Home Loans in India are easily avaialable

Home loans can be classified into two types:

• Fixed interest rate loans – in this offer interest is charged at a fixed rate through out the loan tenure,
• Floating interest rate loans- also called as adjustable interest rate and their rate differs throughout the loan tenure as are revised owing to market by banks

Each of them has their own benefits and drawback however fixed interest rate is considered costly and is only beneficial if interest rates increase and the situation is reversed for floating rate of interest i.e. it is only beneficial if market rates falls down. Besides that it is also possible to switch from fixed to floating interest rate or vice versa, due to change in market rates.

Home loans is granted to individuals who fulfill the following eligibility criteria-

• Age of the loan applicant should be equal to 21 years and maximum it can go around 65 & 70 years for salaried and self employed respectively
• Annual income of the loan applicant should be equal to Rs.1, 00,000(salaried) and Rs. 1, 50,000(self employed)

Minimum home loan amount can be Rs. 2, 00,000 and maximum it can go to Rs. 2, 00, 00,000, which is to be repaid in 5-20 years term. Number of documents needs to be submitted for home loan application, most important of which is security documents which may be documents of equitable property or collateral security like life insurance policies, market shares, and such other investments. Proof of income latest 3 month bank statement from salary account, latest salary slip in case of salaried applicant and self employed needs to present latest 3 months bank statement from operating account, latest 2 years ITR with computation of income/certified financials, proof of turnover(latest sales/service tax returns).

Don’t forget that buying a home is life time decision and you must not compromise with your desires especially if home loans are there to help you in all possible way by providing loans for home at reasonable rate of interest.