Home Loan | Interest Rates | Eligibility & Documents
Home loan is a secured retail product. It is given against the value of property or house that you want to buy. It doesn’t matter whether the property is for personal use or for commercial use. Home loan can be availed for buying a house, constructing a new place or renovating the old house.
Home is a place where we live the moments of our life. Home is made by the people who are living under that same roof. The most important thing is buying a place and making it your home. But buying your own house is not an easy task. It needs a good bank balance. If you need finance to buy the house of your dreams, you can apply for home loan. Home loan is designed to cater all these needs. Banks and non-banking finance companies lend money for the purpose of providing loans and finances for your dream home.
Home loan is a detailed process. It takes from 5 to 7 days to get the loan amount. Availing a home would mean a long relationship with the bank. So, one should always choose the best bank before going for a loan.
Be online and compare all offers across the leading banks of India. Get the Lowest Interest Rates for your home loan with the help of About Research Solutions today by applying online or giving a call at 123456789
First Home Buyer Loans
Are You Nervous?
First home buyers face a difficult learning curve these days. It’s not just the high home prices; the lending process can be pretty tough, too. If you’ve never applied for home loans before, it can be a very demanding process for borrowers.
Helping You Get Started with Your First Home Loan
We will walk you through the home buying process step by step. No question is ever to silly and we encourage all questions to be asked to assure you have a full understanding of the steps required in purchasing your first home.
We really enjoy helping first home buyers to take their first steps into the property market!
We are here to help you with your finance needs!
Taking out a home loan through a bank or another organisation can be a slow and difficult task. You may have to work through the processes all by yourself, navigating the jargon and spending a lot of time just learning the basics of your loan.
In the comfort of your own home, we will come to you to discuss your current situation and understand your needs. Our dedicated team will then compare hundreds of home loans from all the lenders on our panel. We will prepare and submit all the paperwork and deal with the lender from start to finish, leaving you time to get on with the more important things in life!
All you need to do is talk to us about your home loans and we’ll do the rest. Trust us to do the research to find the right lender, manage the paperwork and put together your loan application. We also liaise with lenders on your behalf.
Finding the Right Loan for You
The most important part of the process is finding the right lender to suit your current situation and needs. With our extensive network of lenders, we will compare hundreds of home loans to find the right loan for you.
At your appointment, we will discuss:
- Your borrowing capacity and repayment management
- Lender costs and the Lenders Mortgage Insurance (LMI) for your loan
- Your eligibility for a loan
- Ensuring that your loan is within your capacity to pay (we’ll take care of that for you!)
After getting your Loan, We’re Still Here to Help
We also provide post-settlement services:
- Provide you with updates on the lending market
- Offer to review your home loan annually to ensure your interest rate is still competitive and the product still suits your needs
- We help with investment loans if you’re looking for another property.
- We can assist you with insurance for you and your family such as income protection, life insurance and total and permanent disability
- Need a new car? We can help you find a great deal on this too!
We use our network of lenders to source your property investment loan.
We assist with your application, including documentation and the loans process.
We liaise with the lenders for you as the loan progresses.
We will discuss with you your loan choices and find you a loan that meets your needs.
We provide post-settlement services for managing your loan and keep you advised of current rates. We can help you to get a better loan rate, too.
The Home Loan Process
- Meeting with us
Meeting with qualified Mortgage Broker from About the Research Solutions, where s/he will fill up fact finding (try to know more about your Income, Expenses, Liabilities, Property you are looking for & more).
- Structuring your loan
We will structure your loan; find appropriate bank and your maximum borrowing capacity. After that we will apply for Pre- Approval.
- Apply for pre-approval
You (Client) will start property hunting (can do before or wait till getting pre-approval)
- Property hunting
When you will finalize a property, we request for valuation, Solicitor/Conveyancer will go through contract, do pest and inspection*, at the meantime we apply formal approval.
- Apply for final approval
Bank will issue a formal approval, if everything goes well.
- Document preparation
Bank will prepare loan documents and send it to us to get signed by our mutual client/s.
- 7. Document signed
We need to sign the loan documents and send it back to the bank.
- Settlement booked
Bank credit team will verify the loan documents and book for a settlement date (On settlement date our, Banks and vendor’s Solicitor/Conveyancer acts and makes it happened).
Documents Required for Home Loan
List of Documents required:
|Documents||Salaried||Self Employed Professional||Self Employed Non Professional|
|Application form with photograph duly signed||Yes||Yes||Yes|
|Identity, residence and age proof||Yes||Yes||Yes|
|Last 6 months bank statements||Yes||Yes||Yes|
|Last 3 months Salary-slips||Yes||Yes||Yes|
|Processing fee cheque||Yes||Yes||Yes|
|Form 16 / Income Tax Returns||Yes||Yes||Yes|
|Proof of business existence||No||No||Yes|
|Education qualification certificate and proof of business existence||No||Yes||Yes|
|Last 3 years Income Tax Returns with computation of Income||No||Yes||Yes|
|Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account||No||Yes||Yes|
Post closure of loan, documents required for handover of original Property documents
- Power Of Attorney format for collection of original Property documents
- In case of death of Loan Account holder:
- Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents
- Letter of relinquishment for relinquishing right (Nominee/ Legal heir) in favour of Legal Heirs/ Nominees/ surviving owners for handover of Property documents