What is a Home Loan?
A Home Loan is a secured loan wherein the bank or lender lends you money to help you purchase your dream home. It is given for a longer tenure than the Personal Loan and Business Loan because the Home Loan amount is higher than other unsecured loans.
Overview and how RVOM Finance will help you.
Taking Home Loan is a lengthy process and consists of several time-consuming steps. For a smoother and hassle-free process, one should know the procedure beforehand and our consultants, at RVOM Finance, will guide and educate you about the same and make the whole process swifter and easier for you.
We are one of the growing business entities engaged in rendering financial consultancy services and we believe in customer service, accuracy, and most importantly timeliness.
RVOM Finance is an unbiased web portal allowing you to take a loan by choice and not by compromise as we are the official service provider for almost all the banks and NBFCs wherein they have different criteria and specifications on the eligibility, interest rates, loan amount, etc.RVOM Finance helps you to compare and check your profile for which service provider you qualify for.
Some of the financial institutes offer pure Fixed interest rate that remains fixed for the entire tenure of loan or for certain period. Nowadays, some lenders offer Dual Rate where the interest rate remains fixed for certain tenure like1 10 years and then gets converted to floating rate of interest.
In Floating rate, the interest rate fluctuates with market conditions. The rate of interest is tied up with the Base Rate (BR) of the bank or Prime Lending Rate (PLR) of the Housing Finance Companies and gets affected whenever there are changes in the Repo Rates announced by RBI or any changes in Base Rate / PLR of the lender.
Loan Amount and Eligibility
As per norms, all the banks and NBFCs finance 80% to 90%of the agreement value of the property. As per RBI circular, banks do not fund Stamp Duty and Registration Charges anymore. This means that your Down Payment will have to be at least 10% 20% of the agreement value of the property plus 100% of other costs such as Stamp Duty, Registration Charges etc.The final loan amount is dependent on the factors like income and regular outgoings, existing loans, repayment track record, valuation of the property by the bank or lender etc. To increase the eligibility amount, you can add the earning of your parents / spouse / children and in some cases, earning of brothers, as co-borrowers to the loan or your rental incomes etc.
Almost all the banks and NBFCs are offering maximum tenure of 30 years but it is also restricted by the borrowers age at the end of the tenure so as to ensure that the loan repayment ends on or before the retirement age of the borrower which is usually 65 years for salaried and 70 years for self-employed borrowers.
Foreclosure Charges are NIL as per RBI Circular if the loan applicant is an individual and if a company or a firm is involved, it may be applicable. Again,this depends from lender to lender.
How RVOM Finance will be more beneficial?
Our aim is to make your process of Home Loan swifter and hassle-free. You will get special rates and waiver in processing charges and the entire transaction will be taken care of by us. You just have to apply with us no need to go anywhere.
- Proof of Identity PAN / Passport / Driver License / Voter ID card / Aadhaar card, etc.) and
- Proof of Address Passport / Aadhaar card / Landline Telephone Bill / Electricity Bill, Ration Card, etc.) if rented Rent agreement along with the owners light bill
- Latest 3 months pay slips
- 2 years form 16 or 2 years job continuity proof
- A/c. Statement
- Statement of bank account for the last six months salary credits.
- If any previous loan, then Loan A/c. Statement for last 1 year with sanction letter.
*Income documents for Self Employed*
- IT returns last 2 / 3 years
- Audited Balance Sheet & Profit & loss A/c last 3 years
- Proof of turnover vide latest sales / service tax returns
- Proof of continuity of business (Trade License /Establishment /Sales Tax certificate)
- Office address proof
- Qualification or registration proof required for Self-employed Professionals
- Property Documents
- Chain of Sale Agreements if it is a resale property with Draft Agreement if it is a builder purchase.Occupancy Certificate and Approved Plan or Commencement Certificate.