India’s First Home Loan application that gives you Free CIBIL Score
Existing user? Login and get the quote quickly.
Loan to Value Ratio
A home loan is not financed to the extent of the property cost. So, as a borrower, you should be fully aware of the loan you are likely to get for the property you wish to buy. Most lenders, especially banks follow the loan to value (LTV) ratio as shown below.
Loan Quantum | LTV |
---|---|
Upto INR 30 Lakh | Upto 90% of the property cost |
Above INR 30 Lakh - 75 Lakh | Upto 80% of the property cost |
Above INR 75 Lakh | Upto 75% of the property cost |
Shall You Check the Home Loan EMI Calculator?
You shall check the home loan EMI calculator in advance to get an idea of the monthly installment amount applicable. The calculator computes the EMI based on the loan amount, interest rate and tenure. The calculator is available online to make it easy for you. Just enter these three variables at their respective space in the calculator and see the EMI flashing on the screen. You will even get to see the total interest payable to the lender over the loan tenure you opt for.
What are the documents required for a home loan?
The documents required to apply for a housing loan are a bit different for salaried and self-employed applicants. Below are the documents you need to submit along with loan application form:
Documents required for Salaried
- Filled home loan application form
- Identity Proof- Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
- Address Proof - Passport/Aadhaar Card /Utility Bill
- Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill
- Income Proof - Latest 3 months Salary Slips and Form 16
- Job Continuity Proof - Current Employment Certificate /Current Job Appointment letter (if more than 2 years)/Experience Certificate (including your previous job certificate or appointment and relieving letter)
- Bank Statements - Latest 1 year statement where your salary is getting credited
- Property Documents - Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If applicable)
- Advance Processing Cheque
- Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
- Passport size photograph/s
Documents required for Self-Employed (Professionals and Non-Professionals)
- Filled home loan application form
- Identity Proof - Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
- Address Proof - Passport/Aadhaar Card /Utility Bill
- Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill
- Income Proof - Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
- Business Existence Proof - 3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license
- Bank Statement - Latest 1 year bank statement both current and savings.
- Property Documents - Copy of agreement executed / Sale deed, Share certificate, Latest maintenance bill, list of documents & sanction letter given by existing banker (If applicable)
- Advance processing cheque
- Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
- Passport size photograph/s
Please note that income proof is the most important document to get a home loan approval. If you do not get your salary in a bank account, you can not apply for a home loan. Only a few NBFCs will consider your application. But they will most likely approve the loan at a higher rate of interest. Recently, the Union Cabinet declared 10 per cent reservation for economically weaker upper castes recently and now ministry might bring in another surprise for the middle class people of India. The finance ministry might increase the tax exemption limit under Section 80C of the Income Tax Act.
Why choose Wishfin?
Home loans are available at almost all top banks/NBFCs , so choosing one might be a little time-taking. Wishfin helps you in selecting the best lender based on your requirements. Here are the reasons to choose Wishfin:
- Online Marketplace - Wishfin is an online marketplace for loans with unbiased suggestions.
- 19 Million Satisfied Customers - More than 19 million customers have fulfilled their wishes through Wishfin.
- Instant Quotes from Top Lenders - You get instant quotes from top banks and NBFCs.
- Expert Advice- You get expert advice from experienced Wish Experts.
- Transparent Process - Experts are there to answer any query related to your home loan application.
- End to End Service - You get 100% assistance for the loan application
- Free CIBIL Score and Report - Wishfin gives you free CIBIL score and CIBIL report with your home loan application.
Frequently Asked Questions (FAQs)
Below are few questions for Cibil Score
The Equated Monthly Installment (EMI) would most likely remain unaffected with the change in home loan interest rates. The change in rates would, however, ensure a change in the proportion of interest and principal over the years. If the lender raises the interest rate, the interest portion of the EMI will increase. The principal portion would decrease in such a case. When the lender cuts the rate, the interest portion will come down. The principal portion of the EMI would increase. Apply Home Loan Now