We Offer Best Options for Home Loan in Delhi - NCR
FIT- Finance India Trust is your suitable service provider to provide a Home Loan in Delhi NCR. We are channel partners for many leading banks and Non-Banking Financial companies (NBFCs) that offer easy home loan options at the lowest interest rate. Not only we help you ascertaining your eligibility and options for a loan we also help with document lists that give you an estimated cost for getting this secured loan easily. This is called a Good Faith Estimate. So go ahead and apply for Home Loan in Delhi NCR with us as we are among the best Home Loan Provider in Delhi NCR.
Let us help you understand about Home Loan (Secured Loan) with some FAQs below:
What is a Home Loan?
Home loans are loans that are taken for the purpose of buying a house property. Home loans are secured loans. That means the house purchased through loan acts as collateral or security to the loan. In return for lending you the money to purchase the home, you promise the bank to pay the money back over a time period at a certain rate of interest on the loan amount. The home loan can also include property taxes and home insurance. We offer a lot of easy home loan options based on your need and are among the best Home Loan Provider in Delhi NCR.
What is a Secured Loan?
It is a loan that is secured through an asset put as collateral. Home Loan in this
case is secured against property mortgage.
What is the difference between Home Loans (HL) and Loan against Property (LAP)?
The difference between a Home Loan and a Loan against Property (LAP) is that you get a Home Loan to purchase the property you are interested about, while you take out a Loan against Property (LAP) after you have ownership in the property. A loan-to-value (LTV) ratio in both cases is determined by lenders to ascertain how much money can be borrowed by you. To get easy loan sanction you should have proper documentation for your property.
What is Home Loan EMIs?
EMIs mean Equated Monthly Installments. The EMI payment you make includes principal and interest components. The principal means the amount you borrow for purchasing the house property. Interest is the cost of funds you borrowed - this is the amount that the bank is charging you for providing the loan.
What are Interest Rates?
This is the amount that the bank is charging you for providing the loan. The amount of interest paid per year divided by the Principal Amount / Loan amount. Ina simple example, if you paid Rs1, 50,000 in interest per year for a loan of 15, 00,000, the interest rate is Rs1, 50,000 divided by 15, 00,000, or 10 percent. A fixed-rate of interest loan remains the same over the life of the loan. And a Floating Rate of Interest is one with an interest rate that changes as per market conditions. We look at your property documents and CIBIL score to offer Home Loan at Lowest Interest Rate.
What is the Loan Term?
Loan Term is the period of time over which a loan is scheduled to be repaid by the borrower. For example, if a home loan has a 20-year term, meaning it must be repaid within 20 years.
How much loan I can get to purchase a house?
This is called Loan to Value (LTV), it’s the amount you can get as a loan in relation to the value of the property. For example: an Rs.40, 00,000 loan on a property worth Rs50, 00,000 would be 80% LTV. We are your home loan agents in Delhi and would guide you in this process.
How is the Market Value of Home Property ascertained?
The lender- Bank or NBFC appoints a professional agency to ascertain the property’s current market value. For this, a fee is charged by the lender from borrower while applying for a Home Loan (HL).
What is eligibility for Home Loan?
Most Home loans require good to excellent credit history, reasonable loan-to-value, and combined loan-to-value ratios. The property market valuation and borrower credit history are the two main criteria here again CIBIL plays an important role. This is also important to avail Home Loan at Lowest Interest Rate from the lending institution. We are your home loan agents in Delhi and would guide you in this process.
What is the CIBIL Rating?
CIBIL Report is also known as CIR -Credit Information Report. It is the numeric expression of your creditworthiness, the credit score range is from numeric 300 to 900. The closer you are to 900 numbers in CIR the better it is, this means you have better capability to repay the loan you take and credit institutions will be at lesser risk with their loan investment ion you. However, if you have lower numeric rating then the risk for financial institute increases and so interest rate they may charge will be higher and loan amount they will offer will be lesser. Some key factors that affect your CIBIL rating are as follow- age group, residence address, source of income, assets owned, loan repayment capacity, company you are employed in, past credit history Current Credit Score, Current Loans and liabilities status, credit card dues status. If your current liabilities are higher than your assets and income sources you will be eligible for a lower maximum loan amount. If you have fewer liabilities and higher income sources with good repayment track you will be eligible for a bigger maximum loan amount.
Hope the above information is helpful for you to have a basic understanding of different terms and requirements pertaining to Home Loan.
We have a team of experts for helping you out with your specific location and requirement so please contact us through the numbers mentioned in contact us section and our loan agent will be happy to assist you on your loan requirements! So go ahead and apply for Home Loan in Delhi NCR and other cities with us.
Home Loan Documents (Salaried Individuals) – Basic Checklist
- Two passport size photos each of the applicant/ and the co obligant
- PAN Card
- Aadhaar Card
- Latest Salary Certificate / Salary Slip (3 months)
- Copies of IT returns (2 years) or Form No.16 (2 years)
- Latest 6 month's Bank Account statement evidencing the salary credits
- Property Documents: Agreement for Sale and Construction, Allotment letter
/ NOC from Builder to mortgage the flat, Title Deed, Prior Deed (in cases where
the Title Deed does not contain recitals explaining derivation for past 30 Years),
EC for 13 years (minimum), Possession certificate, Location Sketch, Land Tax receipt
(latest)
Home Loan Documents (Self Employed Individuals) – Basic Checklist
- Two passport size photos each of the applicant/ and the co obligant
- PAN Card
- Aadhaar Card
- GST Registration Certificate
- Firms Registration Certificate
- Copies of IT returns (2 years) supported by Tax calculation sheet & Tax paid challans
- Latest 12 month's Bank Account statement evidencing the salary credits
- Latest 6 month's Bank Account statement evidencing the salary credits
- Property Documents: Agreement for Sale and Construction, Allotment letter
/ NOC from Builder to mortgage the flat, Title Deed, Prior Deed (in cases where
the Title Deed does not contain recitals explaining derivation for past 30 Years),
EC for 13 years (minimum), Possession certificate, Location Sketch, Land Tax receipt
(latest)