Applying for a home loan is a simple process. A home loan is applied for when one wants to buy, build or better one’s home. Based on one’s personal needs and requirements, there are different types of home loans that are provided. One can choose what home loan is needed and apply for it.
Different types of home loans
- Regular home Loan – This is for customers who want to purchase a new house or construct their own home in a piece of land. This can be applied for individually or jointly.
- Home Improvement Loan (HIL) – This is to help customers upgrade the interiors such as painting, waterproofing, tiling, flooring or the exteriors such as electricals, compound walls, windows and other such betterment works for their existing home.
- Home Extension Loan (HEL) – This is to help customers add additional space to their homes. It could be to build an additional bedroom or to build a porch.
Some lenders offer more home loan options, so it is best to check with your lender as to what home loan options are available.
How to apply?
1. Choose which home loan type is needed.
2. Check the eligibility criteria of your lender for the home loan you have chosen.
3. You can apply online for the home loan you have chosen by filling in the application form and turning in all the required documents.
4. You can apply in person by visiting the lender’s branch with all the needed documents and filling out the application form for the same.
Additional Reading: What is the process of applying for a home loan?
- ID proof
- Address proof
- Age proof
- Salary slips for 3 months (salaried)
- Income tax returns/Form 16
- Bank statements for 6 months
How to repay?
- Post Dated Cheques (PDCs)
- Automated repayment of EMIs
To apply for a home loan, click here.