homeloandouts

  Cheapest home loans above Rs 75 lakh: Check out which banks and HFCs are offering lowest rates The Reserve Bank of India’s decision to continue with a low repo rate of 4% in a bid to counter the economic fallout of the prevailing Covid-19 pandemic has majorly contributed towards most banks reducing their home loan interest rates to multi-decade lows. In fact, there are at least 15 banks and four housing finance companies (HFCs) that are currently offering home loans starting at under 7% p.a. This low-interest trend makes it an opportune time for aspiring home loan borrowers — provided they have sufficient margin funds, a credit score over 750-800 and an adequate repayment capacity. One needs to carefully consider all these factors because many aspiring borrowers would have a high loan quantum requirement, especially if they plan to buy a house in a metropolitan city. So, if you have a big-ticket loan requirement, do note that the highest permissible loan-to-value (LTV) ratio coul...

  Documents Required for Senior Citizen Home Loan A senior citizen will have to submit the following documents to avail of a home loan. However, this is a list of general documents banks require; the requirement may differ from bank to bank. Keep the following documents ready:- Proof of identity: Aadhaar card/PAN card/passport/Voter Id/driving license Proof of address: Aadhaar card/passport/Driving license/utility bill of last three months Income proof: Form 16 or last three months salary slip. If a pensioner, then pension record. Last six months bank statement. Tips to Get a Home Loan for Senior Citizen Easily Procuring a home loan for senior citizens can be a task and a tiresome process. For a senior citizen who has retired from a job or does not have a stable source of income, it is almost impossible to get a home loan. It does make sense because a lender can not take a risk in such a case. How will a borrower pay EMI if they do not have a definite source of income. However, the...

      LIC Housing Finance Limited (LICHFL) offers home loans starting from 6.70% p.a. onwards for tenures of up to 30 years. It also offers home loan balance transfer/takeover facility to existing home loan borrowers of other lenders at lower interest rates and Griha Varishtha home loan to applicants having pension benefits with loan tenures of up to 80 years of their age. The HFC also offers Griha Suvidha, home loan scheme backed by Mortgage Guarantee, to salaried applicants receiving their salary in cash, self-employed applicants requiring extended loan tenure and salaried applicants nearing their retirement age requiring longer loan tenure.     LIC Housing Finance Home Loan Highlights 2022 Interest Rates 6.70%-8.05% p.a. Loan Amount (LTV Ratio) 90% of property value Tenure Up to 30 years Processing Charges NIL Note:  Rates as on 12th Januar...