Home Loan

WHAT ARE THE OTHER KEY FACTORS TO BE CONSIDERED BEFORE CHOOSING BEST HOME LOAN?

Before taking home loan it is advisable to consider following factors to home loan consultant

Budgeting: Buying a property from own pocket is not possible for all of us, it is a very big and life time investment, so home loan is the best way to purchase a property but before taking home loan it is necessary to do proper budgeting. Bank or NBFC will give you loan maximum 75% to 80% of cost of property or market value whichever is lower. So before taking home loan it is necessary to keep 20% to 25% margin money or own contribution with other charges like stamp duty, registration charges, loan processing fees, brokerage etc.
Loan Eligibility: Once budgeting is finalized then check your home loan eligibility, that how much loan you can take from bank or NBFC. All the banks or NBFC have different product and policy to calculate the loan eligibility. Loan eligibility also depends upon so many other factors like age, income, cibil score, work profile and financial stability etc.
Rate Of Interest: Before taking home loan, check rate of interest charged by different bank or NBFC as it has a major impact on your EMI. If rate of interest is high then EMI is also high, so choose the bank which provides lower rate of interest so EMI will not put extra loads on your EMI.
Loan Processing Fees: Bank or financial institution charges loan processing fees to process your home loan application. There are two types of charges one is loan processing fees and another one is loan administration charges. Loan processing fee is taken by the bank or NBFC to process your loan application. It could be a fixed percentage of your loan amount or a fixed amount. Loan administration charges are taken by lender to maintain your loan account after disbursement.
Home Loan Terms And Conditions: Bank or NBFC laid down several conditions related to balance transfer of home loan to another lender, pre-closure charges, part payment charges etc. It is advisable to read all the terms and conditions before choosing the best bank.

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Documents Required

PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
MACHINE QUOTATION
ORDER IN HAND
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER

PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP

PHOTOGRAPH PARTNERS
PAN CARD – COMPANY, ALL PARTNERS
ADDRESS PROOF – ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN , ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP

ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD – COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP

WHAT IS THE RATE OF INTEREST OF HOME LOAN IN 2018

Currently the rate of interest of home loan is based upon marginal cost of lending rate (MCLR) plus margin on the MCLR depending upon the bank or NBFC risk taking appetite. In the current housing loan market, there is a stiff competition between various banks or NBFC. They offers lowest rate of interest to attract prospective home loan buyers. There are two types of rate of interest of home loan i.e. Fixed Rate of Interest and Variable Rate of Interest.

HOME LOAN FIXED RATE OF INTEREST: As the name suggest, fixed rate of interest on home loan remain fixed for entire loan tenure. Fixed rate of interest do not have any impact of market fluctuations. The main disadvantage of fixed rate of interest is that it is usually higher than floating rate of interest by 1% to 2.50%. Not only this but also if rate of interest on home loan decreases any time during the entire loan tenure, fixed rate of interest remain same and home loan borrower have to pay same EMI.
HOME LOAN FLOATING RATE OF INTEREST: Floating rate of interest changes with the market condition. Floating rate of interest includes base rate plus margin. So whenever bank or NBFC changes there base rate the floating rate of interest on home loan gets changed. Benefit of floating rate of interest is that it is cheaper than fixed rate of interest of home loan.

As floating rate of interest is always lower than fixed rate of interest of home loan so, majority of home loan borrowers choose floating rate of interest. As a borrower, it is advisable to compare home loan interest rates of different bank and NBFC and chose the best one which suits your need.

You may take expert advice of LOAN ON PHONE professional consultants who will help you to choose best bank who offers you lowest rate of interest on home loan with ZERO / nominal bank processing fees.

WHY I SHOULD TAKE HOME LOAN FROM LOAN ON PHONE AND HOW DO WE HELP?

Today internet is the source of information and there is a lot of information available about the home loan on internet and we have also tried to give you some information about home loan but the most important question is that Why I should take home loan from LOAN ON PHONE and how do we help you in choosing best home loan?

Almost all the banks or NBFC claims to offer you the best deal. Most of the people confused with the various offers and deal, so we are here to help you to choose the best home loan.

About LOAN ON PHONE

LOAN ON PHONE is the one stop solution for all your financial needs. We are into this business for more than a decade. LOAN ON PHONE will analyze different loan offers and suggest you best deal on home loans with great customer services. Our expert provides best deal on wide range of products to the customer to take right decision.

Why Choose LOAN ON PHONE?

LOAN ON PHONE knows that you have numerous options when it comes to procuring loans. For example, you could turn to a bank or NBFC (Non Banking Financial Corporation). In addition, the Internet is home to numerous lenders who want to reel you in. However, there’s no need to search any further. Here are the reasons LOAN ON PHONE is the only resource you’ll need.

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The Credit Lane is a well-established Private Limited company with a team of highly experienced and well-qualified CAs, CSs, and Advocates, each with over 15 years of experience. As a leading loan consultant in Ghaziabad, the company provides a one-stop solution to all your business finance needs.