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A home loan is a financial product that allows individuals to borrow money from a financial institution to purchase, construct, renovate, or extend a home. Various best home loan banks and NBFCs provide it to buy a home. It is a Secured loan, and you can repay your lender in terms of about 20 to 30 years. This loan form is usually paid using EMI or the Equated Monthly Installment system. There are also options for a home loan for renovation tailored to specific needs like home improvement.

You can obtain instant home loan approval by following the process outlined below:

1. Fill out the application form physically or digitally to the financial institution.
2. Submit all required documents to the lender, including your KYC details and financial statements
3. Respond promptly to any additional requests or clarifications needed during the loan processing.
4. The financial institution will conduct legal and technical checks on the property you purchase in parallel with the sanction process.
5. After the evaluation, the lender will issue a sanction letter, typically within 1-2 weeks

The documents required to avail of a Home loan usually vary between banks. The following is a short list of home loan documents required when applying for a home loan:

1. Completed and signed home loan application form
2. Proof of Identity (any one): PAN Card, Passport, Aadhaar Card, Voter’s ID Card, Driving License
3. Proof of Age: (any one): Aadhaar Card, PAN Card, Passport, Birth Certificate, Bank Passbook, Driving License
4. Proof of Residence: (any one): Bank Passbook, Voter’s ID, Ration Card, Passport, Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill), LIC Policy Receipt, Letter from a recognized public authority verifying the customer’s address
5. Proof of Income for salaried or self-employed
6. Property documents

The maximum home loan offered is 10-15 crores by various financial institutions across India will vary depending on the banks and NBFCs. It is also essential to understand that the maximum home loan offered by financial institutions to salaried individuals and professionals will differ.

As per sections 80c, 24(b), and 80EEA of the Income Tax Act 1961, you can receive tax benefits on repayment of the principal and interest paid on your home loan. For more detailed information and personalized advice on the tax benefits of your home loan, consult your CA today.

There are a few factors that determine your Home Loan Eligibility. They are as given below:

1. Income of applicants
2. Age of the applicants
3. Other Obligations
4. Stability and continuity of the primary applicant’s occupation
5. Repayment capacity
6. Credit score (CIBIL)
7. Salaried or self-employed or professional applicant.

You can receive an interest principle or financial sanction from the financial institution before finalizing your property. This helps the customer negotiate better with the property seller.

A bank or an NBFC usually provides an applicant with a Home Loan at the best interest rate available. These will include factors like ‘Credit History’ or CIBIL score. However, a Direct Selling Agent (DSA) can help speed up the loan sanctioning process by providing expert guidance and minimizing documentation requirements. (DSA) can help speed up the loan sanctioning process by providing expert guidance and minimizing documentation requirements.

Step-by-Step Guide to Applying for a Home Loan

1. Assess Your Eligibility
   Use an online home loan eligibility calculator to check if you meet the lender’s criteria, such as income, credit score, and employment status.
2. Research Lenders and Compare Rates
   Use an online home loan eligibility calculator to check if you meet the lender’s criteria, such as income, credit score, and employment status.
3. Choose the Right Loan Type
   Decide if you need a standard home loan, balance transfer, or a top up home loan for renovations.
4. Gather Required Documents
   Before applying, prepare documents like proof of identity, income, and property ownership.
5. Submit Your ApplicationYou can apply housing loan online by filling out the application form and uploading the documents through your chosen bank’s website.
6. Verification and Approval
   The lender will verify your documents, assess your credit history, and conduct legal and technical checks on the property.
7. Loan Sanction and Agreement
   Once approved, you’ll receive a sanction letter outlining the loan amount, interest rate, and terms.
8. Disbursal of Funds
   Once the loan agreement is signed, the funds are sent directly to the seller or builder.
9. Repayment
   Use a home loan EMI calculator to plan your monthly payments, considering the loan tenure and interest rate.