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- 2. Page 2 HOME LOANS Home is an integral part of an individual, who since his / her birth and childhood, dreams to have living space of his / her own. Once in a lifetime investment requires loan to accomplish it and that is how the home loan comes into scheme of things. Buying a home is dream for everyone.
- 3. Page 3 TYPES OF RETAIL LOAN Bank offers a wide range of retail loans to meet customer diverse needs. Bank offers a wide range of retail loans to meet customer diverse needs. Whether the need is for a new house, child's education, purchase of a new car or home appliances, banks’ unique and need specific loans enable customer to convert customer dreams to realities.
- 4. Page 4 TYPES OF RETAIL LOANS Home Loan Home Loans to NRIs / PIOs Interest Subsidy Scheme For Housing The Urban Poor Loan Against Future Rent Receivables Mortgage Loan Education Loan
- 5. Page 5 TYPES OF RETAIL LOANS Car Loan Two Wheeler Loan Loan to Professional Traders Loan Personal Loan Reverse Mortgage Loan
- 6. Page 6 TYPES OF HOME LOAN Various kinds of home loans are available in India. They are described below Home Purchase Loan: These are the basic home loans for the purchase of a new home. These loans are given for purchase of a new or already built flat/bungalow/row-house.
- 7. Page 7 TYPES OF HOME LOAN Home Improvement Loan: These loans are given for implementing repair works and renovations in a home that has already been purchased by the customer. It may be requested for external works like structural repairs, waterproofing or internal works like tiling and flooring, plumbing, electrical work, painting, etc.
- 8. Page 8 TYPES OF HOME LOAN Home Construction Loan: These loans are available for the construction of a new home. The documents required by the banks or bank for granting customer a home construction loans are slightly different from the home purchase loans. Depending upon the fact that when customer bought the land, the lending party would.
- 9. Page 9 TYPES OF HOME LOAN Home Extension Loan: Home Extension Loans are given for expanding or extending an existing home. For example addition of an extra room, etc. For this kind of loan, customer needs to have requisite approvals from the relevant municipal corporation
- 10. Page 10 TYPES OF HOME LOAN Land Purchase Loan Land Purchase Loans are available for purchase of land for both home construction or investment purposes. Bridge Loan Bridge Loans are designed for people who wish to sell the existing home and purchase another.
- 11. Page 11 TYPES OF HOME LOAN Balance Transfer: Balance Transfer loans help customer to pay off an existing home loan and avail the option of a loan with a lower rate of interest. Customer can transfer the balance of the existing home loan to either the same banks or any another banks. Stamp Duty Loan: These loans are sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.
- 12. Page 12 WHO WILL PROVIDE LOAN? All the nationalized banks, private sector banks, foreign banks and housing finance companies provide home loan in India. Even a number of co-operative banks provide the home loan in India.
- 13. Page 13 ELIGIBILITY FOR HOME LOAN • Loan eligibility is based on two separate calculations: • The amount of Loan repayment that a customer can afford to make every month. • A specified percentage of the cost of the property. • The amount of the loan sanctioned will be the lower of the two figures arrived at after making this two calculation.
- 14. Page 14 DOCUMENTS REQUIRED •Legal Check •Valuation of Property •Registration of Property Documents •Disbursement
- 15. Page 15 REPAYMENT OF LOAN Repayment of loan in easy installments is spread up to 15 years.(Based on the age and repaying capacity of the customer). The customer may pay more than stipulated monthly installment at any date within a month, depending upon availability of funds with the customer. This would enable the customer to pay off his/her loan faster and reduce his / her interest burden. No prepayment penalty is levied by bank.
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