Own a home is everyone's dream
Home Loan Overview
A housing loan/home loan is usually taken for purchase, construction, or renovation of a property. The property remains with the lender as security for the duration of the loan. Interest rates on home loans are fixed or floating.
DFS is a home loan professional who offers you the best home loan rates in Mumbai at low home loan interest rates, fast home loan approval. We are a home loan DSA in Mumbai for affordable housing loans in Mumbai & Thane.
You can take out a home loan for reasons like:
Buy a House
The most common type of loan to buy house is a mortgage property until you repay the loan.
House construction
If you have land and you need money to build a house on it, then you can choose a house construction loan.
Expansion of the house
If you already have a home, and want to expand it, you can choose this option.
Home renovation
Home renovation loan is best suited for improving and upgrading existing homes for a better life.
Land purchase
Loan to purchase land is designed to facilitate the purchase of land/plots.
Balance transfer
Home Loan Balance Transfer lets you transfer your high interest rate loan to a low interest rate bank or financial institution to reduce your EMI burden.
Steps to get a home loan
- Fill out and submit a home loan application.
- Submit the required documents for further processing.
- Pay the home loan processing fee.
- Your home loan application and documents will be examined and verified.
- Your home loan application will be sent for approval or approval.
- Your lender will visit the property you want to purchase for legal inspection.
- After approval, your home loan amount will be disbursed by check.
Home loan eligibility criteria
The basic home loan eligibility criteria are as follows:
Age
- Salary Person - 21 years to 58 years
- Self-employed persons - 25 years to 65 years
- Salary Person - At least 2 to 3 years proof of working in a private or public limited company
- Self-employed person - Proof of having at least 3 years in the current business
- Salary Person - Minimum Rs. 20,000 per month
- Self-employed persons - Minimum Rs. 250,000 per year
- Generally, a credit score of 750 is considered a good score for home loan approval
Other eligibility criteria
- Must have resided in the city of residence for at least 3 years.
- NRIs can be made only through normal banking channels or by sending NRIs from abroad through this account.
- If you are a salaried professional, your monthly EMI can be considered against a loan of about 40% of your monthly gross income.
- Make sure your credit history is not bad before applying for a home loan.
Documents required for a home loan
Documents required for a home loan vary depending on your home loan plan, purpose, and your personal profile.
Proof of Identity
- Aadhar Card, PAN Card, Voter Identity Card, Passport, Driving License
- Birth certificate, PAN card, Aadhar card, school leaving certificate, driving license, etc.
- Aadhar Card, Electricity Bill, Postpaid Mobile Phone Bill, Water / Property Tax Receipt, LIC Policy Receipt
- Sales agreement
- Stamped contract of sale
- Allotment letter
- No Objection Certificate or NOC
- Certificate of possession
- Land tax receipt
- Estimate construction costs
- Bank account details of the payment made to the builder
- In case of resale of the property, a certificate of share is required
- Occupancy certificate
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Home loan documents required for Salaried
- Form 16
- Certificate of Employer
- 3 months salary slip
- 6 months bank account statement
- IT returns for last 3 years, business profile on the letterhead
- Business and office proof.
- Educational Qualification Certificates, and other educational credentials
- Business and office proof
- Detailed business profile
- The company's three-year profit and loss statement and balance sheet
Home loan documents required for self-employed
Home loan documents required for business person / professionals
