What is home loan and its types

What is Home Loan in Hindi: business loan Along with this, every person wants to have his own house where he can live happily with his family, but due to the high cost of property in India, not everyone is able to build their own house. Most of them come from middle class family.

But home loan is such a facility provided by banks and financial institutions that everyone can build their dream home. If you are also thinking about taking a home loan to build your house, then you should first get complete information about the home loan. To give you information about home loan, we have written this article today.

In this blog post you will get to know What is home loan, types of home loan, how to apply for home loan, what are the things to be kept in mind while taking home loan, what are the advantages and disadvantages of home loan And many types of information related to home loan.

So let’s start without taking much of your time and know more about this article What is Home Loan in detail in Hindi.

What is home loan and its types

What is Home Loan?

Home loan is a secured loan which an individual Bank Or take a loan from financial institutions to get your house constructed. Home loans are given for long term. Usually the tenure in home loan is from 10 to 30 years.

You can take a home loan to buy your new house, to renovate your house, to construct a house or to buy land for building a house.

To avail a home loan, you have to pledge a property of yours with the loan provider, the bank usually pledges 75 to 90 percent of the value of the property to be mortgaged. Loan approve of. If for some reason you are unable to repay the loan on time, then the loan provider recovers the loan by selling your mortgaged property.

Simply put, a home loan is a loan given by banks or financial institutions, which can be used by borrowers for construction related work.

Types of Home Loan

Home loans can be of different types depending on the work you do. Here we have given you information about some of the major types of home loans that you can avail. But note one thing, for whatever work you are taking home loan, you can use it for the same work.

#1 – Home Purchase Loan

If you want to buy a new house then you have to apply for Home Purchase Loan. The applicant takes this type of loan to buy a new house.

#2 – Home Construction Loan

This type of loan is used for the construction work of the house. As you already have land, you can take Home Construction Loan to build your house on that land.

#3 – Home Improvement Loan

If you want to make some improvements in your home then you have to apply for Home Improvement Loan. For example, if you have to get repairs done in your house, then you can take this type of loan.

#4 – Land Purchase Loan (Land Purchase Loan)

As it is clear from the name itself, this type of loan is taken to buy land. If you do not have land to build a house, then you can buy land to build a house with a Land Purchase Loan.

#5 – Joint Home Loan (Joint Home Loan)

When two or more people together apply for a home loan, it is called Joint Home Loan. You can apply for a joint home loan along with your brother or any other family member.

#6 – Bridge Home Loan (Bridge Home Loan)

If a person already has a home loan and he takes a home loan to build his new house again, then such people are given a bridge home loan. The terms of a bridge home loan are different from other home loans and this type of loan is given for a short term.

#7 – NRI Home Loan (NRI Home Loan)

Non Resident Indian (NRI) is called such Indian people who live outside India in connection with work and spend less than 182 days in India. If any NRI wants to build his own house in India, then he has to apply for NRI home loan. The process, terms, documents to apply for this type of home loan are different as compared to other home loans.

Where can one access the home loan

Home loan is completely different from personal loan, you can use home loan only for home related purposes. You can use the home loan for the following purposes –

  • buying a new home
  • in home improvement
  • buying land
  • In getting the house constructed.

Home Loan Eligibility

All the lending banks and financial institutions have their own conditions for providing home loan, on the basis of which they provide home loan. The terms may differ from lender to lender but some of the common home loan terms are as follows –

  • The citizenship of the applicant should be Indian, Non-Resident Indian (NRI).
  • The age of the applicant should be between 18 years to 70 years.
  • of the applicant credit score Must be 750 or higher.
  • Employed applicants must have at least 2 years of work experience in their current job.
  • Businessmen or self-employed applicants should have at least 3 years of employment.
  • The minimum monthly income of the applicant should be 25 thousand rupees.
  • Home loan institutions give loans only up to 90 percent of the property value, the remaining 10 percent has to be arranged by the applicant himself. For example, if you need 10 lakh rupees, then the bank can give you 9 lakh only, you will have to raise the remaining 1 lakh by yourself.

Apart from these, the conditions for taking the loan depend on where you are buying the property and the type of property you are buying.

Documents required for taking home loan

You also need some important documents to take a home loan. These documents are generally the same across all banks and loan institutions, however, depending on the specific loan purpose, home loan scheme or applicant’s profile, these documents may be more or less. Information about the documents required for taking a home loan is given below.

  • home loan application form
  • identity card of the applicant , pan card, Aadhar cardVoter ID Card, Passport, Driving License etc.
  • age certificate One of the Aadhaar Card, PAN Card, 10th Class Marksheet, Driving License etc.
  • current residence certificate – Copy of one of the gas, electricity, water bill, ration card, voter ID card, Aadhaar card etc.
  • Income proof (for employed) – Salary slip, Form 16, last 6 months statement of the bank account in which salary is received, last 3 years income tax return etc.
  • Income proof (for self employed) – Last 3 years income tax return, balance sheet, business license, GST number, business Address proof etc.
  • property related documents
  • Passport size photograph
  • a bank account

How to take home loan (Home Loan Kaise Milega)

Whether you are a woman or a man, you can apply for a home loan online as well as offline. The process of applying for a home loan is very simple. Here we have given you information about applying for home loan in both the ways.

How to take offline home loan

The best place to take a home loan is your current bank, that is, the bank where you currently have your savings or current account. There is a possibility of getting a quick loan if you apply for a home loan from a current bank. Following is the process of taking offline loan from the bank.

  • First of all, you go to the nearest branch of your bank with the necessary documents.
  • After this, get all the information related to home loan from the branch manager of the bank.
  • Now take the application form for home loan and fill all the information in the form correctly.
  • After filling the form, submit the form by attaching the necessary documents in the form.
  • After a few days, the bank’s employees will come to see your property, where you are going to build a house or the house you are buying.
  • After verifying the property, if everything is in order, the loan amount will be disbursed to you within 24 to 48 hours. bank account is transferred to.

How to apply for home loan online

You can sit online at home through the bank’s mobile application or through the bank’s Website You can apply for a home loan by visiting the portal. Following is the process to apply for home loan online from the bank.

  • you first net banking Activate the service.
  • anymore username And Password Login to the bank’s application through.
  • Select Home Loan in the loan section of the application. And enter the amount you want loan.
  • By submitting your required documents KYC Complete the process of
  • After this, you have to fill all the information about yourself correctly and submit the form.
  • Now within 24 to 48 hours, you will get a call from the bank, in which you have to tell everything correctly that will be asked.
  • Within a few days, the bank employees will come for verification of your property, and will approve the loan application if everything is correct.
  • The loan amount will be transferred to your bank account within 24 to 48 hours after the loan application is approved.

This way you can apply for a home loan online as well as offline, and build your dream home.

Things to keep in mind before taking a home loan

You should consider the following points before taking a home loan.

  • EMI On taking a home loan, you have to pay back a fixed amount every month to the bank, which includes principal and interest. before you take the loan EMI Calculate and see whether you will be able to pay the EMI on time or not.
  • interest rates – The interest rates of all banks and financial institutions differ on home loans. The longer the tenure of the loan, the higher will be the interest. Therefore, you should choose the right time period so that your financial condition also remains healthy and you can repay the EMI on time.
  • safe house At present, many banks and financial institutions provide home loans, you should take loans from safe and reliable banks or financial institutions.
  • fees and charges – Many financial institutions charge various types of fees in home loans, such as processing fee, application fee, EMI bounce fee, EMI payment change fee, etc. Before taking a home loan, you must know which fees you will have to pay.

Advantages of Home Loan (Advantage of Home Loan in Hindi)

Following are some of the major advantages of home loan –

  • You can build your own dream home by taking a home loan.
  • Home loan can be taken for various types of works related to house construction.
  • Good time is available for repayment of home loan. Most banks and loan institutions provide home loans for tenures ranging from 10 to 30 years depending on the profile of the applicant.
  • Home loan is a secured loan, so interest rates are also low in it.

Disadvantage of Home Loan

Let us also take a look at some of the disadvantages of home loans.

  • Since home loans are given for a long term, if you take a home loan, you will end up paying debt for many years in your life.
  • Home loans come under secured loans, if you fail to repay the home loan on time, you will end up losing your property.
  • Home loans are risky, as your financial condition may deteriorate if you face any emergency while repaying the home loan.
  • One of the biggest disadvantages of taking a home loan is that you cannot invest your money easily or buy something new easily.

FAQ for Home Loan

What is meant by home loan?

When a person borrows money from banks or financial institutions to build his house, it is called a home loan.

From where should I take home loan?

You should always take home loan from banks only, because all banks work under the rules of RBI. If you apply for a home loan from your existing bank, then you are more likely to get the loan.

What type of loan is a home loan?

Home loan is a type of secured loan, that means you have to pledge your property with the lender only then you get the home loan.

For how long is the home loan available?

All banks and financial institutions provide home loans for a long period of time. Usually home loans are provided for 10 to 30 years.

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Conclusion: What is Home Loan in Hindi

In today’s blog post, we have provided you all the necessary information related to Home Loan and Home Loan, by reading this article you must have understood what type of home loan you should take. If you also want to build your own house then home loan is a good option for you.

We suggest that before taking a home loan, you should thoroughly check your financial position and only then apply for a home loan. Because along with the advantages of home loan, there are disadvantages and you will spend a significant part of your life repaying the loan.

Hope friends, you would have liked this blog post and you would have got to learn something from this article. If you have any questions or suggestions related to home loan, then do let us know in the comment box and also share this article with your friends on social media.

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