7-4-287, Navajeevan Nagar, Ferozguda, secundrabad - 500011.
Home Loan
Home Loan- Overview
Owning a home is probably every person’s dream, and in India, being the owner of a house is one of the key signs of being financially well-settled & a matter of pride. With the real-estate prices rising to the skies and the demand for buying a property is increasing proportionately, it becomes difficult for any middle-class person to purchase a home easily. So, to overcome these financial issues, Finfree home loans are provided across India by banks & NBFCs where they pitch in the required finances to help the prospective buyers with the needed monetary aid to buy a house or property.
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Easy documentation
Easy documentation
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Low interest rates
Low interest rates
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Improve credit score
Improve credit score
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30 Years of Tenure
30 Years of Tenure
Home Loan Features
Longer Repayment Tenure
Quick Approval & Disbursal
No Collateral Required
Minimal Documentation
Flexible Loan Amount
No Hidden Charges
Home Loan Eligibility and Documents
Read on to know the criteria required to apply for our Home Loan.
Home Loan Eligibility Criteria
Age (21 to 60 years)
Monthly income( Min-15,000)
Credit score above 650
Debt-to-income ratio
Employment stability
Clear repayment history
Home Loan
Documents Required to Apply
- Form 16
- Employee identity card
- Last 3 months' salary slips
- 6-month bank account statement
- Proof of employment duration
- PAN card
- Trade license & partnership deed
- MOA & AOA (company documents)
- Import Export Code (if applicable)
- SEBI / ROC registration certificates
- CA-audited financials, P&L & balance sheet
- 6 months' bank account statements
- Professional practice license (doctors, consultants)
- Establishment registration certificate
- Valid business address proof
- Income proof
- Sale deed, stamped agreement & allotment letter
- NOC from housing society or builder
- Possession certificate
- Land tax receipts
- Construction cost estimates
- Bank statements showing payments to seller / builder
- Payment receipts
- Share certificates (for resale properties)
- Occupancy certificate
Fees and Charges for Home Loan
The fees and charges of home loans usually vary from lender to lender and from case to case. The below table gives you a clear idea of the charges related to home loans.
Particulars
Charges
Loan Processing Fees
0.25% to 2% of Loan Amount
Loan Cancellation
Nill - 5% (according to Bank/NBFC)
Stamp Duty Charges
As per the Value of the Property and State Tax
Legal Fees
As per actuals
Penal Charges
Usually 2% per month
EMI / Cheque Bounce Charges
Approx 499/- to 599/-
We always help
They frequently asked
questions
? What is a home loan?
A home loan is a loan used to buy a home. It is repaid over 15 to 30 years and is secured by the property being purchased. If the borrower fails to repay, the lender can take possession of the property.
? How do I qualify for a home loan?
To qualify for a home loan, you typically need a good credit score (usually above 620), a steady income, and a low debt-to-income ratio. Lenders also consider your employment history. If you meet all of the lenders perimeters than you are eligible for a home loan.
? Can I prepay my home loan?
A final, Yes, you can usually prepay your home loan in two ways such as full prepayment and part prepayment. If you have the remaining principle amount availabe with then you can fully pay the amount and close the loan or the payment also can be made in parts and the principle will be reduced by the same amount.
? Is it possible to secure a 100% home loan from a bank?
No, it is not possible to secure 100% loan from the bank.However banks provide upto 90-95% of the agreement value.
? What is the maximum home loan that I can get?
The maximum home loan that you can get is not capped by any amount but it is given on the basis of the agreement value and also the borrorwers income eligibilty and credit history. generally banks provide 90-95% of the agreement value.
?Who can be joint borrowers in a Home Loan?
Joint borrowers for a home loan can include family members, spouses, or any two individuals willing to take joint responsibility for repaying the loan. Lenders typically require all co-owners of the property to be co-borrowers on the loan. Having a joint borrower can help increase the loan eligibility, as the income and creditworthiness of both borrowers are considered. It's important for joint borrowers to understand that they are equally responsible for repaying the loan, and any default can affect both borrowers' credit scores.
