Sie sind auf Seite 1von 29

HOME LOANS

• Being a home owner is everyone’s dream. With the increasing


demand for a room of one’s own, the popularity of home loans has
gone up.
• Banks, financial institutes and NBFCs offer a variety of home
loans. With low rates of interest, affordable EMIs, manageable
tenure and tax benefits, home loans are high in demand.
• Home loans are not limited to buying a house or a property; it can
be used for home improvement, buying land to build a house of
their own design, renovating, expanding, etc.
TYPES OF HOME LOANS
Land purchase loans

Land purchase loans are to be taken when you are buying a plot of land,
on which you wish to construct a house.
• Banks offer land purchase loans which are up to 85% of the cost of the
plot,irrespective of whether it is for residential or investment purpose.
• Based on your age, the maximum tenure for this type of loan is 15 years.
• Anyone, who is above 21 years of age and has a regular income, is
eligible to apply for this loan.
• Usually, the amount of loan sanctioned for land purchase tends to be
lesser than the loan for
purchasing a house.
Home purchase loan

• Home purchase loan is the most common and the most popular
type of loan sanctioned by, almost, all the lending institutes.
• It is used to purchase a new residential property or an old one
from previous owners.
• Lending institutes grant up to 85% of the market value of the
house. The rate of interest on this loan varies from fixed, floating
and hybrid.
Home construction loan

A home construction loan can be availed when you wish to construct a


house rather than buying a pre-constructed one. The loan application
process for this type of loan is slightly different from other, related home
loans. The approval also depends on different parameters. The points to
remember while applying for this loan are as follows:
-If the plot was purchased in the last 12 months, the cost will be included
in the estimate, increasing the loan amount.
-The sanction amount depends on the estimate of the construction cost.
-The loan amount can be disbursed in one go or in instalments depending
on the progress of construction.
Home expansion/extension loans

• Home expansion or extension loan is perfect when you wish to expand


any house owned by you. It includes changes in structure, adding extra
space, dividing a big room into two smaller ones, adding a low attic,
enclosing balcony, making a bigger bathroom and many such alterations
that utilise the existing house area.
• This loan can also be sanctioned as a part of home improvement loan. It
depends on how the lending institute categories it.
• The home expansion loan amount constitutes 70% to 85% of the total
cost of expansion. The parameters considered while granting this loan
are same as those for other types of loans – age, credit history, annual
income, tenure, etc.
• The rate of interest for this type of loan can be floating or fixed, as
agreed with the institute.
Home improvement loans

• Home improvement loans are quite different from home expansion


loans.
• Home improvement loans are sanctioned for internal and external
painting, repair work, electrical repairs, plumbing, waterproofing,adding
underground and overhead tank, flooring, tilling, etc.
• With a maximum tenure of 15 years and rates of interest ranging from 9%
to 11%, these loans cover up to 80% the cost of renovation and repair
work; perfect when you want to tweak the house for upcoming
festivals, weddings and special events.
Home conversion loans

• If you have already purchased a house by taking a home loan, but


have changed your mind and wish to buy another house, you can
choose home conversion loan.
• It simply means that you can transfer the current home loan over
to the new home, without the need for repaying the loan on the
previous home.
• While extremely beneficial in a rare case, this loan is very
expensive and can cost you a lot.
NRI home loans

• This is a specialized home loan variant, developed to help Non-


Residential Indians to buy residential property in India.
• Even though the formalities and process for NRI home loan
application is similar to regular home loan application, the
paperwork involved is quite extensive.
Balance transfer loans

• When you wish to transfer your home loan from one bank to
another, you can choose for the balance transfer option. The
balance transfer can be an option for various personal,
professional and financial reasons.
• For instance, when you want a lower rate of interest than what
you are getting at your current or you are displeased with the
customer service you are receiving at your current bank.
Bridge loan

• A bridge loan is a short term loan granted when you wish to buy a
new house, while already owning a residential property.
• Typically, it is used to fund the purchase of your new home till you
find a buyer for the old home.
• The tenure for this type of loan is less than two years and requires
you to mortgage the new home.
Refinance loan

• Refinance loan is similar to the practice of debt consolidation, but


specifically, for home loans.
• Herein, you take this loan to repay your friends, relatives and
private lenders, from whom you have borrowed for the purpose of
buying your current home.
Should I take Home loan now or wait ?

Right time to take loan is when:


 The Property you intend to buy is good and cannot be missed or it is
expected that the price of property will rise.
 The EMI that you have to pay per month is above your monthly expense
budgets etc.
 Govt. offers interest subsidy for those earning ₹6 lakh - ₹18 lakh
- interest subsidy of 4 per cent on housing loans of up to ₹9 lakh
to ₹12 lakh per year under PMAY SCHEME 2017.
- subsidy of 3 per cent on housing loans of up to ₹12 lakh to
₹18 lakh per year.
Documents required in Home Loan

 Duly filled loan application


 3 passport-size photographs
 Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
 Proof of Residence (Current Address Proof)
 Bank Statement for last 6 months
 Personal assets and liabilities declaration
 Proof of property
 Income Tax Proofs (If required)
 Signature Identification from present banker
PROCEDURE FOR GETTING HOUSING LOAN

 Assessment
 Security Assessment
 Conditional Loan Sanction
 Loan Disbursement
ASSESSMENT

• At this stage, bank want to determine that applicant can afford the loan
repayments. Bank credit team will conduct income verification and
validate the accuracy of the information applicant have provided.
• A credit check to reveal applicant credit history; in this case bank as a
lender will obtain a credit report that will show the following details:
Personal details such as: Name, Residential Addresses, Date of Birth and
PAN card number
• Records of some recent credit accounts
• Overdue Accounts (Defaults) which may have been listed against
applicant name, including an indicator on whether the default
amount has been paid or not.
SECURITY ASSESSMENT

• Technical Assessment: A qualified technical officer will conduct a


valuation on the property applicant intend to purchase and any
property that will be used as security.
• Legal Assessment: A qualified lawyer will examine the property
documents i.e. chain of agreements/title etc to determine if the
property documents provided by applicant are conducive for
lending
• Based on the technical and legal assessment report, bank will
determine if the property is suitable for mortgage lending
purposes.
CONDITIONAL LOAN SANCTION

• Considering there are no major issues with applicant income


verification and credit checks, bank will provide conditional
sanction for applicant loan.
• This means that bank will issue a formal Letter of Offer cum
acceptance favoring the applicants to the loan. Bank recommend
the applicants to read that document carefully, sign and return it
to the bank, making sure the information is correct and that
everyone understands all the terms and conditions.
LOAN DISBURSEMENT

• Once applicant have formally accepted loan offer, a thorough


scrutiny of all of the above steps is conducted by bank Operations
Team to ensure accuracy of the entire process.
• After clearance of the final processing, the disbursement cheque
for the approved amount is prepared by the Operations Manager
and it is handed over to the applicant.
MAJOR HOME LOAN PROVIDER IN INDIA
SBI MAXGAIN HOME LOAN
• It aims to enable its customers to reduce their interest burden at no extra cost.
• This home loan acts as an overdraft account, giving the customer privilege to
withdraw and deposit amounts depending upon their cash availability.
• Bank provides internet banking and cheque book facility with this home loan. Excess
funds when parked with this account impact the overall principal and the associated
interest. Also, a customer can choose to withdraw amount from the linked account in
case of excess funds.
Features:
• Min. Loan Amount – 5 lacs
• Max. Loan Amount – No upper limit
• Interest Rate – 0.25% over and above the existing home loan int.
• Higher Liquidity, Savings on total interest paid
• Pre-closure Charges - Nil
• Interest Rate – Floating 10.15%
SBI YUVA HOME LOAN
• It tailored especially for individuals who are young and generally taking loan for their first
home.
• The age eligibility is between 21-45 years. This loan grants an amount which is 20% over
and above the regular loan amount.
• This home loan is ideal for fresh professionals and government employees. Under this
scheme the home loan full repayment starts only after 36 month from the date of availing
the loan. For the first 36 months only interest needs to be repaid.
Features:
• Eligibility – 21-45 years
• Minimum Income – Rs.30,000 per month
• Pre-closure Charges - Nil
• Interest Rate – Floating 10.15%
SBI NRI HOME LOAN

• It is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs).
This loan is given to an individual who earns a regular income and whose minimum
employment period (in India or abroad) is not be less than 2 years.
Features:
• Min. Loan Amount – 3 lacs
• Max. Loan Amount – No upper limit
• Eligibility – NRI or PIO
• Pre-closure Charges - Nil
• Interest Rate – Floating 10.15%
SBI REALTY HOME LOAN

• It is for people who want to buy land or plot. The construction should
commence within 2 years from the sanction date of the loan. This type of loan
comes with the flexibility of availing another loan for construction purposes on
the land bought. So a customer is entitled to avail two simultaneous loans on
the SBI realty home loan.
Features:
• Max. Loan Amount – 15 crores
• Loan Tenure – Up to 15 years
• Pre-closure Charges - Nil
• Interest Rate – Floating 10.15%
SBI HER GHAR HOME LOAN

• Designed especially for women applicants. A woman needs to be the sole applicant or
the primary applicant for this type of home loan.
• The property for which home loan is being taken should be in the name of the woman
applicant or she should be the primary owner in case it of joint ownership.
• This home loan scheme by SBI aims at enabling women to own property and carries a
social obligation in line with the empowerment of women.
Features:
• Loan Tenure – 30 years
• Interest Rate – 9.40%
• Pre-Payment Charges – Nil
OTHER HOME LOANS
The Gram Niwas scheme - aim at provide housing finance to the customers from
rural regions of the nation. This housing plan covers people from rural or semi-
urban regions which have a population of less than 50,000 as per the 2001 census.
Under this scheme, home loans can be availed for buying of land or house,
renovation and repair of house and construction of house.
Features:
• Min. Amount – nil
• Max. Amount- 5 lacs
• Repayment Period – up to 15 years
• SAHYOG NIWAS:
OTHER HOME LOANS

Sahyog Niwas scheme aims to provide home loans to self-help groups


which have a good credit history. The bank lends to members of these
groups under this scheme for purposes of buying of land or house and
construction, repair or renovation.
Features:
• Min. Amount – nil
• Max. Amount- 50,000 per person of the self-help group
THANK YOU