Home Loan And Balance Transfer
Building your dream house can have several aspects. While some people avail home loans for building a new property on a given plot of land, some might avail a loan to acquire a residential new property and some others might want a loan to improvise on their existing house asset. At CUBE we cater to all such needs under various customized categories.
- Home Construction Loan is the loan for construction of a house on a given plot of land.
- Home Improvement Loan caters to loan related to house renovations, extensions or repair of your existing house property.
- Home Purchase Loan is the loan that is related to purchase of a new residential property.
- Home Loan Advantage is a loan that is linked to a current account thereby reducing your interest outflow depending on your idle balance in your bank accounts
Home Loan Eligibility Criteria:
Home Loan eligibility depends upon various factors. A few of them are listed here –
- Income – The most important criteria of getting Home Loan is your current income. As a lender banks always looks into the repayment capacity with your current earnings. Normally 50-60% of your monthly income is considered the EMI of the loan amount.
- Tenure – The amount of EMI is calculated on the basis of Loan Tenor. Longer tenor attracts lower EMI and eventually increase the Loan Amount.
- Age – Your current age will determine the tenor of the home loan. With increasing the age, the tenor of the loan gets reduced and resulting a lower loan amount.
- Interest Rate: Banks primarily offers two types of interest on the loan. Either Fixed or Floating Rates of Interest. Lower interest rate reduces the EMI and eligibility of the loan amount increases.
- Credit Score – Your credit score shows the history of repayment of your all current and previous borrowing, hence determines if you’re eligible for a loan. Credit Score is extremely important for your current loan application.
Documents Required for Home Loan
|Salaried Customers||Self Employed Professionals||Self Employed Business Person|
|Loan Application form with photograph of all Applicants||Loan Application form with photograph of all Applicants||Loan Application form with photograph of all Applicants|
|Identity and Address Proof||Identity and Address Proof (Office and Residence)||Identity and Address Proof (Office and Residence)|
|Latest Salary-slip||Professional Qualifications Certificate and Proof of business existence||Proof of business existence and continuity of business proof|
|Form 16||Latest 3 years Income Tax returns (self and business)||Latest 3 years Income Tax returns (self and business)|
|Latest 3 years Profit /Loss and Balance Sheet||Latest 3 years Profit /Loss and Balance Sheet|
|Last 6 months savings bank statements||Latest 6 months bank statements (Savings and Current account)||Latest 6 months bank statements ((Savings and Current account))|
|File Login fee||File Login fee||File Login Fee|