Home Loan

Home Loan

Home loan is a loan that is secured by property or real estate. In exchange for funds received by the home buyer to buy property or a home, the lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost. Home Loan is generally 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 loan. The bank or financial institution will hold the title or deed to the property till the loan has been paid back with the interest due for it.

How Does It Work?

To understand how a home loan works one needs to understand what a rest means. A rest is the interval at which the remainder of the loan amount is recalculated as you repay the loan. Financial institutions have various parameters surrounding the loan amount detailing the manner in which the loan is repaid. A "Rest" is nothing but the regular interval at which the loan amount balance is recalculated and also refers to the periodicity of compounding. This can be possible only in the case of reducing balance loan amounts. These regular intervals or Rests can be yearly, monthly or even daily.

Documents Required for Home Loan

List of documents for Home Loan:

• Aadhar Card – Applicant & Co-Applicant
• PAN Card – Applicant & Co-Applicant
• Passport Size Photo – Applicant & Co-Applicant
• Rent Agreement / Electricity Bill (as Address Proof)
• Business Proof (GST Certificate, Shop Act, etc.)
• 1 Year Updated Bank Statement
• Property Papers with Complete Chain Deed (if available)
• Registered Sale Agreement
• Map & Cost Estimate (for Under Construction Property)
• Income Tax Returns – Last 3 Years
• Mobile Number
• Email ID

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Call us: +91-9935356667
Email: saikripaassociateslko@gmail.com