IDFC First Bank Home Loan - IDFC First Bank Home Loan Eligibility

Looking for a home loan but none of what the other lenders are giving is suiting you? Or maybe IDFC First is your first choice which you’re starting your search with? Either way, you will find all the information about the bank’s Home Loan here.

IDFC First Bank Home Loan Features

• Hassle-free and simple loan processing and minimum loan turnaround time
• Get home loans till 90% of your property’s value
• Get pre-approved loans for faster disbursal and acceptance
• Get term loans against residential properties
• Get loans between 5 lakh and 5 crore
• The maximum tenure for salaried people is 360 months and for self-employed people it is 300 months
• Get subsidy of 2.67 lakh under the PMAY Credit Linked Subsidy Scheme

Properties you can pledge are:

• Ready property
• Balance transfer
• Home extension and renovation
• Under construction property
• Plot purchase
• Composite Loan
• Self-construction
• Top-up
  

IDFC First Bank Home Loan Eligibility

• Sole proprietors
• Partnership firms
• Salaried people
• Self-employed people
• Micro, small and medium sized enterprises
• Good credit ratings as given by a credit bureau
• Minimum age is 23 when taking the loan and 70 during time of loan maturity or during retirement
• Clear credit history
• If self employed, experience needs to be 3 years. For salaried individuals, this is 3 years as well

IDFC First Bank Home Loan Documents

General documents for all:

• Photo Id (any one): Passport, Driver license, Voter ID, PAN Card, Aadhar card
• Address proof (any one self-attested): Drivers license, Ration card, passport, electricity bill, bank account statement, telephone bill, Aadhar card, Property purchase agreement
• Income proof (any one self-attested): 2 month’s salary slip, Last 6 month’s bank statement showing salary credit, Last year ITR showing income or Form 16
  

For salaried individual

• Repayment track with loan sanction
• Last 2 month’s salary certificate or salary slip
• Latest IRT with income calculation
• Last 6 month’s bank statement showing salary amounts withdrawn
  

For self-employed individual

• IT returns with income computation
• Balance sheet with profit and loss account and schedule
• Sales tax or VAT return for months not covered
• Last 6 month’s credit card statement
• Copy of contract border as well as form 16A
• Last 6 month’s bank statements of company’s business account and of individual’s saving account
• Repayment track
  

Business proof

• Shop establishment certificate
• Paid electricity bill not older than 90 days from time of loan application
• VAT return
• Property allotment letter
• Property registered deed
• Trade license
• Telephone bill not 90 days before loan application
• Registered rent deed
• Property papers
• Updated bank passbook or bank statements

Property proof

• NOC from the concerned society and related documents
• Possession letter
• Copy of original sale deed
  

How to apply for IDFC First Bank Home Loan

• Fill up the online form at the bank’s site and expect a call back. You can visit the nearest branch as well
• Submit your documents
• Wait for property application verification process
• Get loan disbursed

How to Increase Home Loan Eligibility?

Thinking about buying the dream home for your family? If you are, then this article will be of much use to you.

Buying a property involves a lot of money, and thus it is an important decision in anyone’s life. There are so many arrangements to be made. There are just as many contacts to get in touch with and adjustments to be made in the final deal.

Most of the time it does happen that the dream home one desires is in reality out of one’s reach. It is at such junctures that you have to make an important decision. Do you want to go ahead and still make that expensive purchase, or opt out to save money for something else?

Before you begin the application process, assess your eligibility factor. By now, you may have already finalized on a lender. If so, you also know the eligibility factors. If so, do you meet those factors? If yes, great! If not, don’t apply yet. Instead take the time to increase your eligibility criteria.

When you apply, the lender shall assess your ability to repay the loan within a stipulated time frame.

What is home loan eligibility?

This is defined as the maximum money you can get as a loan, and it is based on several criteria like your current level and sources of income, age, repayment capacity, credit score and other factors.

In this article, we will show you several ways that you can use to boost your home loan eligibility without any problem.

Clear out your current loans

If you still have existing loans, you may want to repay those first. This is because otherwise it can be harder for you to manage repayment of all the loans. Your prospective lender knows this, and that if you have multiple loans already it becomes risky for the lender if you are not able to repay.

Thus, there are increased chances of your application being rejected. It is better if you close all current loans before getting a new one. And don’t forget to get a No-Due certificate and get this updated in your credit report.

Increase the loan tenure

Increasing the loan tenure means you’ll be repaying the loan over time. This makes things easier for you, and by extension, it makes it easier for the lender. When you pay over a longer period of time, your EMI amounts go down. And that makes it easier for you to repay. If you choose to get a longer tenure, you are more likely to get the loan since it means there is less risk for the lender. However, do understand that having a longer tenure means giving more interest to the bank or lender.

Keep your Fixed Obligation to Income Ratio to below 40%

Fixed Obligation to Income Ratio or FOIR is that part of your income that goes into repaying loans. FOIR therefore is an important component for determining your eligibility.

The higher your FOIR is, the less chances you have of getting the loan. Thus, you need to keep the FOIR percentage lower than 40%. This boosts your chances of getting the home loan.

Get a strong credit report

To get most loans, you need a strong credit report, which means the credit score needs to be high enough. While most banks have a specific criteria for credit scores, it is generally agreed that you need to have a score of more than 750. The nearer it is to 900 the more are your chances of getting the loan of your choice.

Choose a joint home loan

Want to make it easier for yourself to get the home loan? Opt for a joint home loan. When you do this, another person is the co-applicant and thus the co-guarantor. In case you can’t repay for some reason, the other person will have to repay. Opting for a joint home loan makes it easier for you to get the loan since it is seen as less risky by lenders.

Consider additional income sources

Finally, you may want to get an additional source of income, or maybe boost your income level from your current sources. The more income avenues you have and the higher your income level is, the more chances you have of getting a home loan.

After applying all these tips, you have more chances of getting the home loan.

Yes Bank Home Loan - Features and Benefits of Yes Bank Home Loans

Fulfill your dream of owning a home with Yes Bank. Yes Bank Home Loans help you make your dream a reality without having to worry about financial constraints. It offers flexible loan tenures at competitive interest rates, which enables you to meet your financial requirements. It provides Home Loans to all the customers, including low-income groups and high-net-worth individuals.

Features and Benefits of Yes Bank Home Loans

Tax Benefit:

• The property you purchase lies as the security and is mortgaged to the bank until the loan is repaid.
• The principal amount, as well as the interest of the home loan, is eligible for tax benefits.
• As part of the Income Tax Act, 1961, the currently applicable exemption under section 24(b) is Rs. 2,00,000, and under section 80C, an additional amount of up to Rs. 1,50,000/- for the principal amount repaid in the same year can also be exempted. These amounts are subject to change as per the Income Tax Act.

• Balance Transfer Facility: Yes Bank offers the Balance Transfer facility with top-ups, which helps the applicants to transfer existing Home Loan with other banks and financial institutions at low prices.
• Long Tenures: Yes Bank offers Home Loans for longer tenures of up to 35 years, which helps in reducing the EMIs.
• Loans offered to low-income groups with a monthly income of Rs. 9000/-.
• Quick processing time to help you get the home loan faster.
• Nil Prepayment charges for floating rate Home Loan.
• Convenient doorstep service.
  

Interest Rates and Other Fees

• Interest rate - Yes Bank offers lucrative interest rates ranging from 9.60% - 12.00%.
• Processing Fee - Yes Bank applies a processing fee of 0.5% of the loan amount or Rs. 10,000, whichever is higher, and GST.
• Technical and Legal Charges - Yes Bank charges technical and legal charges which will be explained to the customer during the loan process.
• Prepayment Charges - If you decide to foreclose/transfer your housing loan to another bank, you must submit an application for the same. As per RBI, banks must not collect the prepayment charges on floating rate home loans.
  

Types of Yes Bank Home Loans

YES BANK offers a wide range of home loan to help suit your financial needs for the purchase of a property. Here is the list of the different types of Home Loans offered by Yes Bank:

Home Purchase Loan

As the name suggests, Home Purchase Loan helps you to purchase a new home or property.

Home Improvement Loan

Home Improvement Loan helps you to renovate or repair your existing home.

Home Loan Top-up

Home Loan Top-up helps to secure additional funding at home loan rates along with the existing Home Loan on the same property.

Home Loan Transfer

Home Loan Transfer will help you transfer the balance home Loan from other banks or Housing Finance Companies.

Home Loan for Self Employed

It is a tailor-made home Loan offered only for self-employed professionals and non-professionals.

Yes Khushi-Affordable Home Loan

YES KHUSHI Home Loan makes your Housing dream come alive. The loan amount offered is between 1 lakh and 28 lakhs. The Interest rate ranges from 10.25%-13.00% and the processing fee is 2% of the loan amount/Rs. 15000 whichever is higher + GST.

How to Apply for Yes Bank Home Loan

Online Method(Through Yes Bank Home Loans Portal)

• Open the online form.
• Fill in the required details such as your name, type of loan, city, and mobile number.
• You will get an instant call back from Yes Bank officials and they shall guide you through the process.
  

Online Method(Through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.
• Fill in requested credentials and submit.
• Our customer care executive will get in touch with you and give you the best and the lower interest rate schemes.
• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.
• After verification, your loan will be approved.
  

Offline Method(Through SMS or Call)

• Call on 1800-419-1717 or SMS ‘YES HL’ to 9223390909.
• You will get an instant call back from Yes Bank officials, who will guide you through the process.
  

Offline Method(Through Branch)

• Visit the nearest Citibank Branch.
• Fill in the Home Loan Application form.
• Submit the form along with the required documents.
• Your documents will be verified by the bank.
• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

IDBI Bank Home Loan - DBI Bank Home Loan Interest Rate

Having your own home is the most significant achievement in life, and IDBI Bank gives a home loan solution to assist you in accomplishing your dreams of purchasing or constructing a house. The home loan solutions of IDBI are customized to your requirements and are based on the following traits:

Expertise and in-depth knowledge of the financing industry

• Service quality
• Transparency
• Fast processing
  

IDBI Bank Home Loan: Features and Benefits

• Assistance in property search and due diligence of property for acquisition.
• Customized Home Loan Features for Salaried (Including NRI), Self Employed Professional and Self Employed Non-Professional (Business Category).
• Already approved projects for convenience of Home Loan buyers.
• Flexible Loan Repayment Option viz. Flexible Loan Installment Plan, Step up & Step down repayment facility, Tranche Based EMI.
• Extensive presence across India with 1800+ Branches and 76 dedicated Loan Processing Centers.
• The loan from anywhere to purchase a home anywhere in India.
• Most experienced personnel for smooth and secure loan processing.
• Online application facility.
  

Home Loan Process

You can choose any of the mentioned ways to apply for IDBI Home Loan Solution:

• Online
• Offline
  

Apply for IDBI Home Loan Online

Availing a home loan online improves the chances of getting the best interest rates, low processing fees, and special discounts in the form of cashbacks.

Here are the steps to apply online:

• Visit the IDBI portal
• Under 'Apply Online,' click on 'Home Loan.'
• A new loan application screen will appear where you need to tell if you are an existing account holder with IDBI or not.
• If you are an existing IDBI account holder, select 'yes' and enter your customer id. The bank will send an OTP to your registered mobile number.
• Enter the OTP details to verify. The bank people will contact on your number.
• If you don't have an account with IDBI, select 'no.' A loan application form will be opened. Fill the form with the necessary details and submit. Select your preferred branch location through which you want to start the loan process.
• Attach the required documents such as an address proof, income proof, and identity proof with the form and submit it.
• The bank will contact you for further verification. Either you have to take documents to the bank or bank will send their personnel at your home to collect your documents.
• The bank will also investigate the property before giving the nod for the home loan.
• If the verification goes right, you will get approval for the home loan instantly.
  

Apply for IDBI Home Loan Offline

There are four ways to apply offline:

• Through the IDBI Bank branch locator, find the nearest IDBI Branch. Once you visit the bank and contact the officials, they will ask you for the necessary documents and begin the loan process which includes checking your credit score, investigating the property value, technical and legal checks on the property, and calculation of your eligibility. The bank will decide the result of your loan application based on the evaluation results. (What is credit score?)
• Call the home loan sales officer of your bank branch.
• Give your details to IDBI Bank online under 'Help Us Contact You' section so that the bank officials can contact you.
• Download the application form of home loan from the IDBI Bank's website, fill and submit it at the bank branch.

Kotak Bank Home Loan - Key Features of Kotak Mahindra Bank Home Loan

Kotak Mahindra Bank is one of the prevalent banking institutions in the finance industry. The bank helps its customers in buying their dream home by offering them several home loan options. The interest rate of Kotak Mahindra Bank Home Loan starts from 8.90% with zero processing fee if applied online.

Key Features of Kotak Mahindra Bank Home Loan

• Lower EMI'S: Due to the lower rate of interest, the loans are offered with lower EMIs.
• Loan Amount: The applicant can apply for a home loan amounting up to 90% of the property value. However, he/she can borrow only up to 80% of the value of the property if the loan lies between Rs.20 lakhs-75 lakhs and up to 75% for loans above Rs.75 Lakhs. For buying commercial property, or loans against existing properties, the applicant can only avail up to 60% of the property value.
• Tenure: Maximum loan period in Kotak Home Loan is 20 years. However, the mandate may vary depending on the business profile of the applicant.
• Simple Documentation: Kotak home loans are disbursed instantly with the simple documentation process.
• Kotak Bank provides fast approval on loans.
• Doorstep Facility: The bank appoints a dedicated executive for collecting documents from home and completing other formalities.
• The loan can be applied either jointly or solely by the individuals in Kotak Mahindra Bank.
• The bank also gives the provision of extending one's eligibility by adding a co-applicant whose income is the primary factor. The co-applicants can be parents, spouse, or even children above the age of 18 years of the principal applicant.
• The bank generally keeps the property as collateral until the maturity of the loan period. However, in some instances, the applicant can also provide some additional securities.
• The bank also offers a free personal accident insurance cover up to Rs. 1 crore along with the home loan.
• Pre-approval facility: Under this facility, an applicant can apply for a loan based on his current income, assets, and employment information even before purchasing a new property. This facility is provided to the customers to enable them to close a deal as they come across a suitable property. However, these sanctions are only valid for six months.
  

Types of Kotak Home Loan

Kotak Flexi Home Loan

The Flexi home loan is a product offered by Kotak bank. This product is specially tailored to protect home loan borrowers from the inconsistency of the interest rate scenario. The loans issued at fixed interest rate are generally expensive owing to various charges, while loans issued at a floating rate of interest remains highly volatile due to the sudden changes in the market rate. Kotak Flexi Home Loan abates the customer from volatility, i.e., the customer is not required to pay more with a sudden increase in the market interest rate.

Under the Kotak home loan scheme, the interest remains fixed for the first three years, and it is re-fixed again for the next three years based upon the current index rate. This process is continued until the home loan tenure ends.  This loan provides a certainty of a fixed rate method to the customer, along with the benefit of a floating interest rate, thus preventing the customer from paying higher interests in case of a sudden increase in the prevailing interest rates.

Fixed Deposit Linked Home Loans

Kotak FD linked home loan is a fantastic product offered by the bank, where the interest rate on loan is charged according to the one-year Retail Deposit Rate (RDR) of Kotak Bank in place of the Retail Prime Lending Rate (RPLR). It means that the interest rate on loan will change only if the one-year retail deposit rate varies. It is not mandatory for the customer to have a fixed deposit account with the bank to avail of this facility. It is available in both Kotak Flexi Home Loan as well as Floating Rate Home Loans.

Kotak Home improvement loans

KMB Home Loan is provided for renovation which may include decoration, tiling, furnishing, making changes to the appearance, construction, waterproofing and all other activities undertaken towards the improvement of the existing house owned by the borrower.

Kotak Mahindra Bank Home loan Balance Transfer

This loan enables an individual to transfer the existing home loan from other financial institution to Kotak Mahindra Bank at a lower interest rate.

Kotak Home loan for Non-Resident Indian (NRI) Borrowers

Kotak bank also offers home loans to NRIs wishing to purchase a house in India or wishing to make extensions or renovations of the existing property owned by them. However, a specific eligibility criterion has been laid down by the bank for the individuals applying for this type of loan.

Kotak Mahindra Home Loan Process

The bank releases the loan amount once all the documentation and legal formalities of the property is complete and it gets proof of the down payment made by the borrower towards the purchase of the property.

The bank sanctions the loan amount depending upon the funds' requirement of the applicant and the progress of construction. The bank can either pay the entire amount at one time or in the form of suitable installments. The disbursement method depends on the discretion of the bank.

How to Apply for Kotak Mahindra Home Loan Online and Offline

When it comes to applying for Kotak Mahindra Bank Home Loan, the customer gets two options. Either the customer can go to the website or visit the nearest branch of Kotak Bank. In either of the options, the applicant needs to fill in personal, residential, income, and property details.
After filling the form, the applicant should submit it to the bank to process the application of a home loan. The bank will approve a loan only after the authentication of details during the investigation process, which involves an executive visit to the office and residence of the applicant.
If the investigation remains positive, the bank will then send the executive to visit the property that the applicant is looking to buy. After evaluating the condition of the property and its current market value, the executive will prepare a legal & technical report, which would become a factor in determining the valuation of the property.

Depending on the repayment ability of the applicant, the bank will finance up to 90% of the property valuation.

How to Apply for ICICI Home Loan - Features and Benefits of ICICI Home Loans

Make your dream home a reality with the help of ICICI Home Loans. ICICI Bank offers a wide range of customer-specific home loans with decent interest rates. It offers a higher loan amount on your income. The eligibility can be further enhanced by including the income of the co-applicants of your Home Loan. Give it a read and find out the features, benefits, interest rates,  and a lot more.

Features and Benefits of ICICI Home Loans

• Offers quick loan with simple documentation by buying ICICI Bank-approved projects.
• Facilitates pre-approved loans for selected customers, thus reducing the burden of detailed documentation.
• Offers Home Loan insurance to make the repayment easier for borrower’s family in case of the applicant’s demise. It comes in two variants: Home insurance & Secure mind and Loan Protect.
• Tax benefit of up to Rs. 1.5 lakh.
• Offers a wide range of ICICI home loan schemes to suffice the requirements of its customers.
• Offers loans at attractive interest rates.

Types of ICICI Home Loans

ICICI Bank Saral Rural Housing Loan

Saral Rural Housing Loan offers support to the socio-economic development of women and other weaker sections of the society. It also includes support in construction, repairs, acquisition, renovation or upgradation of rural houses.

Eligibility

• Rural women and other weaker sections of the society are eligible to apply for the loan.
• Individual must be between 21-60 years.
• The loan amount ranges from Rs. 15 Lakh-Rs. 10 crores.
• Option to apply for a maximum loan-to-value of 90%.
• The maximum period for the loan is 30 years. 
  

ICICI Bank Extra Home Loan

ICICI Bank Extra Home Loan increases your loan amount by up to 20%. It also extends the repayment period up to 67 years of age.

Eligibility

• Suitable for young and middle-aged salaried and self-employed customers.
• Extended repayment tenure of up to 65 years and salaried borrowers up to 48 years old.
• The loan amount ranges from Rs. 15 lakh-Rs. 75 lakh.
• Option to apply for a maximum loan to value of 80%.
• The maximum period for the loan is 30 years.
  

Pragati Home Loans

It is specially designed to meet your home loan requirements. Under this Home Loan, you can apply for a home loan/home improvement loan/non-residential premises loan.

Eligibility

• Salaried individuals who have a minimum income of Rs. 10,000 per month/self-employed individuals with experience in business for 5 years.
• Individual must be between 21-60 years.
• The loan amount ranges from Rs. 5 lakhs-Rs. 50 lakhs.
• Option to apply for a maximum loan to value of 90%.
• The maximum period for the loan is 20 years
  

ICICI Home Loan Balance Transfer

ICICI Home Loan Balance Transfer offers interesting interest rates to borrowers who want to lower the EMI on an existing loan from other banks and non-banking financial companies or for those who want additional funds to meet their personal/business needs.

Eligibility

• Individual must be between 21-60 years.
• The loan amount ranges from Rs. 5 Lakh-Rs. 10 Crores.
• Option to apply for a maximum loan to value of 80%.
• The maximum period for the loan is 30 years.
  

Home Improvement Loan

Loan to improve/renovate your home by availing a loan at a lower rate of interest. It is offered at home equity interest rate for both internal and external furnishing at an affordable interest rate.

Eligibility

• Individuals who want to renovate/re-furnish their existing house.
• Individual must be between 21-60 years.
• The loan amount ranges from Rs. 15 lakhs-Rs. 10 crores.
• Option to apply for a maximum loan to value of 80%.
• The maximum period for the loan is 30 years.
  

ICICI Home Loan Top-up

ICICI Home Loan Top-up offers loan to those who want to meet their home furnishing/marriage expenses/funding children’s higher education/holiday expenses, etc. You can avail a loan amount of up to 100% of originally sanctioned Home Loan.

Eligibility

• Salaried/self-employed professional/businessmen can apply for this loan.
• Individual must be between 21-60 years.
• The loan amount ranges from Rs. 15 lakhs-Rs. 10 crores.
• Option to apply for a maximum loan to value of 80%.
• Tenure is up to the remaining period of the existing loan, and the maximum period for the loan is 20 years.