home-loans-online-overview

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Home Loans Online Overview

Home is where the heart is. Every individual's biggest dream is to own a house, and they strive day and night to make that dream come true. But, not everyone can afford the entire amount required for constructing a house. Even though one can afford it, taking out a home loan is an excellent idea to acquire tax benefits. All the banks in the country offer home loans, each with a different set of features. If you are thinking of building your dream home and want to opt for a home loan, we are there to aid you in this loan journey. LMV Financial Services helps you obtain Home Loan Online in various cities at affordable interest rates and flexible repayment options.

With us, the documentation and processing are also carried out in full swing. Our customer service is also much appreciated by our clients to date. Conceive your dream of buying your own home quickly with our home loans. You can apply for a home loan through us for an A-1 bank and get the application accepted instantly. We deal with the best banks in the country, and you can avail guaranteed home loans at small EMIs with repayment tenure as high as 30 years. You can also get tailored housing loans as per your needs. Also, transfer home loans from one bank to another with us.

Home Loan Key Features

  • You can acquire a home loan to purchase a house, flat, bungalow, etc.
  • You can acquire a home loan to purchase properties from Development Authorities such as DDA, MHADA, etc.
  • Loans for the purchase of properties in a housing society, privately built-up homes, etc.
  • You can acquire Home Loan Online at diverse interest rates - floating and fixed. While in the former, the interest rates change as per the market, the latter will see fixed interest rates throughout the tenure.
  • You can also use the home loan to buy a secondary house or a plot.
  • Individuals can also acquire home loans to renovate the old house.
  • Check out your emi options now from our Home loan emi calculator

Benefits of Home Loan

We offer exclusive benefits on home loans and their interest rates. We will help you obtain Home Loans India from your desired bank with minimal documentation. Many benefits are associated with a home loan, and here are they:

Tax Benefits

A home loan's first and foremost benefit is income tax exemption. You can claim up to Rs. 2 lakh on interest repayments with home loans.

Low-Interest Rate

The interest rates for home loans are comparatively lower than other types of loans. If you fall short of money to complete the construction of your home, you can immediately apply for a home loan and get the job done.

Diligence of Property

When you apply for a home loan with a particular bank, it will check if the property is genuine or not, which clears the air for you about the authenticity of the property you own

Loan Repayment Tenure

The loan repayment tenure of home loans is much higher than any other loans available in the market. The maximum loan repayment tenure would be 25 to 30 years. The concept of long repayment tenure came into existence to reduce the monthly EMI amount.

No Prepayment Penalty

If you have a lump sum amount and want to close the home loan, you took with floating interest, and you need not pay a prepayment penalty for that and quickly close the loan.

Transferable

The home loan taken from one bank can be transferred to another without hassle. If you find that some other bank offers competitive interest rates than your current bank, you can opt for a transfer.

Home Loan Eligibility

The eligibility criteria to apply for Home Loan Online is given below:

Types of Home Loans in India

Different banks offer different home loans, each serving another purpose. Here we present the types of Home Loans India.

New Home Loans

As the name suggests, new home loans are offered to individuals planning to construct or buy a new house for the first time.

Pre-approved Home Loan

Pre-approved loans are offered to those with enough credits and financial status to repay the loan in time.

Home Purchase Loans

Home purchase loans are given to borrowers planning to purchase a home or flat.

Home Loan for Construction

Home loans are also granted to individuals who want to construct new homes on their land.

Plot Loans

Plot loans are nothing but loans granted to individuals to purchase land or plot to later use for the construction of a house.

Home Loan Top Up

As the name reads, a Home loan top-up is nothing but a top-up offered by banks and NBFCs to customers who want to obtain a certain amount above the existing home loan.

Home Renovation Loan

A home Renovation loan is given to the borrowers who wish to renovate the existing home.

Balance Transfer Home Loan

Loan borrowers can transfer the home loan they acquired from one bank to another in this type of loan. Most home loan borrowers use this type of loan, considering the captivating interest rates offered by various banks.

FAQs

What is Home Loan?

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A borrower uses the home loan, a type of secured loan, to purchase the house of his dreams. The borrower can use the acquired home loan to purchase a new home, construct a house, buy a plot, renovate or expand the existing home, etc. A home loan is the only loan with the highest repayment tenure of up to 30 years.

How long will it take to acquire a home loan?

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The Home Loans India takes around 3 to 4 weeks to get sanctioned. However, your home loan will be disbursed quickly if you go for a pre-approval approach. But if your income-related documents are submitted lately, your loan may not be sanctioned on time.

What is the difference between a fixed rate and a floating rate home loan?

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The fixed interest rate and floating interest rate home loans are two different types of home loans acquired by borrowers from banks. The Home Loan Interest Rates are a major difference between the two. While the fixed rate means the interest rate remains the same throughout the loan repayment period, the floating rate means the interest rate differs depending on RBI rates.

Can I prepay my outstanding home loan amount?

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Yes, it is possible to prepay the home loan amount before the loan tenure period. There won't be any penalty for prepayment of the home loan when the loan is taken under a floating rate; on the other hand, there will be a penalty for a fixed interest rate.

Does a home loan have tax benefits?

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Yes, home loans have tax benefits, and you can attain a maximum of Rs. 2 lakhs or so as tax exemption on the home loan as tax benefits.

Is it possible to switch from a fixed to a floating rate during the home loan tenure?

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Yes, you can switch from a fixed interest rate to a floating interest rate during the home loan tenure. Nevertheless, you have to pay conversion fees to the lender.

When does my loan repayment period begin?

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The loan repayment starts only after the entire loan amount is disbursed. Nevertheless, you are entitled to pay pre-EMI on the already acquired home loan from the lender.

Is it possible to take two home loans simultaneously?

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Yes, taking two home loans simultaneously is possible, given that your credit score is good and your lender finds you eligible to manage two home loans simultaneously.

Can I get 100% financing on a home loan?

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No Banks/NBFCs provide the home loan borrower with 100% financing for a home loan. The home loan granted will always be less than the borrower's property value. However, most banks offer 90% of funding on any home loan to their customers. At such times, the borrower has to pay the 10% of finance as a down payment for the home loan.

Does personal loan affect home loan eligibility?

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While assessing the home loan eligibility of the borrower, the lender bank will ensure that your monthly repayments are not affected by any existing loans like personal loans, car loans, etc. If your current loans consume 50 to 60% of your monthly earnings, there are high chances for your home loan application to be rejected.

Is it okay to take a personal loan instead of a home loan?

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No. The benefits offered by personal loans and home loans are very different. Especially the tax exemption provided in home loans is not covered in personal loans. Also, the home loan amount is much higher than a personal loan. If you want a home loan for renovation, you can get the top-up done instead of a personal loan. Also, the Home Loan Interest Rates are lower than personal loans.

What are the benefits of joint home loans?

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A joint home loan has excellent benefits as the co-applicants eligibility will add up to the eligibility for the home loan. The co-applicants income will be considered by the lending bank while accessing the eligibility for the home loan. Here the point to be noted is that all co-owners of the property need to be co-applicants for a home loan, but all co-applicants need not be co-owners of the property.

EMI Calculator

Home Loan Amount

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0
|
2cr
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4cr
|
6cr
|
8cr
|
10cr

Interest Rate

%
|
5
|
7.5
|
10
|
12.5
|
15
|
17.5
|
20

Home Loan Tenure

Yr
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1
|
5
|
10
|
15
|
20
|
25
|
30

Calculated Results

Monthly Payments

Total Interest

Total Amount