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Home Loan

Planning to buy a home? Or, thinking of reconstructing the same? Well, a home loan can help you in a number of ways. You can apply for the same any time you want and this can be done even if the construction of the property has not commenced yet. The following FAQs on home loan are going to come to your great aid.

Q1. What are the categories of home loans available in the market?

Following are the types of home loan given to the buyers-

  • Home purchase loan - Loans given for buying home
  • Home improvement loan - Loans taken for renovation and other repair works
  • Home construction loan - For the erection of a new home
  • Home extension loan - For broadening the area of the new home
  • Land purchase loan - For procurement of lands in order to construct new homes
  • Home conversion loan - For the buyers who have already bought a new home and are now looking for extra finances for the purchase of a new one
  • Balance transfer loan - For helping the buyers pay the loans with higher rates of interest and get a loan with lower interest rate
  • Refinance loan - For paying off the liabilities you have acquired from your friends or relatives for the purchase of your new home
  • NRI home loan - Loans given to the NRIs planning to buy home in India. Click here to know more about our NRI Services.
Q2. How will you apply for an application?

At first, you are required to submit the application along with all the important documents. After the bank is done with the necessary review, they will let you know about the loan amount you are eligible for and articulate its decision to you. However, you are always advised to check around more than one bank and opt for the one that gives you the highest loan amount with lowest interest rate.

Q3. What is EMI?

Equated Monthly Installment (EMI) is the fixed amount of money that is payable to the bank every month until the full amount is paid. However, comprised of both the interest as well as principal payment, the total sum of the EMI rests on the interest rate, the term of the loan and the quantum of loan.

Q4. Is there any tax benefit on home loan?

Yes, there are certain tax benefits under the income tax act, 1961. Nevertheless, the benefits are subject to change each year and you should look into the current benefits available.

Q5. What are the eligibility criterions required for a home loan?
The amount of home loan you get is determined by the following criteria-
  • savings history
  • number of assets
  • the income of your spouse
  • your qualification
  • your income
  • your age
  • your stability in your occupation
Q6. How is the interest rate calculated on your home loan?

The Monthly or Yearly Reducing Balance is considered as the yardstick on which the interest rate is calculated for a home loan. As you pay your EMI, the principal on which you pay your interest trims down every month. Nevertheless, in case of Yearly Reducing Balance, you have to continue to pay interest on the certain amount of principal which you have paid back to the bank earlier. So, opting for the Monthly reducing system is more effective, as the EMI for this scheme will be lesser than the Yearly Reducing System.

Q7. Can you get a pre-approved home loan?

We, at Fourrwalls.com, have a tie-up with more than 20 banks and thus, make sure that you get a pre-approved home loan for your dream home. For availing the loan, the potential buyers can make an application for the same and once the banks are done with cross checking the necessary medians like the applicant’s age, credit history, the income etc, he/she will be permitted to get the advantage under certain terms and conditions.

Home Loan Documents

Although getting a home loan is not what that takes a long gap of time, still some basic formalities are always needed, so that you don’t have to face any discrepancy in future. The evidences of your address, income, age and identity are some of the most important documents required for home loan.

Documents Salaried Self Employed Professional Self Employed Non Professional
Application form with photograph duly signed
Identity, residence and age proof
Last 6 months bank statements
Last 3 months Salary-slips
Processing fee cheque
Form 16 / Income Tax Returns
Proof of business existence
Business profile
Education qualification certificate and proof of business existence
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

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Disclaimer - The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently. FourrWalls does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the information contained herein. You are advised to conduct an independent verification before entering into any transaction.