Types Of Home Loans Available

Types of home loans available: 
– Home purchase loan: For buying a new or resale home, covering up to 80-90% of the property’s value.
– Home construction loan: For constructing a new home, disbursed in instalments based on construction progress.
– Home improvement loan: For renovating or improving homes, covering repair and improvement costs.
– Plot purchase loan: For buying a plot and building a new home, disbursed based on construction progress.
– Home extension loan: For extending homes, disbursed based on construction progress.

Eligibility criteria for home loans:
– Age: 21 to 65 years.
– Income: Determines loan amount and eligibility.
– Credit score: Above 750 is preferred.
– Employment status: Stable job or income source.
– Property ownership: Clear title to the property.

Applying for a home loan:
– Research: Compare lenders and terms.
– Eligibility: Check income, credit score, and age.
– Documentation: Gather required documents.
– Application: Fill out form online or at a branch.
– Property evaluation: Lender assesses property.
– Loan approval: Receive offer letter and disbursement.

Documentation required for a home loan:
– Identity proof
– Address proof
– Income proof
– Property-related documents
– Employment proof

Tips to increase chances of loan approval:
– Maintain a good credit score.
– Choose the right lender.
– Provide all required documents accurately and on time.
– Apply with a co-borrower.
– Make a higher down payment.
– Choose the right loan amount and tenure.

Interest rates and fees:
Interest rates vary by lender and may include processing, prepayment, and foreclosure fees.