Dhadkan of India

How to begin

You can begin with a good search in the net for home loans available in India. Google and other search engines will take you to the different banks and financial institution websites, which provide home loans. This is the beginning of “how to get a home loan in India.” You should also check out some other websites which offer advices on home loans like Apnaloan, India Loans Info, India Properties and Home Loans India etc.

Get the information needed. They have plenty of information for the home loan needy. You can also call them up at the number provided in the website. Talk to the banks and the financial institutions. Try to get information from as many banks as possible.

Find the information needed
Find the information regarding different home loans and different aspects of a home loan. Find out the EMI to be given for a home loan. You can yourself calculate the EMI of a loan. Use the EMI calculator available in most of the websites. Enter your loam amount, interest rate and the tenure and you will get the EMI you will have to pay.

Interest rates
Interest rate varies according to the bank and financial institutions. For different tenure the interest rate will be different. As the time increases the rate will increase. Again the banks have two types of interest rate. One is floating interest rate and the other is fixed interest rate. Your EMI will depend on the interest rate. In case of floating interest rate, the rate will keep on changing as the interest rate in the market changes. In case of fixed interest rate of home loans, the rate will be fixed irrespective of the market rate.

Processing fees
There will be a processing fee for home loans. The fee will vary according to the bank. The fee varies from 0.05 to 1.0 % in general. You will have to pay insurance and advocate fee also in some cases.

Amount you can get
There is a limit to the amount that you can get. For some banks it may be 85% of the cost of the property. In some other cases the amount that you can get as a loan may be 100% of the total cost.

Documentation
You will have to fill in some papers and provide some documentation support to prove your financial credibility. The documents needed are like income statement, bank statement, salary slip, income tax return file etc.

Check out before you take a home loan.

Some of the banks that offer home loans are HDFC, State Bank of India, LIC of India, UTI Bank, IDBI , ICICI , Citibank , HSBC etc.