Home Loan Agents in Ahmedabad, Home Loan Consultant in Ahmedabad, Home Loans in Ahmedabad, Gujarat





HOME LOAN










1) Home Loan: Overview




Own a home is dream of every one and this dream loan knows as Home loan. Home loan is always valuable because of its long tenure repayment, cheap interest rate, and high loan amount, interest deduction in income tax, no pre payment charges and many more big benefits. Home loan is availed to own a new dream home.



Home loans criteria are very different for all banks and for all NBFC. Nationalized banks give maximum 85% of agreement. Beside Multinational banks doing up to 140-150% of agreement amount by including extra works. And NBFC goes up to 150% of agreement amount ( only in case of market value is more higher than agreement value then maximum 75% of market value). Rate of interest are differ as per bank. All banks and NBFC are working under the norms of RBI and only Home loan License holder NBFC can do home loans. Note that banks includes charges like Stamp Duty, Registration Charges, Auda, AEC etc, but not includes charge like maintenance, parking while considering the home loan amount eligibility.



Home loans are offered for small tenure to long tenure. You can avail it by your financial capacity and your age limit for 5 years to 30 years. You can also restructure your home loan by doing part payment or extra payment. Both two option are always open for your loan firstly to reconstruct you loan tenor or secondly reconstruct your EMI.



Before some year Home loan is offered by fix rate scheme or floating rate scheme. But now RBI change his norms and no bank can offer Home loan for fix rate for whole tenure. Bank can offer fix rate for first year or first three year but then after it convert in to floating rate. Floating rate is depends on base rate. So when there are any changes announced by RBI it directly affected to your home loan interest. If it is decreased then your rate is also decrease and if it is increase then it increase.



Pre payment penalty is totally reduced by RBI and it is compulsory for all banks and NBFC who are dealing in Home loan. But there is some condition applied by some banks and NBFC that if you prepay loan by your own fund then there is no penalty but if you takeover it to other financial institution then it will takes penalty of 2% to 4% depends on company’s internal policy.





2) Home Loan Compare


Zatpatloans.com serve you best Home Loan


  1. Personalized Service: We only follow your profile and your requirement to well knowledge vendors who understand your profile and give you best.

  2. Detailed Inquiry Form: We have prepared two types of inquiry form which helps you to take decision about your loan process. Our detailed application form submitted to our expert analyst and then result it within 24 hours. So you can easily know your eligibility, loan probability, and offers also.

  3. Best Analyst – Zatpat loans has best analyst team which is highly educated, many years experienced and well knowledge of all bank policies. It helps you to platform your profile at right way.

  4. Latest Offers – Zatpat loans updates immediately all new schemes running from all banks. So it is easy to choose best rate loan from all banks.

  5. No consulting Charges – Zatpat loans itself and all vendors who are related to Zatpat loans do not take any consulting charges from customers.

  6. Doorstep Services – Zatpat loans gives you doorstep services for all products from all banks. Vendor will come to you place from application to disbursement process. So it is easy to get best without investing time.

  7. All Bank Offer At One Time – Every BANK and NBFC have different interest rate for different salary and profile. Zatpat loans give you the right platform where all bankers offer his best to particular profile. So it is for customer to select best option with best scheme.

  8. Helpline – Zatpat loans has a customer care team and a virtual number who helps you take advice about loan and also help to increase your credit profile.

  9. Stop Frauds – Some time customer are being part of fraud from vendors and of some executives. Zatpat loans give you surety of fraud free loans.

3) Home Loan Interest Rates



Current Home Loan Interest Rates in India:


You have various options to get Home loan. Each bank has different interest rates different tenure and different loan amount criteria. Home loan amount and rate of interest is dependent on customers profile like working company, take home salary, Average bank balance, designation, Cibil score etc. Every banks give Home loan on bases Net salary and for businessmen on bases of last 3 years of It Returns.


Balance Transfer Scheme:


If you want to release your current burden of high interest rate or don’t want to take multiple EMI burden for new loan and also required best rate compare to your older loan than Balance transfer scheme is the right option for you. Some banks are giving best scheme for balance transfer like they are offer 8.35% to 8.5% interest rate and nill processing fees. They also offer top up amount by this way you can get new loan and keep only EMI from same bank even though you have get new funds.


Special Scheme:


If you are working with some reputed and super cat A company then always ask if there is any special scheme are live or not. Most of the banks are every month announce new scheme for super cat A companies or for reputed big companies or for some Higher designation employee. So when you get right scheme it is better to take immediate apply and choose the right bank.


Prepayment Condition and Charges:


Whenever you go for home loan firstly get detail about pre closer charges. As per RBI every bank has withdraw pre payment charges for Home loan only. But beside there is a hidden condition that if you going for Balance Transfer then some of banks are taking for closer charges. There are various offers in market who offers normal loans and with facility of pre payment with nil charges. You should have to decide first your purpose of your loan, your repayment capacity, your saving planning, your extra income like incentive and then after you have to decide that are you able to do pre payment before the tenure or not. If first you clear your perfect concept of loan then you can do best deal.


Difference between Flat Rate and Reducing Rate:


Major customer does not understand what is difference between flat interest rate and reducing interest rate? There is only calculation difference between flat interest rate and reducing interest rate. If you go for the flat rate then reducing will be Flat rate * 1.75 Example if your flat rate is 10% yearly then your reducing will come 10% * 1.75 = 17.5% reducing yearly. Both are same but some people misguide customer with flat and reducing interest rate.



Bank Name Floating Interest rate Processing Fee
SBI - State Bank Of India 8.30% - 8.60% 0.35% of Loan Amount or Rs 10000 plus service tax whichever is less, subject to minimum of Rs 2000 plus taxes
ICICI Bank 8.35% - 8.80% 0.50% - 1.00% of the loan amount
HDFC Ltd 8.35% - 8.55% Up to 0.5% of the loan amount or ₹ 3,000 whichever is higher, plus applicable taxes
LIC Housing 8.35% - 8.80% Upto 1 crore - 5000 + Service Tax
AXIS Bank 8.35% - 8.75% Up to 1% of the Loan amount subject to minimum of Rs.10,000/-
DHFL 8.35% Rs.5,000 to Rs.20000 + document charges + Service Tax
Indiabulls Housing Finance Limited 8.35% - 8.80% Upto 28 lacs = Rs.7500 - Rs.10000
28 lacs - 1.5 Cr = Rs. 10000 - 0.5%
Tata capital Housing Finance ltd 8.65%(For Women) - 8.90%(For Others) 0.25% of the loan amount + Service tax
Standard Chartered 8.51% up to 0.5%
PNB Housing Finance 8.35% - 9.25% 0.50% Or 10,000 + GST , whichever is higher.
Development Credit Bank 8.50% - 16.00% Nill till 31.12.2017
India Infoline Housing Finance Ltd. 8.50% Up to 1% of the home loan
Reliance Home Finance Private Ltd. 8.35% 1% of the loan amount + taxes


4) Home Loan Eligibility Criteria



Home Loan Eligibility


There are some different criteria for Home loan. It is different for both profile salaried and businessman. Most of Bank is generally follows below criteria for Home loan.



For Salaried:





For Self Employed:




5) Home Loan Documents



Home loan is always done timely if you are perfect with your documentation. Always go for loan with perfect and total documentation so that you will get login timely, perfect communication with bank and result between the expected times. If you not provide complete document timely or delay it then because of part documents you will not get to login in bank and if get logged in bank then does not get perfect result.


If you are not getting surety for rate of offer or approval of Home loan then always goes for multiple option at the time so you can get best out of them without wasting your time.


The necessary documents required for Home loan are as below. When you submit it then first verify your agent that particular proof is valid or not. Always provide documents as per below or as per current requirement because bank changes in their policy anytime as per then internal policy.



Documents for Home Loan salaried




6) Home Loan Process



Home loan process is divided in 5 steps. By following all 5 steps you will get best loan as per your requirement. If there is any problem with your loan then your application will stop on related stages and its shows current status. Every stage result you that its stop or in process. Understand clearly all the stages so it is easy to take Home loan.



Stage 1: Enquiry – Take Advise – Compare - Select


When you have choose this platform to compare all banks and financers then always try to attend all calls and talk with all financers. Do not irritate by lots of call but share your choice, your demand, your purpose, loan amount, profile with every bank and NBFC. Its helps you to take decision about your loan and helps you to choose right option. If you have any negative points then also share it with consultants so they will show you the right way. It is better to choose option who suite to your profile and advised by majority consultants.


Stage 2: Documents Sumiton – Application Form - Apply


Firstly choosing right option prepare all required documents and once verify with your Vendor and if there is some documents pending arrange it on priority bases. Verify that all documents are enough as per bank policy or not. Sign application form properly.


Stage 3: Application alert – Query – CIBIL


When you submit your application completely to the bank then you will get one SMS with application number from respective bank. You can follow your status by this application number online. Major Banks does not login if there is any query in your application so try to complete your document. After login please ask your lender about CIBIL and query. If there is any problem with your CIBIL your application will reject with this stage. If there is any doubt query in CIBIL your application will hold for query. If there is no query then your application will move for next stage of verification.


Stage 4: Verification – Home Discussion


After completing 3rd stage your application moves to verification stage. Verification agencies representative will visit your office and resident and collect detail respecting you and submit it to bank. Besides Some bank Credit offices do telephonic Home discussion about your application and some bank credit officers Homely visit you for Home discussion. They try to know your profile, your attitude, your loan purpose, your credit history, your financially stability etc. After getting Home discussion if credit manager feel any doubt then he will reject your loan or ask for query. If he satisfied with profile then your application will move to final stage.


Stage 5: Loan approved – Sanction offer – Agreement – Disbursement


After cleared all above four stages your application will moved for approval and meanwhile you will get approval from bank. After getting approval customer has to do agreement with bank and submit security deposit cheque in favor of bank name. Once your agreement completely submitted to bank then within 48 hours you will get RTGS in your account of DD from respected banks.




7) Home Loan Best Tips



If you are going for home loan please follow best tips from Zatpat loans advisor.


  1. Always get quotation from multiple vendors and multiple banks then analyst it and select what is best
  2. Always try to hear all vendors particularly so from that you can something new which you don’t know
  3. Don’t hide your negative points from vendors because it helps you provide right option
  4. Discuss your all credit history with vendors so it is give you perfect results without rejection
  5. Don’t make rude attitude to vendors because it makes your relation temporary and not profitable to you.
  6. Always prepare your all documentation and also security cheques before you apply for home loan. It saves your time.
  7. Be in touch with your vendors till you get particular status about your loan application
  8. Follow Application number on bank’s website. It will keep you in track.
  9. Ask all expenses of Home loan first.
  10. Verify with you vendor that register Mortgage is compulsory of not. Always choose option which does not include register Mortgage because it saves your expenses.
  11. 11) Verify with your vendor that Loan protector insurance, property insurance, and Life insurance policy is compulsory or not. Because all banks are doing cross sale for insurance policy as per their internal policy
  12. It is always better to go with project approved banks or NBFC. You will not get any property related document problem if project are pre approved by bank.