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.Apply for loan
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Fixed interest rate refers to repayment of home loans in fixed equal installments over the entire period of the loan. In this case, the interest rate doesn’t change with market fluctuations.
During the early part of the tenure, the monthly payments are used to service the interest and the principal is served in the later parts of the tenure. Very few lenders in India offer pure fixed rates where the rate of interest remains constant over the entire tenure. Most lenders have a reset clause of 3-5 years. If the borrower is certain that the rate of interest is the lowest in the market, only then should he opt for fixed rates of interest.
|Interest rate remains fixed irrespective of market conditions||The major drawback with fixed interest rates is that they are usually 1-2.5 percentage points higher than the floating rate home loan.|
|A fixed-rate home loan is ideal for those who are good at budgeting and want a fixed monthly repayment schedule.||If the interest rate decreases, the fixed rate home loan doesn’t get the benefit of reduced rates.|
Floating interest rate implies that the rate of interest will vary with market conditions. Home loans on floating interest rates are tied to a base rate plus a floating element thereof. So, if the base rate varies, the floating interest rate also varies.
The interest rates will depend on the base rate of the bank. As and when the bank changes their base rate, the interest rate changes. The change can either be in terms of the EMI or the tenure. For example, if the bank increases their base rate, the customer could choose to increase his EMI or to increase his tenure. Or if the bank decides to decrease their base rate, the customer can reduce his EMI or his tenure.
|Floating rate home loans are cheaper. If you are getting a floating interest rate of 11.5 per cent while the fixed rate is 14 per cent, you still save money if the floating interest rate rises by up to 2.5 percentage points.||The drawback with floating interest rates is the uneven nature of monthly installments.|
|Even if the floating rate goes over the fixed rate, it will be for a short duration. The interest rates will surely fall over a long period and bring savings.||In conclusion, when it comes to choosing the interest rate, a majority of home loan borrowers go for floating rates.|
All loans are not created equal, personal loan has become a great option for people to use.
Home Loan eligibility depends upon various factors. A few of them are listed here
Your age will determine your home loan tenure and hence your eligibility.
Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50.
Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.
The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI.
Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
|Salaried Customers||Self Employed Professionals||Self Employed Businessman|
|Application form with photograph||Application form with photograph||Application form with photograph|
|Identity and Residence Proof||Identity and Residence Proof||Identity and Residence Proof|
|Latest Salary-slip||Education Qualifications Certificate and Proof of business existence||Education Qualifications Certificate and Proof of business existence|
|Form 16||Last 3 years Income Tax returns (self and business)||Business profile|
|Last 6 months bank statements||Last 3 years Profit /Loss and Balance Sheet||Last 3 years Income Tax returns (self and business)
Last 3 years Profit /Loss and Balance Sheet
|Processing fee cheque||Last 6 months bank statements
Processing fee cheque
|Last 6 months bank statements (self and business)
Processing fee cheque
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