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What Documents Are Required for E-Home Loans?

Documents Required for E-Home Loans
Aadhaar
PAN
Passport
Driving license
Voter ID
Birth certificate
Ration card
Various utility bills
10th class pass certificate
Passbook
Income and business proof
Salary slips for a minimum of the past three months
Employment proof from the employer
Form 16
ITR for the previous three years
Property Documents Required
Note: Not all these documents are required to get an e-home loan. I just mentioned the most, so that you can get them easily.
For more information, visit: https://www.bajajfinserv.in/e-home-loan-eligibility-and-documents
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How is EMI on home loans calculated?

The easiest and fastest way to calculate home loan EMI is by utilising an online calculator offered by the leading financial institutions in India.
A home loan EMI calculator is a digital financial tool which can be accessed from the official website of your lender.
You can read more about it here:
http://club41.synergize.co/know-how-home-loan-emi-calculations-are-done/
https://www.bajajfinserv.in/home-loan-emi-calculator
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I want to build a home in my hometown Kolhapur. Which loan do I need to take?

Several financial institutions provide home loans with different advantages and facilities in Kolhapur. So, while choosing the right advance, individuals should consider the following points-
Borrowers can avail a loan amount up to 75-90% of the property value depending on the financier. Additionally, the loan eligibility criteria are calculated on occupation, income, credit score, etc. Thus, individuals should opt for lenders with basic eligibility criteria.
The interest rate determines EMIs. Therefore, a home loan with a lower interest rate can accumulate lesser payable interest as well as affordable EMIs.
Borrowers should be aware of various charges like processing fees, pre-payment fees, etc. while comparing different products.
Easy documentation and approval process should be important factors to avail loans in a hassle-free way.
While selecting housing loans, individuals should look for a foreclosure option so they can prepay the loan amount entirely or partially whenever extra cash flow arrives.
So, after comparing available loans depending on these points, individuals can easily find out the correct product.
Also Read: https://www.bajajfinserv.in/home-loan

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I want a home loan in Jaipur. Is there anything that I should know about it?

The city of Jaipur boasts one of the fastest-growing real estate markets in India. Before purchasing a home in this city, make sure to check out the features and benefits of a home loan in Jaipur.
Benefits of availing a home loan in this city –
a) Substantial loan amount
b) Affordable interest rate
c) Flexible loan tenor
d) Balance transfer facility
To know more, visit: https://www.bajajfinserv.in/home-loan-in-jaipur
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How a housing loan works?

A home loan in India is a secured loan that comes with prolonged tenors and lower rate of interest than unsecured loans. The loan amount is utilized to purchase the residential property in question.
Some of the features of these loans include –
1. Financing up to Rs. 3.5 Crore.
2. Repayment tenors going up to 20 years.
3. Subsidy on rate of interest with PMAY CLSS.
4. Income tax benefits under these sections–
a. Section 80C
b. Section 24(b)
c. Section 80EEA
Home loans come with end-usage restrictions – you can only use it to purchase or construct a property.
Lastly, the EMI you pay on a home loan is calculated as per the amortisation table. Even though the amount remains same, the principal and interest part in each EMI vary every month.
You should once read: Applying for a Home Loan? Follow These Steps to Improve Your Eligibility
https://www.wordplop.com/applying-for-a-home-loan-follow-these-steps-to-improve-your-eligibility/

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How do you increase your chances of getting a bank loan?

Individuals can leverage a wide range of techniques to improve the possibility of being approved for home loans. However, these are some additional tips on top of the home loan eligibility criteria that Housing Finance Companies (HFCs) require home loan applicants to follow.
Boost your CIBIL Score – Ensure that you fulfill your repayment obligations timely to improve your CIBIL score. Most reputed housing finance agencies prefer applicants with credit score nearing 900. However, the lower CIBIL cap is 750.
Include an additional source of income – Lending agencies prefer applicants who have multiple sources of income. It is because people with a higher income are less likely to default on home loans, thus posing a lower financial risk to the lender.
Apply for a joint loan – Applying for a housing credit with co-applicant increases the eligibility of securing a debt. In addition, make sure that the co-applicant has an appropriate CIBIL score to improve your eligibility for home loans.
In addition, keep your Debt-to-Income Ratio below 50% for enhanced home loan eligibility.
Use home loan eligibility calculator: https://www.bajajfinserv.in/home-loan-eligibility-calculator

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Are salaried individuals eligible for a home loan?

Salaried applicants are eligible for a home loan if they fulfill the following requirements –
Age – Age of the applicant should be within 23 – 62 years.
Work experience - They should have a minimum of three-year work experience
Nationality - Applicant should be a residing citizen of India.
Minimum income – Minimum take-home income to apply for a home loan is Rs.25,000.
CIBIL score – Borrowers should maintain a minimum CIBIL score of at least 750
Additionally, some lenders also provide online tools like home loan eligibility calculator which enables an applicant to check the loan amount he or she is eligible for by entering the following details –
Date of birth
Place of stay
Total monthly salary
Tenor period
Additional sources of income if any
Current EMIs
Applicants should go through the eligibility criteria specified by the lender before applying. It will reduce the chances of rejection, which can harm their credit report.
Moreover, you can use home loan eligibility calculator - https://www.bajajfinserv.in/home-loan-eligibility-calculator

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Are salaried individuals eligible for a home loan
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What is the easiest loan to get online?

One of the most accessible loans to get online is a home loan. With a wide range of housing finance options, people can avail a home loan most suitable for them. Along with that, the online process for application for housing credit is primarily convenient and straightforward.
Thus, this application procedure includes the following –
Check-in with the official website of a leading housing finance company.
Navigate to ‘Apply Now’ section.
Fill up an online application form with relevant personal, financial, and employment details.
Use an online loan eligibility calculator to see if you are fit to receive the desired home loan amount.
Provide details regarding your residential property for which you seek such finance.
Upload scanned copies of documents related to proof of identity, address, and income.
Besides, you can also use an EMI calculator to find the most affordable home loan in the market with ease.
You can now get e-Home Loan, read more about it at: https://www.bajajfinserv.in/e-home-loan

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What is the easiest loan to get online
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What are the tax benefits available for the House Building Advance for government employees? How does it differ from the benefits given for home loans?

Government employees already receive house building advance at comparatively lower interest rates than others. The Government of India (GOI) ensured this measure to boost the real estate sector and make home construction loans an attractive option for government employees.
However, the home loan tax benefits are uniform for both government employees and home loan applicants from other professional backgrounds. Therefore, individuals employed in government services can avail the following tax benefits on house building advance –
Section 80C of IT Act, 1961 – Government employees are eligible to receive significant tax exemptions on the principal amount of the home loan under Section 80C. This section states that they will get tax benefits of up to Rs.1.5 lakh out of the total principal figure.
Section 24(b) of IT Act, 1961 – Government service persons can financially benefit from a tax exemption of up to Rs.2 lakh on the total interest payable of the home loan. As a result, they can pay lower EMIs during home loan repayment.
Read more about home loan tax benefits at - https://www.bajajfinserv.in/tax-benefits-on-home-loan

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What are the benefits of a long-tenured home loan?

A home loan with an extended tenor allows you to receive multiple benefits. A few of them are elucidated below.
Flexibility in loan repayment
A longer tenor provides you with the flexibility to make repayment at your ease. You can select a tenor that allows you to repay over the period chosen conveniently. An extended tenor lowers the EMIs via principal and interest distribution over more number of months, thus helping you keep your monthly overheads within repayment capacity.
Higher monthly savings
A reduced EMI allows you to make higher monthly savings.
Income tax exemptions
As home loan allow you to receive income tax exemptions every year, a longer tenor means you can claim deductions for an extended period. Know that Section 24b of the Income Tax Act, 1961 allows you to claim yearly deductions for housing loan interest payment.
Proper financial planning, along with effective monthly savings over the years, also helps create a financial cushion for future fun
Know about home loan at: https://www.bajajfinserv.in/home-loan

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What are the benefits of a longtenured home loan

What is the procedure for getting a home loan subsidy in urban areas?

The most popular method of availing a home loan subsidy for urban residents is to apply for the Pradhan Mantri Awas Yojana or PMAY. It is a credit-linked subsidy scheme that allows beneficiaries to receive subsidised interest rate on their home loan, taken for new house construction or purchase.
To avail subsidy benefits under this scheme, proceed to apply through the following steps.
Log in to PMAY’s official website.
Select beneficiary type from the 3 categories from the ‘Citizen Assessment’ dropdown.
Next, provide your Aadhaar details and submit the application form.
Proceed by providing all pertinent details required.
After filling all details, you will be asked to verify and complete your application. Make sure you meet all eligibility requirements and qualify for this scheme before applying.
The concerned governmental body releases PMAY’s beneficiary list for individuals eligible to avail subsidy under this scheme.
Check the list to confirm your selection. Contrarily, you can also apply for this scheme with your concerned lender if it has necessary authorisation.
To know more, you can read about the criteria for CLSS Subsidy:
https://understanding-finance-00.webself.net/blog/2020/03/18/criteria-for-credit-link-subsidy-on-home-loans-for-mig

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What is the procedure for getting a home loan subsidy in urban areas

What is home loan prepayment in India?

Home loan prepayment is a facility that allows you to prepay your loan amount before the tenor ends.
The prepayment facility is available as two options –
Part-prepayment
It allows you to repay your loan amount in lump sum instead of paying monthly instalments. It helps reduce the outstanding loan amount, thus reducing interest accrual. As a result, your repayment liability reduces too.
Foreclosure
Under the foreclosure facility, you can repay your outstanding loan amount in full before the tenor ends. Borrowers who have a lump sum amount in hand can easily opt for a foreclosure facility and prepay before the tenor’s end.
Some of the best financial institutions in India offer these prepayment facilities at low charges, thus making availing them affordable.
It is ideal to opt for prepayment of your home loan towards the mid end of repayment tenor to utilise its benefits to the maximum.
Read more at: https://www.bajajfinserv.in/home-loan-part-pre-payment-calculator

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What should I know about getting a home loan in hometown Varanasi?

Before applying for a home loan in Varanasi or in any other part of India, you should learn about the features and benefits along with the eligibility criteria of the said credit. Regarded as one of the most prominent religious places in Asia, Varanasi attracts numerous homebuyers to purchase a residence in this city.
Features of home loans in Varanasi –
Affordable interest rates
It is advised to opt for a home loan to purchase a house in Varanasi if you require financial backing for the procurement. Since home loans are a form of secured credit, the interest rate offered is comparatively lower than most other forms of credits.
Long tenor
Housing Finance Companies offer long term repayment tenors on home loans, ranging up to 20 years.
Top up loan facility
If you face any financial emergency during the repayment period of your home loan, you can opt for a top up loan to deal with your monetary issues. Such loans do not come with any end-use restrictions so you can use the funds for any purpose.
If you have an existing home loan, you can opt to transfer your home loan balance to another lender who is offering comparatively lower interest rates.
Read more at: https://www.bajajfinserv.in/home-loan-in-varanasi

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I want to build a home in my hometown Kolhapur. Which loan do I need to take?

You can apply for a home loan to build a home in Kolhapur or elsewhere with the help of external financing. However, potential borrowers of such financial products should meet certain eligibility criteria before applying for their loan.
Must be a residing citizen of India.
For salaried individuals, age should be between 23 and 62 years. In the case of self-employed individuals, applicants must be between 25 and 70 years of age.
While salaried individuals must have a job experience of at least 3 years, self-employed borrowers must own a business that is at least 5 years old.
The following documents are also necessary to avail a home loan in Kolhapur or anywhere else.
Identity and address proof.
Passport-sized photograph.
Financial account statements for the last 6 months.
ITR/salary slip for salaried individuals or proof of business for self-employed borrowers.
Borrowers should be well aware of these necessities to ensure a hassle-free application process.
You should refer this: https://thefinancetown.siterubix.com/learn-about-the-types-of-home-loans-available-in-india/

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How can I get a House Renovation loan?

You can avail a home renovation loan from several financial institutions in India. Most Housing Finance Companies offer the facility of the online application, which simplifies the entire process and helps a prospective applicant save time.
You should also check whether you fulfil all the necessary eligibility criteria before applying for the credit. You will also have to submit certain documents while availing such a credit; carefully go through the list provided by your preferred lender; discrepancies in the submitted documents will result in an immediate rejection of the loan application.
Contrarily, you can apply for a top-up loan, which is disbursed over and above your current home loan, to fulfil the financial requirement for home renovation.
Such credits do not require an extensive application process, making it quicker and substantially simpler to avail. A top-up loan is usually offered during home loan balance transfer.
To know more about house renovation loan, visit: https://www.bajajfinserv.in/top-up-loan

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How can I get a House Renovation loan

I need a top-up loan. Is there anything I should know while getting it.

Typically a top-up loan is an extension of an already existing credit advance. Consequently, individuals can avail it on their home loans only from a financial institution they had borrowed from.
Subsequently, those who intend to avail it should know these following things –
No restriction of end-use
Unlike home loans, there is no end-use restriction on top-up loans. Borrowers can utilize this additional credit to finance several other related or unrelated expenses.
No additional charge
Home loan borrowers can avail a top-up loan on their existing loan without paying any additional charges.
Minimum documentation
Since loan applicants have already submitted the requisite documents while applying for a home loan, they don’t need to go through the documentation process again.
Extended tenor
To make loan repayment simpler, financial institutions often offer extended tenor with a top-up loan.
Besides these, individuals must make it a point to learn more about a top-up loan, especially if they avail one after the balance transfer. Similarly, they should check the terms and conditions directed by financial institutions.
To know more about Top up on home loans, visit: https://www.bajajfinserv.in/top-up-loan

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What should I know about getting a home loan in hometown Varanasi?

Before applying for a home loan in Varanasi, one should be aware of the several features and eligibility criteria.
Considered among the largest religious hubs in the subcontinent, Varanasi is a popular choice of amongst several who are willing to purchase a new house in this city.
The various features and benefits of availing a home loan are –
Long tenor
Financial institutions offer flexible tenors ranging up to 20 years on home loans at affordable interest rates.
Home loan top-ups
Borrowers can finance other requirements over their existing home loan in Varanasi by availing a top up loan of up to Rs.50 lakh without any additional documentation.
Balance transfer facility
If you have an existing home loan, you can opt for a balance transfer to your desired financial institution, which offers comparatively lower interest rates.
Moreover, borrowers can choose to part-prepay or foreclose their home loan without worrying about any additional charges.
Read more at: https://www.bajajfinserv.in/home-loan-in-varanasi

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What is the difference between a fixed rate and a floating rate home loan?

Individuals have the option to choose from fixed and floating or adjustable home loan rates of interest. Additionally, they should be aware of any differences that make both these options financially viable.
Therefore, the most prominent differences between fixed and adjustable interest are as follows –
Market fluctuations – Home loans that carry a fixed rate interest schedule are not susceptible to alterations in market rates. Therefore, the interest rate applicable remains static throughout the tenor of such housing credit. Contrarily, adjustable-rate interests on home loans are exposed to market fluctuations. This suggests that the interest rate varies throughout the tenor based on financial market conditions.
EMI payment – The EMI payment amount and schedule remains unaltered in case of home loans at fixed rate interest. However, the EMI amount varies by considering floating interest rates. It is therefore difficult to calculate an exact EMI repayment schedule.
Cost of availing home loans – Fixed-rate interest home loans usually charge a higher interest rate than the market, which remains fixed. On the other hand, home loans with adjustable-rate interest are available at a lower interest rate than fixed-rate housing loans.
Get to know more at: https://www.bajajfinserv.in/home-loan-interest-rates

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What is the difference between a fixed rate and a floating rate home loan

Which document is difficult to get while going for a home loan?

Since home loans have emerged as a quite popular financing option, lending agencies do not ask for documents that are difficult to acquire. Besides, individuals have to arrange basic home loan documents. Therefore, it is not at all difficult to get one’s hands on the set of documents required for housing credit approval.
However, the documents that individuals do have to get in order for a successful home loan application include the following –
Proof of Identity – KYC documents such as Aadhar Card, PAN Card, or Voter ID Card
Proof of address – Electricity bills, telephone bills, rational card, or driver’s license
Proof of income – Form 16, Income Tax Return (ITR) documents, latest payslip from the employer, and bank
account statements for the previous 6 months
Photograph – 2 passport-sized photographs
Salaried and self-employed individuals usually possess all these documents at any point in time. Thus, completing home loan applications successfully is simple.
To know more, visit: https://www.bajajfinserv.in/documents-required-for-home-loan

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What are the 5 types of loans?

There are several types of home loans which are offered by different financial institutions in India. Along with the usual home loan scheme, the different types of home loans which are also offered are listed underneath.
Joint home loan: Availing this loan scheme allows a couple to also avail tax benefits on both their incomes. Additionally, the cost of EMI repayment is also reduced since it is divided among the two.
Home loan for doctors: Financial institutions offer up to Rs.2 crore in home loans to doctors. Additionally, these loans are usually approved within 24 hours.
Home loans for chartered accountants: Chartered accountants can avail a sum going up to Rs.2 Crore for the construction of their home.
Home loan for women: Women are offered a high sum going up to Rs.3.5 crore under these schemes.
Loan against property: This is a loan scheme that uses a house as collateral. The sum offered can go up to Rs.3.5 crore.
Additionally, financial institutions also offer secured loans to help borrowers repair and refurbish their houses.
To know more, visit: https://www.bajajfinserv.in/types-of-home-loans

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How do I avail a housing loan in Chennai?

With financial institutions slashing their interest rates, availing loans has become quite simple in India. If you want to avail a home loan in Chennai, you can follow the process below –
· Choose a financial lender based on criteria such as interest rates, tenor options, offers and benefits.
· Ensure you comply with the eligibility criteria set by them.
· Look through details like required documents, your loan repayment amount, loan tenor, etc.
· Then proceed to the application process.
Application process of home loan
Most financial institutions in Chennai have made the facility of online home loan application available for borrowers. To apply online for home loan in Chennai, you can follow the steps below –
· Visit the lender’s website.
· Go to home loan application page.
· Fill out required information fields and submit the necessary documents.
· Click on apply for the loan.
The lender will then review your application to approve and disburse the loan. Refer to leading lenders who for the most repayment-friendly terms.
For more information, visit: https://www.bajajfinserv.in/home-loan-in-chennai
#homeloan #homeloaninchennai #housingloan #besthomeloan #chennai

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What is a top up loan?

Top up loans are available as advances over and above the initial loan amount. You can avail a top up loan when opting for a balance transfer facility on your home loan.
Below given are the benefits that come with a top-up advance –
High-value advance at lower rates
You can avail a top up loan of up to Rs.50 lakh over and above the existing home loan balance. Also, the interest rate applicable is lower than the one offered by the previous lender.
Hassle-free approval
Top up loans come with hassle-free approval facility as the loan processing is completed based on the documents previously submitted.
No end-use restriction
Top up loans do not have any end-use restraint. You can thus use these high-value advances to meet various financing needs.
Lastly, other benefits of a home loan top-up
include income tax benefits if used for home renovation and higher education.
Read more at: https://www.bajajfinserv.in/top-up-loan

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What is a top up loan
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