Home Loan

A Home loan or, simply, mortgage is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a term used iin the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.[1] A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.
In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations.

What is Home Loan?

A home loan is the money that a lender offers you to buy a property.
The lender takes the property as a security for the home loan.
The property can be a personal property or a commercial one.
In the case of non-payment of dues, the lender can retrieve the loan money through the sale of the said property.
Types of Home Loans:
Home Purchase Loan: This loan is taken to buy a home.
Home Improvement Loan: This loan is taken to fund the repair or renovation of a home.
Home Construction Loan: This loan is taken for constructing a new home.
Land Purchase Loan: This loan is taken to buy a piece of land.
Home Extension Loan: This loan is taken for expanding an existing home.
For example, you could use it to add another room.
Joint Home Loan: This is a loan that can be taken by two or more people.
Home Loan Balance Transfer: This allows you to transfer the balance on your current home loan to a new loan structure.
Top Up Home Loan: This allows you to borrow money over and above your initial home loan amount.
selected banks offers attractive rates for to up loans.
How to Apply for a Home Loan?

below details how you can apply for a Home Loan:
Check Eligibility: Your eligibility for a Home Loan is determined based on your net monthly income, income from other sources, age, location, tenure, and existing loans.
supporting documents.
Documents include:
Photograph
Identity proof
Address proof
Income details
Employment details
Bank account statements
Documents Verification: A Our representative will come at your doorstep to collect your documents for verification.
Disbursal: After completing all the formalities, the loan agreement is signed and the sanctioned loan amount is disbursed.
Documents Required for Home Loan:-
If you are applying for a Home Loan, then here’s an exhaustive list of the Home Loan documents you will need to submit with your loan application.
Application form
Photograph
Identity proof (Any one)-
(Voter’s ID card / Driving license / Aadhaar card / PAN card:-PAN card only as identity proof)
Address proof (Any one)-
(Passport / Voter’s ID card / Driving license / Aadhar card)
Income details-
Form 16 /Latest salary slips
Bank account statements For last 6 months
These are some of the basic documents required for Home Loan. You might need to submit some additional documents, if the need arises.
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