If you're looking for a home loan, here www.aurangabadproperty.com can help you. Simply complete our online application form and select the submit button in the bottom right and you will automatically be assigned a professionally accredited lending consultant in your area.

Eligibility :

At present any one with a steady source of income and an age above 21 years is eligible for a loan and normally the loan should terminate before the retirement age.

Loan Amount :

Property funding is normally available up to 85 % of the property value for new residential units and up to 80 % for old property. However the loan amount is limited by the repayment capacity of the borrower and factors like, age, qualification, liabilities etc are taken into consideration when fixing the loan amount. There are also ways to improve the loan amount by adding the co - applicant's income and also the rental income of the property.

At present many banks are offering up to 50 times the monthly take home salary of the borrower as the loan amount or the above said percentage which ever is lower..

Documents Required :

• Proof of residence (Voters ID / Passport / Pan Card / Ration Card etc)
• Proof of Income (Salary certificate / form 16 / copy of income tax returns)
• Sale deed
• Passport size photograph of application and Co-applicant
• Bank Statement for six months.
• Copy of approval plan (Normally provided by the builder or have to obtain from authorities in case of self-constructions).
• Valuation certificates from an approved valuer in case of old building.
• Guarantor Affidavit ( Most Banks presently do not insist on this however on case to case basis this many differ )

In Fixed Rate Interest :

In fixed rate of interest the interest for the entire loan period is fixed during the processing and the EMI is calculated accordingly. This rate will not change even if there is a general drop in interest rate and this is a good choice if there is likelihood of interest rate to increase.

Floating Rate Interest :

In the floating rate of interest, the interest for the loan amount varies depending on the prevailing Govt. guidelines and the interest on the loan amount varies accordingly.

Yearly Reducing Balance / Monthly Reducing Balance :

On a yearly reducing balance the interest for the whole year is calculated on the outstanding amount at the beginning of the year, and the borrower will be paying interest for the principal he has already paid during the year. On monthly reducing balance the interest is calculated for the outstanding amount at the beginning of the month. And the principal amount paid every month is automatically deducted for calculating the interest component for the next month.

CONSIDER THIS BEFORE YOU PROCEED :

Processing fee - A processing fee is charged on every home loan application by the loan provider. This at present is varying between 0.25 % to 2 % of the loan amount. Some banks / financial institutions are providing home loans at 0 % processing charges.
Administration fee - some banks / financial institutions charge an administration fee of about 0.5 % of the loan amount. This is especially evident when there is 0% processing charges.

Pre - Payment Charges :

As a general rule most banks / financial institutions do not charge any pre - payment charges. However in case of take over loans / payment of the entire outstanding an amount of 2 % of the outstanding loan amount is charged as prepayment penalty.

This is a completely obligation free process and we charge no fees for giving general advice in relation to home loans. However the more information you provide us, the more help we can be. The information you provide us is used only for the purpose of assessing your home loan requirements and we respect your privacy, so please ensure that you have read and understand our Privacy Policy before continuing.

If you have some doubts about Home Loans, please fill following details to reach out our experts.

Note : Completing this form does not guarantee that you will be eligible for home loan.

For more details please feel free to contact us.