Last Updated on March 12, 2024 by admin
A home loan is a secured loan that a consumer can use to buy a house. The property can be a developer’s under-construction or ready-to-move-in property, a resale property, a housing unit on a plot of land, additions and extensions to an existing home, or a transfer of an existing home loan from another financial institution. It is essential to know about housing loan interest rates. A housing loan is repaid in equivalent monthly installments (EMIs), which are a portion of the borrowed amount plus interest.
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What is the maximum amount of a house loan that you are eligible for?
Purchasing a home has never been easier. We give you the finest house loan interest rates on housing finance and a large selection of properties with a Bank home loan to live your best life. Please apply for a home loan with us online and take advantage of our cheap EMI option and speedy processing. You may even track the status of your home loan once you’ve applied. Plus, there’s more. Our criteria have also been expanded to make them more accessible. If you already have a home loan, you also can efficiently transfer it.
Salaried people with three years of work experience can acquire house loans of Rs. 5 crores* or more if they meet the criteria, and self-employed people with a company continuity of at least five years can access funding of Rs. 5 crores*. The home loan eligibility calculator calculates the maximum loan amount depending on your income, tenure, and current commitments.
You must pay 10 to 25% of the entire property cost as an “own contribution.” A home loan might cover anywhere from 75 to 90% of the property’s price. 75 to 90 percent of the construction/improvement/extension estimate can be supported in the event of construction, home improvement, and home extension loans.
Read more: Different Types of Home Loans and How to Choose Between Them
What is the procedure for obtaining a home loan?
Home loans provide you with a lump-sum advance of funds toward purchasing your desired house, which is repaid with interest. You can, however, repay the advance in EMIs (Equated Monthly Installments), allowing you to approach attaining your dream home in a more comfortable and structured manner. You can use an EMI calculator for a home loan for maximum profits.
The following steps are usually followed when applying for a home loan:
- You’ll need to apply for a home loan, which you may do online or in a bank branch or loan center.
- Loan Approval: Once your application has been submitted and the relevant KYC and financial stability documentation have been reviewed, the bank will approve your loan amount.
- Evaluation: After the loan has been approved, you must submit the documentation relevant to the property against which you are seeking a loan for technical and legal review.
- Approval and Disbursement: The bank will approve and disburse your loan once the loan amount and property requested have been verified.
- With the appropriate documentation and fast follow-up, your Axis Bank home loan might be approved in as little as 15 days!
