If you want to build your dream house but you do not have enough money to build a house, then it means that you need a loan to build a house but do not know how to take a home loan and its interest rate.
No need to worry because here you will get all kinds of information so that you will be able to know what are the documents required for a home loan and what is its interest rate?
There are many types of loans, but if you are not well aware about it, then definitely read our written post so that you can understand what is a loan, what are the types of it. Only then will you be able to understand what a home loan is and how it is different from others. This facility is for those people who are unable to build their dream home.
To get a home loan, you can follow our mentioned process, it is as follows:
- understand your property
- Choose the right bank
- submit required documents
- verification process
- Home Loan Sanction
- repayment of loan
This is the whole process that you have to go through while taking a home loan. If everything is done correctly then you get the amount. To understand this in detail, read this article completely, in which we have given complete information about what a home loan is and how to get a home loan.
For this, what is the interest rate? It has also been told here because it is very important to understand about the interest rate so that you do not have trouble paying it.
What is Home Loan?
The Government of India has given loans to the common man who is unable to build his house or is unable to raise funds to build a house, then for such people, the Government of India is operating home loans through many banks.
This loan is being given by almost all the banks in India and any common man from us can take some money from the bank as a home loan to build his own house and build his own house. Meaning that if a person is not able to build his house, then he can borrow money from any bank to build his house.
The bank that gives you the amount in the form of a home loan, you can use it only for building a house. Apart from this, you cannot use that amount anywhere. Its best or better feature is that the interest of this loan is much less than others.
If you are also thinking of getting your house built, then definitely take advantage of this scheme being given by the Government of India. But it is not easy to take money from any bank to build a house because the bank has many of its own conditions, that is, only after the bank checks, the bank gives approval.
Along with this, keep reading this article till the end for more information so that whenever you take it, you do not have any kind of problem. You will get to know in detail about everyone in this article today, you just have to follow this article.
First of all, let us tell you that it is very easy to take money to build a house, just for this you should have some necessary documents, you have to apply with the necessary documents and there are many other processes which we have explained in detail below.
1. Understand Your Property
There are few things to keep in mind before applying for the loan:
- You have to be clear how much it will cost you to build the house.
- If you do the cost estimation, i.e. the total cost estimate correctly, then it is easy for you to apply for the loan, but if you do not do it properly then you can get into trouble.
- Because when you run out of money and you take an extra loan, then it completely messes up your loan structure.
- It is also important to know that 70-80% of the amount is provided to you by the bank for building a house, the rest you have to invest yourself.
- Are you able to pay your loan EMI or not? Try to keep the repayment period only.
2. Choose the Right Bank
To take a loan from the bank, it is important that you choose the right bank partner, you must see what is the difference between different bank loan schemes for building a house.
Do keep these facts in mind:
- loan tenure
- Rate of interest
- processing charge
- Penalty amount for late payment
- loan approval process
- Terms and Conditions
3. Submit Required Documents
When you go to the bank to take a loan, the bank also asks for many types of documents, so the documents required from you at the time of taking a loan for building a house are as follows:
- Ration card
- driving license
- Voter ID Card
- Aadhar Card
- rental agreement
- lease agreement
- Water, electricity and phone bills
- Pan Card
- Aadhar Card
- driving license
- Birth certificate
- Income Proof:
Attesting Income Tax Returns of the last 3 years can be demanded.
It also asks you to document your property so that it can assure that it can recover its amount in case you are unable to repay the loan amount.
You can give your account information from your bank passbook.
If you are a person taking a salary, then you will have to submit the information related to it.
Now you can submit all kinds of educational degrees etc. related to your studies.
4. Verification Process
Now whatever documents you submit are thoroughly checked by the bank.
If the bank is not satisfied with those documents, then it can call you and ask for other documents. The entire verification process takes a very long time, it may even take 30 days. It is only when the bank is completely convinced and satisfied that it starts a field investigation. ,
After that, the bank also checks your loan repayment ability. When all these parameters are passed, then you get the approval of the home loan.
5. Home Loan Sanction
When every type of investigation is completed and the bank is satisfied with all the documents, then you get the approval of the loan to build the bank house. The person to whom he gives loan is given an agreement paper and you are also signed on this agreement.
6. Loan repayment
When you sign the agreement, then 1 date is given when you get the loan amount. The borrower has to write a letter requesting for the amount.
After this the bank issues a DDA check of money and then the borrower gets the amount.
What are the documents required for home loan?
- 2 passport size
- For identity proof, any one of the Aadhar card, PAN card, ID card etc.
- business proof
- bank account
- passbook photo state
Note:- Above we have told about the documents which all banks ask for but for people like jobs, business, etc. Some documents may also be different.
Conditions for taking home loan:
You can take money for building a house from the same bank in which you have an account. The borrower should not already have any loan amount.
The bank checks your credit card score before taking a loan.
Note: – For information, let us tell you that this is the condition that the bank sees before taking money to build a house, but apart from these conditions, every bank has its own rules, jobs, business etc. It can also be different for people. Is.
To get money for building a house, you have to go to your bank with the necessary documents and take the application from there.
Fill in all the information asked in it like name, bank account, mobile number, address, your monthly income, loan amount, etc. You have to submit it directly to the concerned employee in the bank.
You will be given a few days’ time, then the bank will check the form with the required documents.
If you will be eligible for this loan, then you will be called from the bank and the amount will be sent directly to your bank account which you entered at the time of filling the form. Home loan scheme launched by the Government of India is a very good scheme. Any citizen of India can take advantage of this.
The person who is not able to build his house can now build his house by taking money at low interest. But whenever a bank lends you money, it first sees whether you will be able to repay the loan amount on time or not.
On the basis of the earning of the person, the bank lends to that person as much as he is able to repay that loan amount with interest on time. You also have to keep in mind that if you take a home from any bank, then know about its installments and interest very well. What is the interest rate of the rest of the bank, you can also see its table below.
What is the home loan interest rate?
The loan interest of many banks and vegetable banks in India can be different from each other. Here we have brought a list for you in which you will get information about the interest rate of all the banks. You will understand who is giving money at a cheap interest rate in India.
Bank – interest rate
Allahabad Bank 8.40% – 8.45%
Axis Bank 8.90% – 9.15%
Bank of India 8.50% – 8.55%
Bank of Maharashtra 8.50% – 9.00%
Canara Bank 8.50% – 8.75%
Bank of Baroda 8.45% – 9.45%
Andhra Bank 8.50% – 8.65%
Bajaj Finance 9.05% – 11.15%
Corporation Bank 8.80% – 9.05%
HDFC 8.40% – 9.05%
IDBI 8.60% – 8.95%
IDFC 8.90% – 9.10%
Indiabulls 8.80% – 12.00%
Jammu & Kashmir Bank 8.75% – 9.10%
Karnataka Bank 8.60% – 9.00%
Kotak Mahindra Bank 8.60% – 9.40%
Oriental Bank 8.55% – 9.05%
Federal Bank 8.90% – 9.10%
IndusInd Bank 8.70% – 9.40%
Bandhan Bank 10.11%
ICICI 8.65% – 9.20%
SBI 8.05% – 9.05%
DHFL Home 9.75%
Yes Bank Home 9.85% – 12.00%
United Bank Of India Home Loan 8.55%
UCO Bank 8.50% – 8.75%
Tata Capital 9.25%
Syndicate Bank 8.75%
Standard Chartered Bank 9.41%
Rabial Bank 10.00% – 11.00%
Punjab & Sind Bank 8.50% – 8.75%
PUNBI HOUSING FINANCE 8.90% – 8.95%
LIC Housing Finance 8.40% – 9.05%
Lakshmi Vilas Bank 10.00%
Note:- Before taking a home loan from any bank, you must know about its policy, interest rate, and monthly installments.
Along with this, you must keep the slip of the documents, and the conditions with which you submitted the documents to take the loan, so that no bank can do any kind of fraud with you.
People are not aware about the home loan, due to which they are afraid to take it. Whereas home loan is a very good scheme started by the Government of India.
With this, now any common man can build his own house and live his life well. There should be no problem in this, so today in this article we have given you detailed information about it. I hope this post will be of great use to you if you take it home.