The word Home Loan means when you are eager to shift your own residential property or want to invest in real estate & taking a loan for the same.
- Home
- Home Loan
Home Loan
Home loan is a secured loan given to individuals who aspire to build or buy a house. The property so purchased is mortgaged in the name of the lending institution as security, till the time the loan is fully repaid.
The lending institution will hold the original property related documents till the time the loan is fully repaid along with the interest.
To buy a house, be it under construction, ready or resale property, the residence buyer can seek for loan from banks or financial institutions through financial advisors.
It should be noted that the terms and conditions of the housing loan can differ widely in terms of loan amount, maturity period, interest rate, repayment mode, etc.
Earth Matrix Consultancy has been working in this arena for several years as home loan advisors. We have expertise in identifying the banks and institutions that offer the loan on most friendly terms.
Till date, we have been instrumental and successful home loan advisors in Mumbai providing home loans to salaried individuals, self employed, professionals and NRIs to procure home loans at best terms.
Our home loan advisors strive to provide you the home loan deals at the cheapest rate of interest.
- Salaried Individual
- Self Employed Individual
- Professional Individual
- NRI's
- From 10 Lacs to 10 Crore
- Decided on Market Value of Property
- Decided on repaying capacity of the borrower basis income documents
Home Loan FAQ's
What is Home Loan ?
Can I get an in-principle / Pre-Approval Letter and actually avail of the loan later ?
Surly, In-principle / Pre-Approval letter can be issued to you based on your income. After receiving letter you can plan your budget for property.
What is the validity of this letter ?
Validity of an In-principle / Pre-Approval letter varies from 30 days to 90 days, depending upon bank to bank.
What are the time line to process a loan application ?
In Retail loans 7 working days once documentations are completed
Is it possible to apply jointly with spouse or other blood relative?
Surly joint application can be processed but decision varies bank to bank.
What security do I have to furnish?
Since this is a housing loan thus bank requires a mortgage of the property for which the loan is being taken.
What are the processing fees charged by the bank?
Processing fee in housing loan varies bank to bank, normally it’s start from 5000.00 to 0.50% of loan amount.?
What is EMI?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
How much is the loan tenure?
In Home Loan bank do offer loan from 5 yrs to 30 yrs which varies bank to bank & age of the borrower.
Can I prepay the loan? Are there any penalties?
Surly Part-Payment & Prepayment in housing loan can be done at any stage. There is no Part-Payment & Prepayment penalty applicable if loan is on floating rate of interest. If loan is on fixed rate of interest then Part-Payment & Prepayment charges varies from 1.00% to 2.00% bank to bank.
What is the benefit of taking bank loan if even I have enough money to buy a property at my own ?
Taking a bank loan is always advisable as it gives you various benefits as below … 1. A Housing loan as it would enable you to get tax exemptions as per Income Tax rules. 2. A Housing Loan can be given by a bank only after all the due diligence of legalities of property so you are always secured in term of property. 3. A Good Loan track record makes bank more comfortable to fund you in case of big requirement in future