- Home loans are also known as mortgages, use the borrower’s home for collateral.
- Banks along these lines subsidize home credits and the dealers who therefore follow up in the interest of the home loan specialists begin or then process them.
- There are many financial institutes which provides home loan online easily and without any complications.
- The maximum loan amount which any borrower can ask for a home loan is 50%-80% of the property
- The term of the loan is 5 to 15 years.
- Applying for a home loan through financial institution provides the borrower with certain advantages which have low-interest rates.
- Home loan is helpful for all the home-related expenses and there is greater credit eligibility.
- The borrower can also get home loan at cheap rates.
Procedure to apply for a home loan online
- Before applying for a home loan online the borrower is supposed to check if he qualifies for the loan or not.
- A simple form in which details such as
- Mobile number
- The type of loan
- The loan amount, and
- The loan tenure is to be filled to check the eligibility.
However, the minimum requirements for a home loan are
- Annual revenue must be Rs 50 lakhs
- There must be minimum credit score
- The time in business must be 2 years
- The financial institution or bank receives additional information from the borrower about a few points of interest identified with the business advance, for example, about the reality of the matter of what is the yearly turnover of the organization, what is your FICO rating and for how much time has the business been in operation.
The borrower is then required to send some of the documents like
- Pan card / passport
- Processing fee cheque
- Bank statement
- Credit score
- Adhaar card/passport
- 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 and loss statement
Financial Institution like Legalraasta coordinates with 30 + banks and NBFC’s in order to get the application for business loan approved.
Financial Institution try to get you the best rates and the rates depend upon various factors such as
- The type of Loan which the borrower is choosing?
- The annual turnover of the company
- How long the borrower wants the loan?
- What is the credit score of the company?
- The Time is business
Generally, the interest rates are from 10%-18 %.
Once the advance is endorsed, the amount is credited to the borrower’s record.