Apply For Loan Home Loan
Important Information
Home Loan Eligibility Criteria | File Charge – ₹10,200
| Form | Signed application form with your passport size photo |
| Identity Proof | PAN Card, Passport, Driving License, Aadhar Card, Voter ID, I-Card issued by Govt. |
| Age Proof | Birth Certificate/ Voter ID Card/ School or College Leaving Certificate |
| Address Proof | Passport, Driving License, Election ID, Electricity/ Telephone/ Mobile Bill/ Bank Statement (not more than 3 months old) Any residential proofs etc. |
| Income Proof | Salary Slip, 6 Months Bank Statement, Form 16 |
Important Information
Home Loan Overview with Take Easy Loan
We understand the importance of fulfilling your dreams, especially when it comes to owning a home. Our affordable loan options make it easy for everyone to turn their aspirations into reality. With current interest rates at a decade low, now is the perfect time to invest in your dream property. Developers are also offering various incentives to boost sales, making it even more advantageous to secure a loan through Take Easy Loan. Don’t let this opportunity pass you by – unlock the door to your dream home with Take Easy Loan.
What is a Home Loan?
Home loan is a secured loan acquired by pledging a property for purchase. Instant home loans in Delhi provide substantial funding at affordable interest rates and for extended tenures. The interest rates significantly influence the total cost of your home if you’re considering an instant home loan in Delhi. Given the sizable loan amount and extended tenure, the interest rates have long-term financial implications. Securing a low-interest Home Loan in Delhi not only reduces EMIs but also minimizes interest payments. The lowest Home loan interest rates in Delhi to date stand at 7.50%* p.a., urging borrowers to aim for the lowest possible housing loan interest rates. Repayment occurs through EMIs, and upon completion, the property’s title transfers back to the borrower.
Types of a Home Loan
Fixed interest rate home loan: Offers a consistent interest rate throughout the loan term, providing stability for those seeking predictable monthly payments.
Adjustable-Rate Home Loan: Features interest rates that can fluctuate based on market conditions, suitable for those comfortable with some level of risk for the potential of lower rates.
Additionally, some common types of home loans include:
- Land-purchase loan: Provided by banks or NBFCs to purchase land for future construction, typically covering 80-85% of the land cost.
- Home construction loan: Granted to individuals wishing to build their own homes, with distinct approval processes and requirements.
- Home improvement loan: Designed for homeowners lacking funds for renovations or repairs on existing properties.
- Home purchase loan: Used to buy residential properties, usually covering 80-85% of the property’s market value.
- Home conversion loan: Available to existing homeowners seeking to purchase a new property for relocation purposes.
Features and Benefits of Home Loan
- High Loan Financing: Obtain up to 90% of your property’s market value.
- Tax Benefits: Leverage tax deductions under Sections 24, 80C, and 80EE of the Income Tax Act to reduce tax liabilities.
- Affordable Interest Rates: Enjoy lower interest rates compared to personal loans or credit cards, with rates as low as 7.5% p.a., making EMIs manageable.
- Balance Transfer Option: Transfer your loan to another lender if dissatisfied with current terms and rates.
- Home Loan Top-Up: Access additional funds for home-related expenses like furniture through a top-up loan.
- PMAY Scheme: Benefit from concessional interest rates, priority for disabled and senior citizens, and eco-friendly construction initiatives.
- Long Tenure: Choose a loan tenure of up to 30 years for added flexibility.
- Prepayment and Foreclosure Options: Pay off your loan faster or close it before the term ends with prepayment and foreclosure facilities.
To Apply for a Home Loan, Follow These Steps
- Determine eligibility and gather required documents.
- Choose a method of application:
- Online: Apply on the lender’s website.
- Offline: Visit the lender’s branch in person.
For offline application, visit your nearest bank branch and speak with an agent or manager. To apply online:
- Visit the bank’s official website or financial company’s site.
- Navigate to the loan application section.
- Select the home loan application option.
- Fill out the form with basic information.
- Submit the application and scan necessary documents.
- Click “submit” to finalize the application.
After submission, wait for a response. An agent will guide you through the process for a smoother experience.
Tips for securing the best home loan in Delhi:
- Maintain a high credit score.
- Minimize job changes.
- Ensure timely payment of loans and bills.
- Organize financial records for easy processing.
Eligibility Criteria For The Best Home Loan
Understanding the eligibility criteria for the best home loan is crucial before diving into the home buying process. Eligibility primarily hinges on income and repayment capacity. Various factors such as age, income, credit score, and financial liabilities contribute to determining eligibility.
Banks and financial institutions operate under distinct terms and conditions, influencing loan eligibility. Minimum and maximum age play a significant role, with lenders typically favoring borrowers aged 18 to 70 years due to longer working lives. Income level, with a minimum requirement of ₹25,000 per month, heavily influences eligibility.
Creditworthiness, gauged by credit score, is pivotal. Individuals with a credit score of 750 or higher are preferred due to their history of responsible credit management. Employment status, whether salaried or non-salaried, and stable work experience of at least two years are favorable factors.
Loan amount, residence type (permanent resident or non-resident Indian), loan-to-value (LTV) ratio ranging from 75% to 85%, and property type (completed/under construction project, land/plot, build on own land, buy land and build home) further shape eligibility criteria.
Ultimately, eligibility criteria vary among banks and lenders, with loan approvals contingent upon borrowers’ monthly income, credit profile, and relationship with the bank.