For many people paying the total cast of the new house in one go is impossible. Here Property Loan or Home Loan gives a big support to buy your new house.
How to apply for Home Loan
Documents required for Home Loan
- PROCESSING FEE CHEQUE
- BANK STATEMENT
- CREDIT SCORE
- COPY OF PROPERTY DOCUMENTS
- LAST 3 YEARS BALANCE SHEET
- LATEST OD/CC SANCTION LETTER
INCOME TAX RETURN OF LAST 3 YEARS
- PROOF OF BUSINESS
- PROFIT & LOSS STATEMENT
Frequently Asked Questions
1. What is Home Loan (HL) EMI?
HL EMI is a defined amount you will pay for repayment of your loan monthly till the loan is completely paid.
However, the EMI amounts stays the same, every month the part of interest keeps coming down and principal keeps on increasing, except when interest rate increases.
HL tenure in India ranges from 5 years to maximum of 18 years. Longer the tenure, lower the EMI.
2.What are the benefit of paying Home Loan EMI through ECS?
Key benefit of paying Home Loan EMI through ECS is that, there is no signature mismatch risk for cheque bouncing or any other technical issue. Note heavy cheque bouncing charges are charged by the banks even for technical bounce and therefore, it is advisable to avoid this risk by availing ECS mode of debit.
3.How is the Home Loan EMI Calculated?
4.Who Qualifies for Home Loan?
Your income, savings, debt obligations are considered.
Cost/value of the property against which you want loan are considered
Your track record for other loans, credit cards repayments are considered
Why Choose Madras Filings
GOT QUESTIONS? GET A FREE CONSULTATION
We’re here to help answer your questions. Financial matters can be complicated, our experts are on hand to help inform you of every aspect regarding your topic.