LIC Home Loan- The key to your dream home

Having a home is the basic necessity of every human being. People work so hard so that they can have roof on their head. After a long day at work, you simply feel like relaxing in your living room watching television. The best feeling on earth is when you are able to buy a home for yourself and your family.

The point is for how long can you live in a rented house? Nobody likes a nagging landlord who is ready with his set of complains. This is why buying your own house becomes so much important. Do you wish to purchase a house but lack of finance is stopping you? If yes, then I have a news for you. You can now take advantage of the low interest rates offered on a LIC home.

LIC Housing Finance Company is currently offering a home loan up to Rs. 25 Lakhs at 8.35% to new women borrowers. In case of others, the rate of interest for amount up to Rs. 25 Lakhs is 8.40%. This is the best time to buy your own home loan as the rates have fallen which you will have to pay lesser EMIs. Instead of paying rent to the landlord you can pay the EMI to LIC for your home. This article will provide you with important information about the product so that you can make a balanced decision.

LIC Home Loan Eligibility

The LIC home loan seeker is required to meet the standard which has been set by the company. The eligibility criteria has been made by LIC so as to check the repayment capacity of the applicant. Have a look at the eligibility norms right here.

• Any individual residing in India or a pensioner or a non-resident Indian can apply for a LIC home loan
• The individual can be a salaried employee or a self-employed professional or even a businessman
• Pensioners who are in the age group of 70 years have been classified as before-retirement individuals. Those pensioners who fall in the age group of 70 years or more are classified as post-retirement individuals, Both of them are allowed to apply for a home loan

Documents required for a home loan

The applicant is needed to deposit certain documents to LIC so as to fetch a home loan. The list of documents has been given below.

General documents applicable to all

• Duly filled and signed application form
• Passport sized photographs
• Proof of Identity- Aadhar card/ PAN card/ Voter ID card/ Passport/ Driving lIcense
• Bank statements for the last 6 months
• Proof of Address- Passport/ Rent and Lease Agreement/ Utility Bill
• Cheque with processing fee amount

Salaried Applicants

• Salary slips for the last 3 months
• Form 16 or Income Tax Returns of the past three years

Self-Employed Applicants

• Certificates of educational qualifications
• Income Tax Returns for last 3 years along with computation of Income
• Proof of existing business
• Balance Sheet and Profit & Loss Account for the past 3 years, certified/audited by a chartered accountant.

LIC Home Loan EMI Calculator

It is very important for the home loan borrower to know about his monthly EMIs. In case, you don’t have proper information about the monthly installment you have to pay to LIC, you can end up disturbing the budget. You can now easily calculate the EMI amount by using this tool. The calculator will provide with the all information about the EMI amount as well as total interest payable within few seconds. All you have to do is enter the loan amount, tenure period and rate of interest. The calculator will also show you the total amount you will have to pay to LIC along with the amortization table.

LIC Home Loan Features

• Repayment Period - The maximum loan tenure offered to a salaried employee and a self-employed person is 30 years and 20 years respectively.
• Processing Fees - No processing fee is charged by the company on a home loan.   
• Minimum loan amount- Rs. 1 Lakh
• Mode of Repayment - The applicant is required to repay the loan amount as Equated Monthly Installments. The installments have to be paid every month till the tenure expires and the loan is fully repaid.

Types of LIC Home Loan

LIC offers a home loan to resident Indians along with pensioners and NRIs. This point has already been mentioned above.

Resident Indians: A resident Indian can use a LIC home to purchase a new house/residential unit or construct a new home/residential unit or even extend, repair & renovate an existing property.

Non Resident Indians: LIC understands the need of NRI people and therefore offers them a home loan so that can build a house in the country. The product can be used for purchasing a new house or constructing a new one or even extending a property which already exists.

Pensioners: LIC wishes to act as a catalyst for those pensioners who want to buy a house. It offers them a loan under two schemes- before retirement and after retirement. Loans under both the schemes can be obtained for the purpose of purchase or construction or extension of a flat or house.

So don’t wait any longer. Visit the nearest branch and get the best deal on a LIC Home Loan.

ICICI Home Loan: Affordable loans through which you can build a home

Buying a home means you are securing an investment of a lifetime. Nothing can match an investment as precious and worthy as your own home. Living in a rented apartment won’t give you a joyous feeling as compared to living in your own house. Do you wish to buy a house of your own? In case, your answer is in affirmative, then I have something in store for you. You now buy or build a home of your dreams by securing an ICICI home loan.

ICICI Bank is one of the leading private sector banks in our country and it offers a home loan product to every eligible loan seeker. The bank offers a flexible repayment tenure which goes up to thirty years. Read this article properly to know everything about the product.

ICICI Home Loan Eligibility

ICICI Bank offers a home loan to every eligible loan applicant, whether he is a salaried employee or a self-employed person. The applicant needs to be at least 21 years old when the loan is applied. The applicant has to ensure that the entire loan amount along with interest is paid within the age of 65 years. In case, the applicant wants to add a co-applicant, then it must be ensured that he/she is at least 18 years old. One can enhance the loan eligibility by adding his/her spouse as a co-applicant who is earning well.

Documents needed for the loan:

The list of important documents which have to deposited to the bank  has been given below-

Salaried employees:

• Completely filled application which is duly signed
• Photographs of passport size
• Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
• Bank statement of the last six months
• Salary slip of the past three months
• Processing fee cheque
• Income Tax returns/Form 16

Self-employed Professional:

• Completely filled application which is duly signed
• Photographs of passport size
• Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
• Bank statement of the last six months
• Salary slip of the past three months
• Processing fee cheque
• Income Tax returns/Form 16
• Proof of existence of Business
• Education qualification certificate
• Income tax returns of the past three years
• P&L account and Audited Balance Sheet of the previous three years which has been certified by a CA

Self-employed Non Professional:

• Completely filled application which is duly signed
• Photographs of passport size
• Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
• Bank statement of the last six months
• Salary slip of the past three months
• Processing fee cheque
• Income Tax returns/Form 16
• Proof of existence of Business
• Education qualification certificate
• Business Profile
• Income tax returns of the past three years
• P&L account and Audited Balance Sheet of the previous three years which has been certified by a CA

ICICI Home Loan Interest Rate

ICICI Bank offers a home loan to the weaker sections of the society at a lower interest rate. The loan applicant belonging to such category can avail a loan up to ₹ 28 lakhs at a floating rate of 8.65%. The bank provides women applicants special rate of interest under three categories. The categories have been mentioned below-

Floating interest rate:

• Up to ₹ 75 Lakhs- 8.65%
• ₹ 75 lakhs to  ₹ 5 crore- 8.70%
• Above ₹ 5 crore- 8.80%

Fixed interest rate for five and ten years:

• Up to ₹ 30 Lakhs- 8.70%
• ₹ 30 lakhs to ₹ 5 crore- 8.80%
• Above ₹ 5 crore- 8.90%

Full term fixed interest rate:

• Up to ₹ 30 Lakhs- 9.70%
• ₹ 30 lakhs to ₹ 5 crore- 9.80%
• Above ₹ 5 crore- 10.05%

In case of a salaried employee, the bank offers the product under four different sections. You can check them out right here.

Floating interest rate:

• Up to ₹ 75 Lakhs- 8.70%
• ₹ 75 lakhs to  ₹ 5 crore- 8.75%
• Above ₹ 5 crore- 8.85%

Fixed interest rate for two and three years:

• Up to ₹ 75 Lakhs- 8.70%
• ₹ 75 lakhs to  ₹ 5 crore- 8.75%
• Above ₹ 5 crore- 8.85%

Fixed interest rate for five and ten years:

• Up to ₹ 30 lakhs- 8.75%
• Above ₹ 30 lakhs- 8.85%-8.95%

Full term fixed interest rate:

• Up to ₹ 30 lakhs- 9.75%
• Above ₹ 30 lakhs- 9.85%-10.10%

In case of a self-employed person, the bank provides a home loan under four different categories.

  Floating interest rate:

• Up to ₹ 75 Lakhs- 8.70%
• Above ₹ 75  Lakhs- 8.75%-8.85%

  Fixed interest rate for two and three years:

• Up to ₹ 75 Lakhs- 8.70%
• Above ₹ 75 lakhs to  ₹ 5 crore- 8.75%-8.85%

  Fixed interest rate for five and ten years:

• Up to ₹ 30 lakhs- 8.75%
• Above ₹ 30 lakhs- 8.85%-8.95%

   Full term fixed interest rate:

• Up to ₹ 30 lakhs- 9.75%
• Above ₹ 30 lakhs- 9.85%-10.10%

ICICI Home loan EMI Calculator:

The home loan EMI calculator will help you in calculating your monthly EMI amount along with the total interest payable. All you have to do is feed in the information relating to your loan amount, tenure period and rate of interest. You will instantly get the results about the EMI amount. You can use the tool to compare the EMI amount on different rates of interest. Let’s clear things for you with the help of an example.

Suppose you obtain a loan of ₹ 30 lakhs at an interest rate of 9.70%/ Let’s say the bank gives you tenure of 20 years. With this tool, you can easily calculate your monthly installment amount. It turns out to be ₹ 28,356. This means you will have to pay the said amount every month to the bank till your tenure expires. You will also receive the amount of the total interest payable. This will turn out to be ₹ 38,05,656. This means you will have to pay the bank a total of ₹ 68,05,656 within a period of 20 years.

Become a proud owner of a house with an Axis Bank Home Loan

Nothing can give you more happiness than living in a house of your dreams. After all, for how long you can live in a rented house? A rented apartment doesn’t give you the same feeling as your own house. Buying a house in current times has turned out to be a costly affair. But why to let go of your housing dreams, when there are lenders who are ready to offer you a home loan.

A home loan is one of the most demanded products in the market. Though the market is full of many lenders, there is one bank which has a carved a name for itself in the Indian banking world. That bank is Axis Bank. In fact, an Axis Bank home loan can be availed by any eligible applicant who wishes to build his/her own house.

The bank offers the product at both fixed and floating rate of interest. The floating interest rate for a loan amount up to ₹ 75 lakhs for salaried individuals is 8.65%. In case the loan amount is more than ₹ 75 lakhs, then the interest rate is 8.70%. For self-employed individuals, the floating interest rate for a loan amount up to ₹ 75 lakhs is 8.70%. In case of any amount above ₹ 75 lakhs, the interest rate is is 8.75%. Read this article to have a clear view regarding the home loan product offered by Axis Bank.

Axis Bank Home Loan Eligibility

The applicant has to meet the home loan eligibility criteria set by the bank in order to obtain a home loan. The bank provides the product to every eligible salaried employee. Professional and a self-employed person.

A salaried employee should have crossed the age of 21 years when the loan is applied for. He/she should not exceed the age of 60 years when the loan term matures. The applicant should be employed in a permanent job in either a reputed company or the government sector.

The professionals who are eligible for the product includes the likes of an engineer, dentists, cost accountant, architect, chartered accountant, company secretary, doctor and management consultant. The applicant needs to over 21 years old when the loan is sanctioned and up to 65 years when the term of the loan expires.

Any self-employed person who fills the Income Tax returns can apply for a home loan. The applicant should be above the age of 21 years at the time of loan application. The loan has to be fully repaid by the age of 65 years.

Axis Bank Home Loan Documents

The list of important documents to be submitted to the bank has been given below. Have a look at them.

For Salaried individuals

• Identity Proof- PAN card/Aadhar card/Passport/Voter ID card with photograph/Driving License
• Income Proof- Latest salary slip of the last three months/Certificate for fixed salary and Passbook statement of the salary account/Latest Form 16/Bank statement of the last six months
• Residence Proof-Passport/Piped gas bill/Registered lease agreement/Latest electricity bill/Utility bill/Telephone bill

For Self-employed

• Identity Proof- PAN card/Aadhar card/Passport/Voter ID card with photograph/Driving License
• Residence Proof-Passport/Piped gas bill/Registered lease agreement/Latest electricity bill/Utility bill/Telephone bill
• Income Proof- Income Tax returns of the last two years plus income computation which has to be certified by a CA along with Bank statement of the last six months for both operative accounts of business and personal

Axis Bank Home Loan processing fee

A processing fee of up to 1% of the sanctioned loan amount is charged by Axis Bank. The amount can be a minimum of ₹ 10,000.

Loan amount and prepayment charges

The minimum loan amount that can be availed is ₹ 3,00,000. The maximum amount that can be fetched will depend on the total income of the applicant and co-applicant.

In case of floating interest rate, no prepayment fees is charged. A prepayment fee up to 2% of the principal which is outstanding /prepaid amount is charged in case of fixed rate of interest.

Axis Bank home loan EMI calculator

It is very important to know about the monthly EMI which you will be paying to the bank. You can easily calculate the same using this magical tool. Just enter the details regarding your loan amount, rate of interest and tenure period. You will get instant information about the EMI amount and total interest payable. You can plan your budget accordingly with this calculator.

Axis Bank Home Loan Status

It is now very easy to track the status of your loan application. All you have to do is visit the bank’s website and enter your application ID. You will then receive details regarding your application status.

So what are you waiting for? Go realise your dreams with an Axis Bank home loan.

Your Search of Shriram Housing Finance Interest Rates Ends Here

It is no denial that the world of happiness is hidden in the power of money. What do you think, folks? Happiness comes with the fulfillment of the wishes, which differ from one individual to another. You may be dreaming of a Brazilian expedition. On the other hand, your parents would be more inclined towards finding the dream shelter where they can stay forever. The wish demands a huge buck to be spent on. That’s why you may have to fall back on the loans to fulfill your dreams. Where can you get the loans? There are a plenty of lenders ready with their loan offers.

If a dream home is what you wish to have, you would be in search of lenders offering the best deal on a home loan. Of the lenders available, a housing finance company, Shriram Housing Finance, is also there to fulfill your needs. Before applying for a home loan here, you need to be clear of the interest rates charged by the company. The rates determine the quantum of payout with respect to the loans you would avail from the company.

So, whether Shriram Housing Finance Interest rates are affordable to you? Plus what about the EMI and other costs associated with the home loan at Shriram Housing Finance? Why wait, then? Let’s find out all these as we trickle along.

Home Loan-

Shriram Housing Finance provides a home loan for the purposes of purchasing a house, buying a plot for constructing the house on the same, extension, repair and renovation of the housing units.

Eligibility:

• Both salaried and self-employed can apply for a home loan.
• The minimum age at which you are eligible to apply is 21 years.
• Loan eligibility is set based on the borrower’s repayment capacity and the value of the property.

Interest Rate:

Home loan, available at floating rates, is linked to SHPLR, which stands at 15%.

Quantum of Finance:

• Minimum amount of loan- ₹ 1 lakh
• Maximum amount of loan-₹ 75 lakh, subject to 80% of the property value and the repayment capacity of the borrower.

Tenure:

Maximum loan tenure-20 years, subject to the age at which the salaried is about to retire. For self-employed, the age at the proposed maturity of the loan would be considered to determine the tenure of the loan.

Home Loan Interest Rate Calculator-

Simply knowing the rate of interest and not finding the implications of it in terms of money won’t put you in the right state to take a call on whether Shriram Housing Finance is indeed the lender you wanted for your dream home or not. No prizes for guessing, it’s the EMI calculation that is under consideration. How will you calculate the EMI? You are just required to enter the loan amount you are looking to apply for or will do in the future. When these elements are known, the EMI can be calculated with the help of an interest rate calculator, which is also referred to as EMI calculator. EMI, the abbreviation of Equated Monthly Installment, constitutes both principal and interest portions due for payment each month. The calculator also depicts the total interest you are supposed to pay in your repayment journey.

For example-You want to apply for a 20-year home loan of 35 lakhs at Shriram Housing Finance. The interest rate charged by the company is 16% per annum. The EMIs, total interest and total amount are ₹ 48,694, ₹ 81,86,550 and ₹ 1,16,86,550, respectively.

There is one formula by which also you can calculate the EMI. Want to see the formula?

EMI= [P x R x (1+R)^N]/[(1+R)^N-1]

P= Principal Loan Amount

R=Interest Rate

N=Number of Monthly Installments

Home Loan Amortization Calculator-

The amortization calculator will show a schedule of repayments over the course of the loan journey that can be upto 20 years. In addition to the schedule, the outstanding loan balance of each year is also shown to give you an idea of how much are gonna go from your pocket.

So, how are you taking up Shriram Housing Finance Interest Rates? I feel, the interest rates are on the higher side. If you find any lender offering you a better deal in terms of interest rates, do go there and fulfill your home dream. But if that is not the case, you can transact with Shriram Housing Finance for the moment and transfer the loan to a different lender offering the facility at lower rates, later in the course of your loan journey.