Home Loan

Home loan Overview

Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the lender as a security till the repayment of the Home Loan is done. The bank or financial institution will hold the title or deed to the property till the Home Loan has been paid back with the interest due for it. The amount that can be financed typically depends on the status of the borrower (resident/non-resident), type of Home Loan (renovation, property purchase, property extension) and the financial institute.

It is generally offered for up to 80-85% of the cost of the property. In a Home Loan, the owner of the property (the borrower) transfers the title to the lender (bank) on the condition that the title will be transferred back to the owner once the payment has been made and other terms of the Home Loan have been met.

A Home Loan will have either a fixed or floating interest rate, which is paid monthly along with a contribution to the principal loan amount. As the homeowner pays down the principal over time, the interest is calculated on a smaller base so that future mortgage payments apply more towards principal reduction as opposed to just paying the interest charges.

Home Loan allows a much broader group of citizens the chance to own a property, as the entire sum of the house doesn't have to be provided up front. But because the lender actually holds the title for as long as the mortgage is in effect, they have the right to foreclose the home (sell it on the open market) if the borrower can't make the payments. A Home Loan is one of the most common forms of debt, and it is also one of the most advised. Home Loans come with lower interest rates than almost any other kind of debt an individual consumer can find.

Smart home loan

Smart home loan that enables you to save on interest payments and thereby reduce tenure of the loan Smart Home is operated through a account that acts as a Current Account with an overdraft limit equal to the amount of the loan disbursed. Use of Smart Home account would be your loan account. All you need to do is to put your savings, in the Smart Home account. Depending on the savings you put in the Smart Home account, you can reduce the burden of interest paid and thereby reducing the tenure of your loan.

Home Loan Features and Benefits

• Our expertise to get u the right Banks / Institute to fulfill your requirement.
• Loan repayment in flexible tenures from 1 year up to 30 years.
• Lowest Rate of interest compare to any other loan.
• Part Payment Facility without penalty.
• Balance transfer facility.
• Home Loan Top Up Facility.
• Nil prepayment charges.
• Applicant and Co- Applicant to the loan.
• Tax Benefits : The effective rate of housing loans is much lower than the nominal rates quoted by the banks/housing finance companies because of the tax benefits.
• Minimum/Hassle free Documentation.
• Convenience of doorstep service.

Home Loan Process

There are several steps in the home loan process. Here are the steps in brief:

• Application form & Document Submission
• Cibil report check
• Residence verfication
• Office
• Eligibility calculation
• Technical & Valuation
• Personal Discussion
• Credit decision
• Offer Letter
• Submission of Property documents & legal check
• Registration of property documents
• Signing of agreements and submitting post-dated cheque
• Disbursement

Home Loan Eligibility

SELF EMPLOYED INDIVIDUAL

• An Indian Resident
• You should be in business for a minimum of 3 years.
• You should be self employed Minimum 24 to maximum 65 years of age.
• Your current place of residence should be occupied for a minimum of 3 years in the city.

SELF EMPLOYED PROFESSIONAL

• An Indian Resident
• You should be in business for a minimum of 3 years.
• You should be self employed Minimum 24 to maximum 65 years of age.
• Your current place of residence should be occupied for a minimum of 3 years in the city.

Salaried

• You should have 3 years work Experience.
• Your Minimum age should be 24
• Your maximum age should be 58/60 at the time of closer of the loan.
• You should have Minimum Rs 20000/- Net Salary

Contact Info :

Office No 35, Ground Floor,

Shiv Shambhu Chs (Seawoods), L.T. Road.

Borivali (West), Mumbai - 400092.

Telephone: 022 - 65662010 / 022 - 69000012 / 022 - 69000033

E-mail: info@cfplindia.com / cfpl@live.in