A house loan or home loan simply means a sum of money borrowed from a financial institution or bank to purchase aHome loans consist of an adjustable or fixed interest rate.
People generally take a home loan for either buying a house/flat or a plot of land for construction of a house, or renovation, extension and repairs to the existing house.
What is an EMI?
EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is completely paid off. It comprises of the interest as well as the principal amount.
- Who can be an applicant?
- An Indian resident or Non Resident Indian (NRI)
- Above 21 years of age at the beginning of the loan
- Below 65 years of age, when the loan matures
- Either salaried or self-employed (businessman or professional)
Require Documents :
Address proof of self and firm
Business registration proof
Bank Statement last 6 months.
In case of loan more than 15 lacs, latest ITR