A home loan is a secured loan used to purchase a property, whether it’s a developer’s under-construction or ready-for-possession property or a resale property from a person or company. You can also use a home loan for property extension or refurbishment.
This is the traditional mortgage where customer has an option of selecting fixed or variable rate of interest and is provided for the purchase of property.
Loans are provided by the lender which is a financial institution such as a bank or a mortgage company. There are two types of loan widely offered to customers:
Fixed interest rate loan: It is the type of loan where interest rate remains constant for the life of the loan.
Fluctuating/Variable interest rate loan: It is the type of loan where the interest rate is fixed for the period but then it fluctuates with the market interest rates.
At Kautuke Financial Services, we understand that you must have a Home Loan that meets these requirements, so we do all the legwork for you. We research the different mortgages available and choose those that suit your financial and lifestyle requirements.
To enjoy hassle-free loan processing, potential borrowers must meet specific home loan eligibility conditions before applying for a house loan.Age, income, employment position and stability, and property value are among the conditions established.Credit is available to both self-employed and salaried individuals who meet specific home loan qualifying standards.Check your eligibility for a home loan as a salaried or self-employed individual and apply accordingly.
Home Loan Eligibility Criteria for Salaried Individuals:
Loan eligibility requirements for salaried individuals include:
Note that the home loan qualifying requirements are only a guideline and may include additional requirements.
Home Loan Eligibility Criteria for Self-Employed Individuals:
Loan eligibility requirements for self-employed individuals include:
Note that the home loan qualifying requirements are only a guideline and may include additional requirements.
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A 1.0% reduction in the interest rate can save you about Rs. 1.5 Lakh on a loan of 10 lakhs over a 20 year period. The exact figure will depend on the rate on the existing loan, balance tenure etc.