governments hold more than 50% shares of the bank. There are 18 public sector banks and 1 state-owned payment bank in India. The public sector has an affordable balance maintenance amount.
Private sector banks
Here the majority of the shares are held by private bodies. The private bodies consist of Corporations and individuals.
Foreign banks
These are the banks whose parent company is headquartered in another country but has branches in India too. They have to follow banking rules and regulations of their home country as well as of India.

NBFC

NBFC is a financial institution that provides various banking services but doesn't have a banking license. They are not allowed to take demand deposits. The NBFC in India has to be registered according to the Companies Act, 1956.
Types of NBFCs
Following are some of the types of Non-Banking Financial Companies in India
1. Asset Finance Company
An AFC is a company whose purpose is to finance assets consisting of automobiles, machines, generators, and material handling equipment, etc.
2. Investment Company
Such companies business operations consist of dealing in securities.
3. Loan Company
They provide loans and advances for financing working capital and not assets related things.
4. Infrastructure Finance Company
Such companies provide loans for Infrastructure purposes.

Difference between NBFC and Bank

Demand deposits are not accepted.

Demand deposits are accepted.

NBFC can't issue self-demand draft.

Bank can issue self-demand draft.

NBFCs are not allowed to draw self-cheque on their own.

Banks are allowed to draw self-cheque on their own.

NBFC can't create credits.

Banks can create credits.

Transaction facilities are not offered by the NBFC.

Transaction facilities are offered by the banks.

Payment and Settlement is not the activity of an NBFC.

Payment and Settlements are the main activities of the banks.

100% foreign investment allowed.

Only 74% of the foreign investment is allowed.

They are not required to maintain Reserve Ratio.

They have to mandatorily maintain the Reserve Ratio.

They are registered under the companies act, 1956 of India.

They are registered under the banking regulation act, 1949 of India.

Why Banks are better than NBFCs
Following are the points that will suggest why one should opt for a home loan from a bank rather than an NBFC.
Banks charge low-interest rates as compared to NBFCs
Bank has many sources for getting low-cost deposits. Thus the banks charge low-interest rates.
Banks provide overdraft facility
An Overdraft facility helps you to pay interest in advance. If the tenure of your loan is long, the longer it will take you to pay the interest rates. So to pay the debt as soon as possible you can avail the overdraft facility. The surplus amount in your account can be used to make prepayments. This is very beneficial for family members who can generate regular surplus income. Overdraft facility service is not provided by NBFCs.
Banks can cut interest rates and pass it quickly over to the borrowers
Banks interest rates are depended on MCLR. According to the policy of the Reserve Bank of India, a bank has to mandatorily link customers home loans to MCLR. any change in interest rates caused due to MCLR has to be passed to the borrowers quickly. So if MCLR causes a cut in the interest rate, then it is passed to you quickly. Such quickness is not provided by NBFCs. NBFCs interest rates are influenced by BPLR.
Banks carry out documentation process strictly
Banks take care of your documentation process in a systematic way as compared to the NBFCs.
Prepayment, Foreclosure and Late Payment Charges of NBFCs are high
NBFCs have higher processing fees. Also, the late payment charges of NBFCs can range from 10 to 20% of your EMIs.
Interest rates of some major Bank and NBFCs
Conclusion

NBFCs attracts high-interest rates and other charges. They also don't provide overdraft facility to the customers. But on the other hand, banks provide low-interest rates and other charges. Also, they provide overdraft facility and quickly cuts the interest rates as per MCLR.

Thus it can be concluded that approaching banks as compared to NBFCs can be a better option.

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Why Banks are better than NBFC - LoansXpert

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Home loans are the loans that you take so as to have a good home for yourself. Banks and NBFCs both offer home loans but a bank is regarded as a good option to take the loan from. Everyone wants to lower the expenses related to home loans.

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Are you going to be a first-time buyer of home loan in Pune and want some guidance regarding it?

Are you confused regarding home loans and don't know whether to go for it or not?

If yes, then here is our home loan guide for Pune which will help you in making a wise decision with regards to it. You will find everything that will give you guiding insights into Home loan prospects.

A home loan is a secured type of loan that is borrowed from banks or NBFCs for purchasing a House. The money is repaid back to the lenders in the form of EMIs. When deciding between Bank and NBFC, it would be better to go for the bank because banks have low-interest rates, prepayment charges, foreclosure charges, and provide overdraft facility as compared to NBFC.

What are the types of home loans in Pune?

Joint Home Loan

A joint home loan is a loan that is taken jointly by family members. The family members can be parents, spouses, siblings and/or offspring. A Huge amount of loan can be approved easily if the loan is applied jointly. Such loans have tax-benefits. check out our detailed guide on joint loan here.

Home-purchase loan

It is a type of loan which is offered to buy the residential property. Generally, you can get around 80 to 85% of the market value of the house.

Land-purchase loan

This is a type of loan that is offered so as to buy the plot on which you are looking to construct a home. You might get around 80 to 85% of the plot value.

Home-construction loan

Home-construction loan is given to those who want to construct a house on the plot which they have already owned.

Home-extension loan

Home-extension loan is given to those who want to expand their existing house. Most of the bank include such a loan in their home-improvement loan.

Home-improvement loan

This is a type of loan which will help you in getting the funds for your house renovation liking painting, repairs, electrical wiring, and water-proofing, etc.

NRI-home loan

Such a loan will help an NRI in buying home in India.

What is an EMI in a home loan?

EMI (Equated Monthly Installments) means the interest that you pay monthly to clear your loan repayment obligations within the given time period.

What are the types of home loan interest rates?

There are two types of home loan Interest Rates.

Fixed-Rate Home Loan

Here the interest rate is fixed throughout the loan tenure. Fixed interest rates are higher than floating interest rates. Fixed interest rates can be changed into floating interest rates.

Floating Rate Home Loan

Here the interest rate changes according to the market conditions. The floating rate of interest can go down or up depending on the market situations.

The Five-Step easy Home Loan guide for Punekars

The Easiest Home Loan Guide for First Time Buyers in India

Home Loan Guide - Read this and make a wise decision
As a rule of thumb, Only 60 to 65% of your income after tax must be spent to pay the EMIs. If your EMI cost exceeds 60 or 65 %, then it might be hard to afford the home loan. Many banks give loans ranging from 15 lakhs to 10 crores. In the end, Taking a loan having a long tenure might cost more than taking a loan of short tenure. You will only get a maximum of 75% to 80% of the market value of the house you are planning to buy. It is not necessary that every part of the house is eligible for the loan amount. So be sure to ask the bank what all comes under the cover. If you are having a shortage of the loan amount, then up to 3 income-earning members of your family can take the required loan amount. A fixed interest rate could be affordable to only those who don't want any increase in the interest rates. Whereas a floating interest rate could be affordable who are immune to change in interest rates. In terms of fixed interest rates, you could be charged a penalty if you decided to repay the loan amount before the tenure ends. However, in the case of the floating type of interest rate, there is no such penalty. If you have a You can't get a loan if the house comes under the gram panchayat area and if the house doesn't have an approved building plan. Don't you first read the review before going to a restaurant? Similarly, you should also read the reviews of the customers who had taken the home loan from the banks. This will give you important insights regarding whether the bank changes base rates too often. home saver account, then you will get discounts on EMIs.
How does loan processing work in Pune?

Due to digitization, loan processing in India has become easy. Generally, the banks of Pune have the following procedure.

Step 1: Banks will want you to fill the application form along with the required documents.

This is done so as to verify your documents and also to see whether you will be able to pay back the home loan amount.

For your convenience, most of the bank's representatives will visit your home to collect the documents.

Step 2: Banks will require you to pay a processing fee.

This is the fee that is required to be paid for the maintenance of your home loan account.

Step 3: Sometimes banks might call you to their branch for face to face discussion. This is done to collect more information about you.

Step 4: Verification of the documents

Bank will verify your documents. It might take 1 to 2 days.

Step 5: If the bank finds that all requirements are met, they will sanction the home loan amount. A sanction letter will be sent to you. The following details will be checked.

Age

Qualification details

Income

Type of Job he or she is pursuing.

Experience letter

For the Businessman, his or her nature of the business will be analyzed.

The transactions that are made with the applicant's bank.

Step 6: If the home loan amount is approved, an offer letter will be sent stating the loan amount that is approved, the Interest rate on it, type of interest rate, loan tenure, modes of repayment and terms and conditions.

Step 7: An acceptance letter will be signed. This letter has to be signed for the bank's record.

Step 8: Here all the details regarding the property will be checked by the bank. You must submit all the property-related documents to the bank.

Step 9: After the submission of the property documents, the bank will do a legality check.

The bank's lawyer will check the documents to make sure that it doesn't have any illegality in the property.

Step 10: The bank will do a thorough check of the site. They will find out the valuation of the property.

Step 11: After the loan agreement has been signed, the loan will be disbursed.

Home loan guide for documents required to apply for the loan in Pune

Following are the common documents that are required to be submitted to apply for a home loan in Pune.

Identity proof like a voting card or a passport or a driving license or a pan card.

Residence proof like a ration card or an electricity bill or a passport.

You should also have last 6 months bank statements.

Processing fee cheque is also required.

You have to submit form 16/Income tax returns.

A salaried person would be required to submit the last 3 months of salary slips.

A self-employed professional would be required to submit proof of business existent, educational qualification certificate, last 3 years income tax returns, last 3 years CA audited financial statements consisting of balance sheet and profit & loss account statement.

A self-employed non-professional will be required to submit proof of business existence, Business profile, Last 3 years income tax returns, Last 3 years CA audited Balance sheet and Profit and Loss account.

What are the charges involved in taking a home loan in Pune?

Typically, the home loan consists of the following charges.

Application fee

Processing fee

Administrative fee

Documentation fee

Property assessment charges

Balanced transfer fee

Legal charges

Prepayment charges

Notary charges

CERSAI charges

Franking fee (only in some state.)

Recovery fee (If the borrower fails to repay the amount.)

Is a co-applicant necessary for a home loan in Pune?

No, a co-applicant is not necessary for a home loan, however having one will make you get the loan easily in Pune. Also, you can get a large amount of HOME loan. There are also tax benefits if a loan is co-applied.

What is sanctioning and disbursement of the loan?

Sanctioning of the loan Disbursement of the loan

Sanctioning of the loan means the approval of the loan amount only if all the requirements set by the lenders are met. It is the guarantee that is given to the customers that loan will be disbursed.

Disbursement of the loan means that the loan amount has been put in the customer's loan account.

Sanctioning doesn't have types.

Disbursement is of two types
1. Full Disbursement:- In full disbursement of the loan, the entire loan amount is given as a cheque in the name of the builder on behalf of you.

2. Partial Disbursement:-
Partial disbursement means that the loan amount will be given in parts. Partial disbursement occurs for the houses that are under - construction.

How does one make repayments to lenders in Pune?

The home loan amount in Pune can be paid by EMIs via post-dated cheques in favour of the bank or by Electronic Clearing Services System.

What are the home loan repayment options in Pune?

Below are the 5 best home loan repayments options in Pune which will be beneficial for you.

There are some lenders that will give you an option of paying the EMI not immediately after taking the home loan. Generally, The EMI payment process starts between 36 months to 60 months. However, you have to pay pre-EMI interest.

There is a Step-up plan, where you will be required to pay less in the initial years but later on, the EMI cost will increase when the tenure end will be coming nearer. Such plans are good for those who are guaranteed that their income will increase in the near future.

Here the EMI cost will be high in the initial period but later on, it will decrease.

A ballon planis one type where you can pay 1/3rd of the home loan amount in last instalments.

There is also a scheme, where the EMIs can be waived if you paid the previous EMIs on time and consistently.

Home loan guide to raise funds for the down payment of the loan

A down payment is a part payment that you make for the purchase of your home. The remaining part is financed by the bank. The down payment ranges from 5 % to 30%. The more the contribution of you towards the down payment, the lower the interest rates you will be charged to pay on your home loan in Pune.

Here is a home loan guide for raising funds in Pune to pay for the down payment of your home loan.

By taking a personal loan

A Personal loan can be used to make down payments. However, not all mortgage banks in Pune will allow doing this. Personal loans have high-interest rates as compared to home loans. Also taking a personal loan for paying down payment will affect your credit score badly.

You can get a tax benefit in Pune if you are taking a personal loan to clear the down payments on the home. However, this will be only beneficial if you are sure that in future you are going to get a lot of money.

Guide on tax benefits for a first time home buyer by taking a personal loan

Here are the tax benefits that a first time home buyer can get in Pune.

Section 24 of the Income Tax Act, 1961

Here the tax is deducted on the basis of the interest. The maximum deduction of 2 lakh amount can be claimed yearly.

Section 80C of the Income Tax Act, 1961

Here the tax is deducted on the basis of the principal amount. The maximum deduction of 1.5 lakh amount can be claimed yearly

Section 80EE of the Income Tax Act, 1961

Besides the above-mentioned deductions, you can also enjoy additional interest deduction benefits. The maximum deduction of 50 thousand can be claimed yearly.
Home loan guide eligibility for Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana -PMAY

Pradhan Mantri Awas Yojana scheme was launched by the Prime Minister Narendra Modi in the year 2015 to provide affordable housing to the citizens. According to it, one will be able to get up to 6.5% of subsidy on the home loans. This amount can be used to pay down payments.

Here are the common home loan eligibility criteria for Lower Income Group/Economically Weaker Section (LIG/EWS) and Middle Income Group (MIG - I & II)
Lower Income Group/Economically Weaker Section (LIG/EWS)

1. The applicant must not have any pucca house in any part of the country in either his/her name or any of his/her family member.

2. The applicant must not have taken any benefit related to housing scheme from neither the state nor the central government before.

3. It is compulsory that at least one female should be the co-owner of the property

4. The location should be according to the 2011 census town classifications.

Middle Income Group (MIG - I & II) MIG-I
Here are the uncommon home loan eligibility criteria.
MIG-II
Household Income: Up to 6 lakhs
Tenure for calculating subsidiary amount: 20 years
Documents required: Aadhar card

Household Income: 6 to 12 lakhs
Dwelling Unit Carpet Area: Up to 160 Sq Mt
Tenure for calculating subsidiary amount: 20 years
Documents required: Aadhar card

Household Income: 12 to 18 lakhs
Dwelling Unit Carpet Area: Up to 200 Sq Mt
enure for calculating subsidiary amount: 20 years
Documents required: Aadhar card

What are the home loan insurance options in Pune?

A home loan insurance for house in Pune will safeguard your family members in case something bad happens to you. Here, the insurer will pay the outstanding home loan amount on behalf of you.
Level Cover Plan
There are two types of home loan insurance options in Pune. The first option is term insurance, where the insurer will pay for all your debts and liabilities. Whereas the second option is Separate home loan insurance in which only your outstanding home loan amount will be paid.
Hybrid Cover Plan
Here are the three home loan insurance coverage options in Pune.
Reducing Cover Plan
Here the coverage doesn't change throughout the tenure.

Here the coverage is depended on the balance amount. The coverage reduces as the balance amount reduces.
Foreclosure Charges
Here the coverage, as well as the outstanding home loan amount, decreases when the tenure is nearing to its end.
Home Loan Transfer Charges / Conditions
Other terminologies you should know while availing home loan in Pune
Prepayment of Home Loan
Foreclosure charges are the charges which are charged when the home loan amount has been paid fully instead of paying EMIs before the loan tenure.
Repayment Capacity
These are the charges which are levied when you transfer the balance of your existing home loan to another bank. Generally, this is done in the case where the new bank offers a low-interest rate on the same home loan amount.
Value of Property
It means that you can pay the home loan amount in advance before the loan tenure ends. You can do it in Part or in Full. Prepayment facility is very beneficial to those who have surplus funds.

Repayment Capacity is the capacity of the concerned person to repay the loan amount in time. The repayment capacity measures provide insight into whether you will be able to pay the loan amount or not in time.

Every bank will send a team of experts on the property site to know the value of the property. This is done to prohibit the applicants' form showing the wrong property rate just to get the cheap home loan.

Home loan guide for MCLR and Base rate

MCLR and Base rate are the lending rates below which the banks can't lend money. However, there are few cases where RBI has allowed to provide the home loan below the minimum lending rates.

MCLR calculation is based on the marginal cost of funds, tenor premium, operating cost and cash reserve ratio maintenance cost.

Base rate is calculated based on profit, bank costs, bank deposit rates, cost of funds, operating costs and cash reserve ratio maintenance cost.

Reserve bank of India's repo rate plays a key role in determining MCLR.

Base rate is not depended on MCLR.

How LoansXpert can guide first-time Homebuyers?

At LoansXpert we have a pool of expert advisors and consultants having almost a decade of experience in financial and home loan consulting.

We treat every case of ours with the same energy and enthusiast and study each and every minute aspect of your case's for better advice on your home loan with the best interest rate possible from the market. We provide end to end consultation and advice for your home loan in Pune.

Summary of home loan guide for a first-time home buyer in Pune

Keep your banking clear and proper.

Check your credit history before applying for the home loan.

Finalize your budget and a preferred area where you are planning to buy a flat.

Check your income and expenses to figure out the affordability.

Check your eligibility using the Home Loan eligibility calculator App.

Compare Home Loans rate of interest of different banks.

Compare the other charges and conditions associated with the home loan of different banks.

Home Loan Guide Conclusion

Make informed decisions, research carefully regarding what are the home loan schemes that are offered by the lenders in Pune. Know the home loan process in Pune perfectly before applying for the one. Check your repayment capabilities and credit score before applying for the home loan. Check out our tricks on maintaining a good credit score.

Keep all the documents ready before starting the process of the home loan application. Compare each lender properly. If you don't want to go in the hassle of comparing the lenders, then remember that LoansXpert is always there for you to compare lenders and suggest you the most suitable lender that will offer you home loan having a low-interest rate.

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Best home loan guide for first time home buyer in Pune - LoansXpert

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Are you going to be a first-time buyer of home loan in Pune and want some guidance regarding it? Are you confused regarding home loans and don't know whether to go for it or not? If yes, then here is our home loan guide for Pune which will help you in making a wise decision with regards to it.

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Factors to consider while comparing the Personal Loan

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Factors to consider while comparing the Personal Loan

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A personal loan is an unsecured type of loan that is easy to get and is used for personal finance needs like medical expenses, home renovation expenses, travel expenses, luxury items expenses, clearing off the debt, paying credit card bills, covering medical expenses, covering wedding expenses, covering educational expenses, buying gadgets, etc.

There are many lenders who have different charges applicable to a personal loan. There are different interest rates, processing fee, documentation fee, prepayment fee, etc by various lenders. So, even if one is offering loans having low-interest rates, that doesn't mean the entire loan cost will be low because there might be other charges that could be high.

So, before selecting a lender, it is necessary to compare different lender's personal loan schemes. Here are the factors to consider while comparing personal loans.

The amount offered by a lender

One can get a personal loan from banks or NBFCs. Here is our quick comparison between bank and NBFCs. There are various banks that offer different loan amount. Don't just pick your lender randomly, do good research and then only select the most suitable lender that will offer you an affordable loan. Here is a list of some banks with their offered loan amounts.

Tenure

You can take a personal loan for a tenure ranging from one year to five years. Remember one thing that the longer the tenure will result in a lower amount of monthly payment, but overall at the end, you will be paying a high-interest rate.

Whereas if you take a loan of short tenure, you will be paying a high amount of monthly payment but overall it will be less as compared to the loan taken for the longer duration of time.

You can contact LoansXpert to know which option is suitable for you. LoansXpert will analyze your finances and will suggest which tenure will be comfortable for you.

Interest rates

Many banks will offer different interest rates but it is necessary to know what all are the terms and conditions. It is very important to compare all the lenders and their personal loan and then make a wise decision regarding whom to choose.

Following is the list of personal loans offered by some banks with their interest rates.

Charges

Besides the interest rates, there are few charges that are applicable while taking a personal loan. Before applying for a personal loan, It is very beneficial to research on charges like Processing charges, Verification charges, prepayment charges, etc., of different banks.

Here are fees and charges of some banks
SBI
Processing Fee: Up to 1% plus tax.

Late Fee: 24% p.a

Pre-closure Charges: 3%
Bajaj Finserv
Processing Fee: Up to 3.99% plus tax

Late Fee: 24% p.a

Pre-closure Charges: 4%
Standard Chartered Bank
Processing Fee: Up to 3 plus tax

Late Fee: 24% p.a + Rs. 495

Pre-closure Charges:

0 to 12 EMI- 5%

12 to 24 EMI- 4%

25 to 36 EMI- 2%

> 36 EMI - 1%
Axis Bank
Processing Fee: 1.5 % to 2% plus tax

Late Fee: 24% p.a

Pre-closure Charges: NIL
HDFC Bank
Processing Fee: Up to 2.5% plus tax

Late Fee: 24% p.a

Pre-closure Charges:

Up to 12 months- not allowed

13-24 months - 4%

25-36 months-3%

>36 months- 2%

Check complete loan quotations

Check every detail in the quotation given by bank. Compare each bank's quotations thoroughly because there might be a clause of prepayment charges.

Prepayment charges are the charges that are required to be paid if you decided to pay off the balanced loan amount prior to the ending of the tenure. Some banks don't charge prepayment fees however some do charge and it could range from 2% to 5% of the outstanding amount.

LoansXpert can compare and offer the best available personal loan

There are lots of lenders in the market who are waiting to give you a personal loan. However, selecting one is a crucial task. There are many complications related to the schemes of different lenders.

Just don't take the personal loan on the basis of a good relationship that you have with your bank because there are possibilities of having other banks in the market offering low-cost interest loans that that of your bank.

LoansXpert has a team of experts that will take care of all the troubles of yours in selecting the most suitable personal loan provider for you. We are passionate about researching various lenders and their personal loan schemes so that you would get the lender offering the loan with a low-interest rate.

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Factors to consider while comparing the personal loan - LoansXpert

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A personal loan is an unsecured type of loan that is easy to get and is used for personal finance needs like medical expenses, home renovation expenses, travel expenses, luxury items expenses, clearing off the debt, paying credit card bills, covering medical expenses, covering wedding expenses, covering educational expenses, buying gadgets, etc.

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Wander Far and Wide with a Travel Loan by Your Side

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Wander Far and Wide with a Travel Loan by Your Side

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Do you have a wish to visit a place which you wanted to visit from a longer period of time in India or abroad?

Or are you just married and are planning for a luxurious romantic destination to visit?

But you are low on cash to fulfil your dream tour?

If above are the questions that are stopping you from travelling abroad or in India then not to worry because you can travel to your dreamed destination with the help of a travel loan!

A travel loan (personal loan) for vacation purposes doesn't require anything as collateral, it is easy to get, and there will always be loansXpert to help you in getting a low-cost travel loan.
APPLY NOW FOR FREE!
How to get a travel loan in India for holidays?

There are many tour companies that have tie-ups with various lenders that offer tour packages with travelling loan options.

You can get a travel loan in India very easily if you have maintained a good credit score and a good credit history. You should have a credit score of 750 or above.

For getting a personal loan in India, you should have all the required documents like Government approved ID proof, address proof, bank statement, employment certificate and salary certificate( if you are a salaried employee), educational documents or business continuity documents( if you are a self-employed individual).

Benefits of taking a personal loan for touring

Personal Loan for an awesome vacation in India or abroad offers the following benefits.

The wish of dream destination fulfilled

A Travel loan will be like a Genie that will help you in granting your wish of going to the destination you dreamed of. You can get up to Rs 25 lakhs of travel loan amount by all the banks and NBFCs.

No collateral required

There are various other loans that require your asset as a collateral, however, only a personal loan is a loan that will never require anything as collateral. So you don't have to keep anything as a guarantee.

Affordable interest rates with flexible tenure

LoansXpert will help you in getting affordable interest rates on your travel loan in India so that you can enjoy your journey with low travel expenses. You can choose the personal loan tenure from 1 to 5 years to repay the loan amount.

Easy to apply

Applying for the personal loan in India is easy and quick because all the complication related to it will be taken care of by LoansXpert.

Flexible repayment options

You can pay the EMIs either by Post-dated Cheques, Electronic Clearing Service or by Net Banking.

Faster disbursement of the travel loan in India

As soon as your travel loan application is approved, your loan amount will get disburse in your account within 24 hours.

Cheaper than credit cards

Personal loans have a low cost associated with its amount as compared to other loans like home loans or loans against property.

What expenses you can cover with the personal loan?

Besides covering the travelling expenses, accommodation expenses, food expenses by the personal loan, the loan can also be used for many other non-travel related expenses like home renovation expenses, luxury items cost, clearing off your debt, credit card bills, medical expenses, wedding expenses, educational expenses, gadgets expenses, and any unforeseen expenses.

Tips to know before applying for a travel loan in India

It's true that a travel loan will help you in fulfilling your wish of a splendid vacation, but before applying for the one, first analyse your total savings and get the numbers of the amount that you can raise on your own.

Here are Six tips to keep in mind before applying for a travel loan in India for vacation.

Research

Do a good research of the place you want to visit by referring travel websites, guide books, etc.

Check what are all the spots you can see and the activities in which you can indulge yourself. Get the quotation for your trip and then take the final decision of the places you want to visit.

Check your repayment capacity

Before applying for a personal loan do self-assessment of your repayment capacity because if you are not in the capability of repaying the loan then your happy trip will eventually be converted into a sad trip.

Don't apply for the travel loan amount whose EMI paying exceeds 50% of your income. Always plan your budget first before applying for the personal loan.

Choose your travel loan tenure wisely

Longer tenure attracts a low cost of interest every month. However, as the period is longer so at the end of the period you will end up paying more interest.

Whereas the short tenure period of the personal loan will help you save well on interest outgo and at the end of the tenure you would have paid less interest amount as compared to travel loan having longer tenure.

Go for the flexible repayment options

Most of the banks have a prepayment penalty and foreclosure charges to demotivate you from repaying the travel loan amount before the end of the tenure. So it's better to choose the lender which offers flexible repayment options.

Develop a sense of using loan wisely

Use the personal loan amount wisely, don't get spending it for unnecessary things because do keep in mind that whatever amount you are going to use during the tour, you will have to repay it in instalments later on.

Plan a budget, allocate amount where you really want to spend like some amount for transportation, some amount for food, some amount for lodging, some amount for shopping, some amount for visa fees, some amount for purchasing tickets, etc.

You can take a travel insurance

Travel insurance will help you from safeguarding your trip from any travel-related mishap like accidents, stolen of valuable items, etc. Travel insurance will keep your EMI repayment process unhampered.

LoansXpert can help you plan your dream vacation

So after knowing everything about the travel loan in India, you might be wondering whom to approach for getting an affordable travel loan as there are many lenders in the market who all will say that they have the most suitable loan just for you.

But besides having low-interest-rate travel loan for a vacation, there are many other factors like prepayment charges, processing fees, foreclosure charges, etc., that are not supposed to be ignored before applying for that loan.

LoansXpert will assist you in selecting the most suitable travel loan provider in India for your vacation expenses.
APPLY NOW FOR FREE!

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Wander Far and Wide with a Travel Loan by Your Side - LoansXpert

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Do you have a wish to visit a place which you wanted to visit from a longer period of time in India or abroad? Or are you just married and are planning for a luxurious romantic destination to visit? But you are low on cash to fulfil your dream tour?

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Mistakes to avoid while applying for a Personal Loan

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Mistakes to avoid while applying for a Personal Loan

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A personal loan helps you to cater to your emergency needs. There are many lenders offering personal loans. However, choosing the most suitable one can be a difficult job, and making mistakes while choosing a personal loan can cost you a lot.

So here are the 10 mistakes that you should avoid while applying for a personal loan.

The mistake of Not Preparing a Budget

A budget helps you to plan your finances properly. You will get to know how much to really spend. Paying late interest amount will incur a late penalty to you and it will also affect your credit score. Do remember, a bad credit score indicates the difficulty of getting another personal loan in future.

You can follow the 60/10/30 budget rule, where 60 % goes in for paying the basic needs like food, rent, utilities, health care costs, etc. 10% goes in for paying your wants like movies, dining out, concerts, latest electronic devices, etc. 30% of your money goes in savings and debt payment and out of this 30%, 10-15% should be reserved for paying EMIs.

A Mistake of Not Checking the Fees

Just don't go for any random lenders that offer you a personal loan with low-interest rates, because, even if interest rates are low, fees and charges might be high as compared to other lenders.

There are charges and fees like processing fees, prepayment charges, late payment charges, etc. Every lender might charge you differently, So checking all the fees and charges of all the lenders in a disciplined manner is a must.

Borrowing More Than Actually Needed

Apply for a personal loan only if there is really an emergency. Don't borrow more than your actual needs. Analyse your budget properly and see to it if it really permits you to borrow. Remember, if you apply for the amount more than your repayment capacity then your loan application will get rejected and this will give bad credit inquiry which will ultimately lead to a decrease in your credit score.

The Mistake of Not Comparing Different Lenders

Everyone wants to apply for a personal loan that has lower interest rates. But people hesitate to do proper research.

Many lenders have different interest rates, loan tenure, loan amount, processing fees, prepayment charges, etc. So it is necessary to do proper research as it will help you to find the most suitable lender that offers low interest-bearing personal loan with other low charges.

You can also consult LoansXpert that will take care of all the hassles for finding a suitable lender for you that offers the affordable personal loan.

The Mistake of Applying for Unrealistic Tenure

Longer tenure attracts a low cost of interest rate every month on your personal loan. However, as the period is longer so at the end of the tenure you will end up paying more EMIs.

Whereas the shorter tenure period will help you save well on EMIs outgo and eventually, at the end of the tenure you would have paid less EMI amount as compared to personal loan having longer tenure.

In short, before applying for the longer-term or shorter-term personal loan, analyze your budget and payment capacity.

Not Checking Eligibility Before Applying

There are eligibility criteria that are needed to be qualified before getting a personal loan. These eligibility criteria are based on your age, income, employment, location, credit score, etc. So, do check the eligibility criteria before applying for the loan.

Not Familiarizing Yourself with the Bank's Rules

You must know all the rules and regulations of the bank before applying for the personal loan. Knowing rules in advance will help you to make a proper decision of whether to really select that lender or choose a different one. Also, this will avoid any hazard in future.

The Mistake of Hiding Existing Loans

Be frank with the bank, don't hide any information. Hiding existing loans will only attract difficulties.

Also, if you are already having a loan still you are applying for more loan amount then you will get a cash crunch in paying the loan amount. This will ultimately attract a lot of debt burden on your shoulders.

And more than that, even if you are hiding existing loans, banks will find about it by referring to your credit history and this will lead to immediate rejection of your application which will ultimately affect your credit score.

Signing Personal Loan Agreement Without Reading It Carefully

Do read the loan agreement carefully before signing it. Read all the terms and conditions thoroughly because there might be some hidden charges you might not know.

Many times, charges like prepayment penalties are applicable if you pay the loan amount prior to the tenure. So it is better to get aware of this. If you are feeling that some clauses in the agreement are not acceptable then don't sign the agreement and find some another lender.

A Mistake of Not Verifying Your Credit Score

A credit score is used to identify your creditworthiness. A good credit history tells whether you have the capacity to repay the loan amount or not. Higher the credit score, better is the probability of getting a personal loan with a low-interest rate. A rejected application can affect your credit score badly. Your credit score should be more than 700. The more the credit score, the more chances are there of getting a loan at affordable interest rates.

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10 Mistakes to Avoid While Applying for a Personal Loan - LoansXpert

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A personal loan helps you to cater to your emergency needs. There are many lenders offering personal loans. However, choosing the most suitable one can be a difficult job, and making mistakes while choosing a personal loan can cost you a lot. So here are the 10 mistakes that you should avoid while applying for a personal loan.

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It is the loan that is taken against the residential property for purposes like business expansion, obtaining assets, medical emergencies, and marriage, etc.
Regular loan against the residential property is provided by all the banks and NBFCs and the interest rates on the loan can be charged between 9.50% to 15.15%.
Loan to Value ratio required for sanctioning of the loan ranges from 40% to 75%.
The processing fee for approving the loan is charged between 0.20% to 2.00%.
The Fixed Obligations to Income Ratio(FOIR) should be between 0.55 to 0.65.
Loan Against Property - Commercial
This is a loan that is taken against commercial property and includes shops and offices. There are only selected banks that offer loan against commercial property.
The interest rate charged can be between 9.50% to 15.15%.
Loan to Value ratio required for approving loan ranges from 40% to 75%.
Around 0.20% to 2.00% of processing fee is charged and FOIR to get the loan should 0.65.
Loan Against Property - Industrial
It is the loan that is taken against the industrial property. There are a very limited number of NBFCs and banks that offer loan against industrial property. Around 10.85% to 13.35% of interest is charged on the loan. Loan to Value ratio required for sanctioning of the loan ranges from 40% to 65% and processing fee on the loan ranges from 0.20% to 1.00%. And FOIR of 0.65 is a must to avail the loan.
Loan Against Warehouse
This is the loan that is taken against the warehouse. It is very beneficial to those who are involved in the commodities operations like the farmers, processors, traders and aggregations.
Loan Against Property Overdraft
Such loans are taken when borrowers expect that their income will rise throughout the year. The benefit of this facility is that you will be able to pay your debt before the loan tenure. Overdraft facility will be suitable for businessmen as it will help them to reduce their interest liability.
Balance Transfer & Top Up
A balance transfer is a transfer of your existing loan from your current bank to a different bank where the interest rates will be low. Balance transfer will lead in savings of your EMI cost.
A Top Up is an additional loan that the new bank will offer on your existing property if you transfer loan amount from your old bank to them. The new loan can be used for a house renovation, education of the child or for holidays.
Lease Rental Discounting
An owner can get a loan on the property which he had rented. The rent paid by the tenant directly gets deposited into the bank(Lender) from which the loan was taken. By this way, the lender is able to recover the loan amount from the borrower(Owner).
Commercial Property Purchase Loan
Such type of loan is helpful in purchasing shops, clinics, office space and many other business establishments. This loan facility is very beneficial for business expansion.
Loan Against Plot
If you are having a plot and you require some money then you can take a loan on that plot. There are many banks who provide loan against plot with discounted interest rates.

If you are looking for advice or consultancy for your Loan Against Property in Pune, Nagpur or Bangalore, contact LoansXpert for a free advice and consultancy to get the best guidance for your LAP

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LoansXpert - Loan Against Property - LoansXpert

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It is the loan that is taken against the residential property for purposes like business expansion, obtaining assets, medical emergencies, and marriage, etc.Regular loan against the residential property is provided by all the banks and NBFCs and the interest rates on the loan can be charged between 9.50% to 15.15%.Loan to Value ratio required for sanctioning of the loan ranges from 40% to 75%.The processing fee for approving the loan is charged between 0.20% to 2.00%.The Fixed Obligations to Income Ratio(FOIR) should be between 0.55 to 0.65.

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LoansXpert is one of the most trusted partner to help your get home loans. With LoansXeprt you get trusted lenders, transparent fees and procedures, and excellence at every step. We offer best interest rates and low processing fees without any hidden costs.

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Products - LoansXpert | Personal Loan | Home Loan | LAP

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LoansXpert is one of the most trusted partner to help your get home loans. With LoansXeprt you get trusted lenders, transparent fees and procedures, and excellence at every step. We offer best interest rates and low processing fees without any hidden costs.

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LoansXpert is one of the most trusted partner to help your get home loans. With LoansXeprt you get trusted lenders, transparent fees and procedures, and excellence at every step. We offer best interest rates and low processing fees without any hidden costs.

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LoansXpert - Top Loan Consultant in Pune for Personal & Home Loan

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LoansXpert is one of the most trusted partner to help your get home loans. With LoansXeprt you get trusted lenders, transparent fees and procedures, and excellence at every step. We offer best interest rates and low processing fees without any hidden costs.

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What are the minimum and maximum loan amounts?

These loans range from Rs. 3 Lacs to 20 Lacs. The Loan Amount is based on your Income and Repayment capacity.

What are the loan tenure options?

You can avail funding from 12 to 60 Months.

How many days does it take to process the loan?

On submission of your entire documents in accordance with the Bank requirements, it takes 3 Working Days. All loan approvals are at the discretion of the Bank.

Do I have to offer any security for my Personal Loan?

To obtain the Personal Loans there is no need to provide any security or collateral.

In how many years can I repay the loan amount?

You can opt for a loan period of up to 30 years, which can vary depending on your profile.

Who can be my co-applicant?

If you are an individual - your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.

Can I make Part-Prepayment?

Yes. You can make part prepayments with complete flexibility without any charge

What is Foreclosure Charges?

If the Housing loan is under Variable/Floating Rate loan and the loan is prepaid through any source, no prepayment charges shall apply If the Housing loan is under fixed rate, the pre-payment charges shall apply.

What is the difference between Fixed and Floating Home Loan Rate?

Fixed Home Loan rates: The rate of interest applicable for the Home Laon is fixed throughout the term of repayment of Loan. Floating Home Loan rates: The rate of interest applicable to the Home Loan changes with change in the Bank's Base rate.

Do I get a tax benefit on my Home Loan?

Yes, resident Indians are eligible for tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act.

What is the process of Home Loan?

Once we receive a completed application form along with the necessary supporting documents two things happen:
Determination of your eligibility for the Loan: For this, the Bank / Financial Institution consider their internal policy guidelines and also examine all the documents submitted by you. If you are deemed eligible, you will get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
Legal and Technical verification: Lawyers and property valuers impaneled by the Bank / Financial Institution will verify your title documents; conduct a technical evaluation of the property.
After completion of the above process, the Bank / Financial Institution will process the sanction and disbursement of your Loan.

What are the different types of Repayment Options?

* Equated Monthly Instalment - The Instalment amount is fixed throughout the tenure at a particular rate of Interest
* Step Up Repayment Facility - It offers an option where the repayment schedule is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years. Subsequently, the repayment is accelerated proportionately with the assumed increase in your income.
* Flexible Loan Installments Plan - It offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and subsequently decreases in proportion to the income.
* Tranche Based EMI - If you purchase an under-construction property you are generally required to service only the interest on the loan amount drawn till the final disbursement of the loan and pay EMIs thereafter. In case you wish to start principal repayment immediately you may opt to tranche the loan and start paying EMIs on the cumulative amounts disbursed.

What kind of security is required?

In most cases, the property itself becomes the security until the entire loan is repaid.

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What are the minimum and maximum loan amounts? These loans range from Rs. 3 Lacs to 20 Lacs. The Loan Amount is based on your Income and Repayment capacity. What are the loan tenure options? You can avail funding from 12 to 60 Months. How many days does it take to process the loan?

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To achieve your financial requirements, LoansXpert assist you in a better way to seek better financial solutions for you. Whatever is your financial requirement, LoansXpert have a solution for you

Whether it's arranging funds for purchasing your dream home or a car, planning a wedding or sending your children abroad for education, or for your business Expansion or for Working Capital.

At LoansXpert you can compare multiple options of funding from various banks and financial institutions which helps you in taking a better decision and hence get the best financial product. At LoansXpert you get assistance in structuring the deal and in paperwork which reduces your time and reduce your total cost.

At LoansXpert, we arrange best offers from the leading financial institutions to cater your requirement in a best turnaround time with our expertise in end to end funding process.

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To achieve your financial requirements, LoansXpert assist you in a better way to seek better financial solutions for you. Whatever is your financial requirement, LoansXpert have a solution for you Whether it's arranging funds for purchasing your dream home or a car, planning a wedding or sending your children abroad for education, or for your business Expansion or for Working Capital.

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LoansXpert is one of the most trusted partner to help you get quick Home Loan with lower interest rate. We also provide free consultancy for your Home Loan

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LoansXpert are the best Loan Consultant for Personal Loan We help you get quick hazzle free disbursement of your personal loan quickly with lowest ROI.