Axis Bank Home Loan
ICICI Bank Step Up Home Loan
HDFC Home Loan
SBI Flexipay Home Loan
Allahabad Bank Aashiana Home Loan
Andhra Bank Housing Loan
Bajaj Finserv Home Loan for Salaried
Bank of Baroda Home Loan
BOI Star Home Loan
Kotak Mahindra Bank Home Loan
PNB Housing Loan For Public
HSBC Home Loan
IndusInd Bank Home Loan
Citibank Home Loan
YES Bank Home Loan
IDBI Home Loan
J&K Bank Home Loan
Fullerton India Home Loan
Tata Capital Home Loan
UBI Home Loan
Canara Bank Housing Loan
Capital First Home Loan
Catholic Syrian Bank Housing Loan
City Union Bank Swayam Graha
Corp Home Loan
DBS Bank Home Loan
Dena Bank Niwas Housing Finance
Deutsche Bank Home Loan
Dhanlaxmi Bank Home Loan
Federal Housing Loan
UCO Bank Home Loan
Standard Chartered Home Loan
Synd Nivas Loan
SIB Home Loan
Maha Super Housing Loan
IOB Housing Loan - Subha Graha
Up to Rs. 25,000
OBC Housing Loan
LVB Home Loan
Nainital Bank Apna Ashiana for Home
United Housing Loan
Punjab And Sind Bank Housing Loan
IB Home Loan
TMB Home Loan
Is homeownership right for you?
Are you financially ready to own a house?
Financing Your Home
Select Your Dream Home
Making the Offer and Closing the Deal
Aftermath of the Purchase
Maintaining your home and protecting your investment
The amount of money which you pay at the time of purchasing home but it is only a part of the total cost of your home.
It's the right of a lender or the organization to take someone's property if the borrower doesn't pay back the money. Generally banks include this cost in a processing fee, but some lenders charge it separately.
Cost for Fund Disbursement
Where you live also matters a lot in terms what you pay, in addition to your mortgage you will also have to pay property taxes. Based on the locality, area, construction, building, property size, the government charges tax on your property annually and the collected amount is used for public services sanitation, repairing roads.
As the name suggests, maintenance cost includes expenditure arising from the maintenance of home such as water consumption, electricity etc.
Ownership transfer charges are the charges which the new owner needs to pay to the real owner, the charges varies from state to state.
Expenses on living in a owned house often ends up costing a lot more down the road, You have to pay electricity bill, water bill, charges for replacing the roof, furniture and flooring charges, Cleaning charges, wiring, cables, lights, phone, Gas, refrigerator, washing machine etc.
If you are planning to avail loan to buy your home, then you have to pay many other hidden charges such as application fee, processing fee, administrative fee, documentation fee etc
You will have to pay insurance cost as home insurance protects homeowners against any damage and losses. It provides insurance against any damage accrued by the home during disasters.
You will have to pay a lot of routine charges for repairs and maintenance such as cleaning charges, charges for improving the asset etc.
The process of renovating or making additions to existing home is quite costly. No matter it will give a new look to your home but you also have to pay a huge amount on these major repairs.
|Minimal to Zero Maintenance||Low Upfront Charges|
|Low Upfront Charges||Agreement for renting|
|Freedom to move to other location anytime||Not making your own asset|
|No worries about decreasing property value||Permission from owner before making any changes to the property.|
|Availability of Cash for investments||Not easily available if bachelor.|
|Have to live up to the regulation of the owner, especially if it's not independent renting.|
|May increase the cost of transportation if you're unable to find a property to the nearby location of your workplace.|
|May not get vehicle parking facility|
|Increase the expenses|
|Freedom to make changes to the property||Risk of decrement in property value|
|Building your own life long asset||Maintenance and Repair Cost|
|No expenses for living at the place||Responsibility of ongoing cost if financed or re-financed|
|Possibility of rental income||Monthly repayment may increase as per the lending rate provided by the RBI|
|Peace of mind|
|Being an owner, no need of any permission|
|Saving of money|
Analyse how much you can invest on your home including deciding the area of the property and location, cost of construction, labor charges, set-up cost for interior, documentation and insurance of the property.
Your monthly housing cost should not be more than 32% of your average gross monthly income. This percentage known as your gross debt-to-income or gross debt service (GDS) ratio.Housing Costs includes –
Your monthly debt load should not be more than 40% of your average gross monthly income. This percentage is known as your total debt-to-income or total debt service (TDS) ratio.Your monthly debt load usually includes –
The maximum cost you can spend on a home depends on these numbers and the size of your down payment. For first-time buyers, saving a down payment can be the hardest part of buying a home.
Now you'll have all of the possible charges you may have to pay upfront in order to finance your house. Match them up with your monthly income and living expenses. If your monthly costs are over 32% and your debt load is more than 40% of your gross income, it will be difficult for your to avail the funds for home loan.
If you can afford the cost, then you can go ahead with the financing of your home. Otherwise, you need to cut down some additional expenses or wait for a period of time till you clear some of your existing repayments, if any as well as saving some money for the upfront costs. If possible arrange a meeting with your lender.
If you're an existing customer of a bank/FI, then you can check the pre-approved offers the bank may have available for you. Not only it's an easy option than going and applying with multiple lenders, but also saves you from affecting your credit score because of hard-pull of your credit score data.
Just in case your existing bank doesn't have any pre-approved home loan offer for you, you can also check if they provide in-principal approval.
With Pre-Approved Offers or In-principle approval, you can get approved for the required amount for house without even finalising the property first. It helps you plan your finance better and sort the choices since you get the idea of how much you can spend on the house.
Apart from it, few banks and NBFCs offer special schemes depending upon the employment criteria such as Home Loan Schemes for Government Employees, Corporates, Teachers and IT Employees etc.
When deciding a suitable lender for your home loan, you need to first get familiar with few terminology banks/FIs uses that will help you understand the difference between how much you're availing and how much you would have to pay.
Co-applicant is one of the necessary aspect when it comes to lending funds, especially in case of home loans where you avail a large sum of funds for a longer tenure. Having an employed co-applicant not makes your eligible for a large amount but also helps you in tax savings depending upon the contribution in the property. However, having a co-applicant is not necessary unless there are more than one owners of the property.
All of the co-owners of the property must be the co-applicants in the home loan. If you are the only owner of the property, then you should include your rightful heir to become the co-applicant. A co-applicant can be any close relative such as Spouse, Father, Mother, Son or daughter.
In case you don't have kids, then your spouse would become the co-applicant. If you have one or more than one kids (including a son), then bank/fI insists on making the son co-applicant. In case your only kid is a daughter or more than one daughter, then the unmarried daughter can become the co-applicant.
In case you want to make your brother a co-applicant in the loan, then he must be living at the same place with you where intent is to keep living in the joint family in future as well.
If You're an NRI, then you must choose your a co-applicant who is a local resident in India and living in the city where the chosen bank/FI providing home loans service.
Credit Score is an essential tool to decide how much you can borrow, giving a brief look of your financial stability at different points in time. Shows your seriousness towards your debts and bills.
Hence, better to know your credit score before going for loan application.
The location of the property affects the cost of owning the house most. You must have a good understanding of the locality including safety in the area, distance from your workplace or school of your kids, distance from market and public transportation.
Check if you need space for vehicle, garden area etc.
Having a lifestyle that is better for your surrounding environment is all about taking a small step towards mother earth. So, decide if you want to invest in some environment friendly equipments such as Solar Panels. Government provide subsidy on utilizing these products, so it can be one good choice to go.
You current lifestyle will affect your home loan the most, especially when you have kids.
where the owner of the land has no time limit to his period of ownership, the owner enjoys complete ownership and can use the land for any purpose such as for selling, renovating, or transferring keeping the local regulations in mind.
where you have exclusive ownership of the physical share of a building together with a legal share of common ownership of the immovable to which the ownership belongs.
co-operative housing is a a association or corporation which owns a group of housing units and common areas for the use of all the residents.
It is a legal right to live in or use a building or piece for an agreed period of time.
Whether the new house you are purchasing is built and ready to move in, will effect your expenses till the time you moved into the house. It affects a lot when you purchase a flat or apartment in a co-operative building. If the flat/apartment is currently undergoing construction, will result in expending money on rent till the flat/apartment is ready.
Bad condition of the previously owned house will result in repair and renovation. Hence, you should also check if you can include the cost of renovation/repair in the home loan amount. If the bank/FI offers top-up loan then you can also avail the additional funds to repair the house after moving-in.
Good choice since you build your house as per your requirements unlike purchasing a built or previously owned house.
Search for the suitable property through different mediums such as –
Help you find the best suitable solution. However, will charge you bucks.
An individual who buys and sells goods or assets for others.brokers are usually a licenced professionals
He will explain you various policies, and helps the clients to choose plan which suits them.
He will prepare your home purchase documents perform a little search and close the deal.
A professional who verify the property in order to provide a land survey (or "certificate of location"). If the seller doesn't have a survey, or if it's more than five years old, the buyer will likely need to hire a surveyor before they can get a home loan. A real estate agent usually helps coordinate the survey with the seller.
He will help you to systematically determine the market value of the property.
He is the person who will prepare your contract, he will provide you material, all necessary workers to construct the house.
Home loan fraud happens when people intentionally show incorrect representation of their incomes and assets to get their loans approved quickly.
Make a legal offer to the previous owner, builder / co-operative society regarding the purchase you gonna make, so things can move towards your dream of owning a house.
Make sure you have the necessary documents ready so you can get the funds on time and close the deal as soon as your offer is accepted by the current property owner. Make sure you cross check the date for the availability of the funds.
Avail the funds from the bank/FI – Now, you can avail the funds from the bank or financial institution.
Pay the Upfront Cost – you have to pay the part of the money before you gets the property basically these are the expenses charged at the beginning of the contract.
Document the deal on Papers – you will have to collect all the papers according to the deal.
Make sure your house is safe and secure and you're ready for any emergency such as evacuation plan in case of fire, keeping the valuables safe, maintain safety measurements like Fire Extinguishers and Smoke Alarms.
Home improvements might take place during the tenure of your home loan repayments. Hence, you should save some funds for the home improvements or you can simply avail a top-up loan on your existing loan from the bank/FI.