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About This Video :
this video is on dwelling mortgage and we’ve mentioned the complete video in elements, initially we mentioned what’s the strategy of home registry which can be known as as dwelling sale deed, so we’ve mentioned about sale deed after which we’ve mentioned about dwelling mortgage and the speed of curiosity provided by banks for dwelling loans. we’ve mentioned the speed of curiosity for some banks like sbi dwelling mortgage rates of interest, hdfc dwelling mortgage rates of interest and canera financial institution dwelling mortgage rates of interest and so on and so on.
we even have mentioned the idea of mounted vs floating rates of interest in dwelling mortgage and another level , many individuals say dwelling mortgage as housing mortgage additionally, so there is no such thing as a must get confuse in dwelling mortgage and housing mortgage.
Step-by-Step Home Loan Process in India
1. Pre-Application Stage
Step 1: Assess Your Eligibility
Age: Typically 21–65 years (salaried/self-employed)
Income: Minimum ₹25,000–₹50,000 month-to-month, relying on metropolis/financial institution
Credit Score: Preferably 750 or above
Employment: 2+ years of secure job/enterprise historical past
Step 2: Determine Loan Amount & Property Cost
Banks often finance 75%-90% of property worth
Balance is the down fee (you pay this from your personal funds)
Step 3: Choose the Right Lender
Compare banks/NBFCs on:
Interest charges (mounted/floating)
Processing charges
Loan tenure (as much as 30 years)
Prepayment/foreclosures fees
Customer service & digital entry
Application Stage
Step 4: Submit Application Form
Online or on the department. Details required:
Personal & employment particulars
Income & asset particulars
Property particulars (if already chosen)
Step 5: Submit Required Documents
Basic paperwork embody:
For Salaried Individuals:
PAN Card, Aadhaar
Salary slips (final 3–6 months)
Bank statements (final 6 months)
Form 16 / Income Tax Returns (final 2 years)
Employment ID card
For Self-Employed:
PAN, Aadhaar
Business proof (GST, registration)
Income Tax Returns (final 2–3 years)
Profit & Loss and Balance Sheet (CA licensed)
Bank statements (final 6–12 months)
Property Documents (if recognized):
Sale Agreement / Allotment Letter
Title deed
NOC from builder/society
Approved constructing plan
Encumbrance certificates
Sanction Stage
Step 6: Credit Appraisal & Background Check
Bank verifies:
Your earnings & compensation capability
Credit rating & report (CIBIL or Equifax)
Employment or enterprise stability
Existing loans and liabilities
Step 7: Loan Sanction / Approval
If accepted, you obtain a Sanction Letter with:
Loan quantity
Interest price (mounted or floating)
Tenure
EMI and compensation phrases
Conditions (e.g., insurance coverage, co-applicant, property papers)
4. Property Verification & Legal Check
Step 8: Property Valuation & Legal Scrutiny
Bank verifies:
Property title, chain of possession, NOC from authorities
Property valuation to make sure market worth
Legal due diligence (carried out by financial institution’s empaneled lawyer)
Disbursement Stage
Step 9: Sign the Loan Agreement
Loan settlement
ECS/NACH mandate for EMI auto-debit
Other paperwork like indemnity, insurance coverage, and so on.
Step 10: Disbursement of Loan
For under-construction: Disbursed in levels based mostly on builder demand
For ready-to-move: Full disbursement without delay
Amount credited on to builder/vendor (not borrower)
6. Post-Disbursement
Step 11: EMI Repayment Begins
EMI begins after full disbursement or as per schedule
For under-construction, you could pay Pre-EMI (curiosity solely)
Step 12: Track Loan & Statements
Use financial institution’s app or portal to watch:
Outstanding mortgage steadiness
EMI due dates
Interest certificates for tax advantages
Tax Benefits (Under Income Tax Act)
Section 80C: Up to ₹1.5 lakh deduction on principal
Section 24(b): Up to ₹2 lakh deduction on curiosity
Section 80EE / 80EEA: Additional advantages for first-time homebuyers
A house mortgage is a secured mortgage by which a borrower takes cash from a lender (financial institution or NBFC) to buy or assemble a home. The property itself is saved as collateral (safety) till the mortgage is totally repaid.
A house mortgage with greatest financial institution is a perfect monetary answer for people seeking to buy, assemble, or renovate a home with out bearing the whole price upfront. Choosing a house mortgage with greatest financial institution ensures not solely aggressive rates of interest but additionally a smoother and extra clear borrowing expertise. Leading lenders in India provide versatile compensation choices, fast processing, and wonderful buyer assist, making the choice to go for a house mortgage with greatest financial institution for dwelling mortgage a smart step towards attaining your dream of homeownership. Whether you are a first-time purchaser or planning to improve, securing a house mortgage with greatest financial institution for dwelling mortgage can considerably ease your monetary burden whereas providing long-term tax advantages and safety.
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