Hero Homes believes in providing 360-degree real estate solutions to its client and in this endeavor, we have partnered with some of the largest financial institutions in the country to provide home loans to our customers at their doorsteps. The unique tie-ups enable Hero Homes, loan counselors to assist our valued customers with the process of applying for a home loan through our partners’ right up to the disbursement stage.
If you are looking for a home loan, all you need to do is send across your requirements and sit back while we take over from there. Our counselors will guide you through the entire process. Just in case you have not identified your ideal property, we will help you do that too.
Following is a list of prudently conceived FAQs aimed at answering any of your concerns regarding home loans.
Home loan is the money that one takes from a bank or a financial institution for buying a flat / apartment / villa or any residential property. Such loans are usually secured by the property that is being bought.
Home loans are generally taken for a long tenure as the loan amount is usually a large sum. A home loan can be taken for a period ranging anywhere between 5 and 30 years.
There are many banks and housing finance companies that provide home loans, like:
You can get a home loan of up to 80% of the Total Consideration Value i.e., the total value of the property, or, your eligibility as determined by the lender, whichever is lower.
Indians who have a regular source of income that include salaried individuals, self-employed professionals, self-employed business people and existing property owners even NRIs, are eligible for home loan. The only condition here would be of security against the loan.
Yes, one can avail a pre-approved loan from any financial institution or bank.
Yes you can have your husband/wife, son/daughter, father/mother as a Co-Owner in your property.
You can include your wife/husband as a co-applicant for the home loan. But keep in mind that their income shall be included to enhance the loan amount and for other legal issues.
Many financial institutes and banks have made it mandatory to have a Co-Applicant while applying for the loan. For being a Co-Applicant it is not necessary for that person to be a Co-Owner in the property. Clarify it further with the institutions.
Generally banks and financial institutions pay 85% of the cost of the property. The rest 15% of the money that we pay from our side is known as down payment for the loan.
The other costs that usually accompany a home loan are:
EMI (equated monthly Installment) is the amount of money that is paid to the lender (banks/financial institutions) on a monthly basis. EMI is always paid on a fixed date of each month until the total amount due is paid up during the tenure.
The EMI is calculated, taking into account the loan amount, the time period for the repayment of loan and the interest rate on loan amount. For example: If your loan amount is 1,00,000, the loan period is 10 years and the interest rate is 8.75% per annum, then your calculated EMI will be Rs 1,253.27.
If it seems a bit confusing, then take the help of our EMI Calculator.
You have to submit the following documents to get the loan approval.
The steps involved are:
A fixed interest rate remains constant throughout the loan period irrespective of the changes in market conditions. On the other hand, floating interest rate can decrease or increase depending on market fluctuations.
Some factors to be kept in mind while comparing loans from different financial institutions are as follows:
We hope that we were able to answer your queries and helped you in moving one step closer to booking your dream home with Hero Homes. For any further queries, please feel free to contact us.