Why Secure Finance Home Loan?
Choosing Secure Finance for your home loan is a decision driven by a commitment to your financial well-being. We stand out in the financial industry because we don’t just provide services; we offer a personalized journey tailored to your unique financial needs, including home loans. Our dedicated team of experts is always by your side, offering insightful advice and crafting customized solutions to ensure your financial success, especially in the realm of home loans. What truly sets us apart is our unwavering dedication to transparency. With Secure Finance, you’ll have a crystal-clear understanding of every step in your financial roadmap, empowering you to make informed decisions with confidence, especially when it comes to your home loan. Your financial peace of mind begins here, where we don’t just secure your finances; we secure your future, including your home ownership dreams. Choose Secure Finance, and let’s embark on this journey towards building a stable and prosperous tomorrow together, starting with your home loan.
Advantages of Secure Finance Home Loan
Your dream address awaits! Discover the perfect house loan at Secure Finance
Best Lender Selection
Choose excellence in lending—your key to a seamless home loan journey.
Multi-Purpose Loan
Secure Finance housing loan allow you to do much more than just buy a property.
Easy Documentation
Save time and efforts and apply with minimum documents.
Instant Approval
Get approval in just a few simple steps.
Home Loan Eligibility
- Eligibility for Salaried
- Nationality: Indian Resident & NRI (Non-Resident Indian)
- Age limit: 21-65 years
- Work Experience: Minimum 1 year
- Income: Minimum ₹2 lakh per annum
- Tenure: 12 months – 360 months
- Documents for Salaried
- Aadhar Card, Passport, Driving License, Telephone Bill, Ration Card, Election Card
- PAN Card, Passport
- Salary Slips/ Salary Certificate of last 3 months
- Form 16 for last 2 years
- Latest 6 months Bank Statement
- Eligibility for Self employed
- Nationality: Indian Resident only
- Age limit: 23-75 years
- Work Experience: Minimum 4 years of business continuity
- Income: Minimum ₹1.5 lakh per annum
- Tenure: 12 months - 300 months
- Documents for Self Employed
- Aadhar Card, Passport, Telephone Bill, Ration Card, Election Card
- PAN Card, Passport
- Last 2 years Income Tax Returns
- Business Registration (Udyam)
- Latest 12 month Bank Statements
- GST Return
Note: This is an indicative list that may vary depending on your unique loan application.
How Do I Apply For A Home Loan?
Fill the loan Application Form
Complete the online home loan application form.
Submit your Documents
Submit the necessary document copies that have been self-attested. Once we get your papers, we’ll start the loan verification process.
Property Verification
Our experts will inspect a legal check on the property.
Loan Disbursal
The loan disbursement will take around 2-3 working days to get into your bank account.
Types of Home Loan
The most common way to buy a home is through a home loan. These loans usually allow borrowers to borrow 80% of the property’s value. Fixed or variable interest rates are available to borrowers. Housing loan require good credit and a stable income. Potential purchasers must understand down payments, closing expenses, and government aided programmes. A bank or lending organisation gives a lump payment to a borrower, who agrees to repay it with interest over a set period of time. The good thing is that these loans can be customised to fit your financial situation, so you can find terms and interest rates that work for you. Home loan make it possible for many people to achieve their dream of owning a home.
Home improvement loans are a financial tool designed to help homeowners make upgrades or repairs to their existing homes. These loans are different from home purchase loan and are designed for home renovation, enhancing comfort, functionality, or even increasing property value. They provide homeowners with the funds needed to tackle projects such as kitchen renovation, adding a new room, or installing energy-efficient upgrades. Home improvement loans can come in various forms, including personal loans, home loan equity, or home equity lines of credit (HELOC). The choice of loan type often depends on factors like the scope of the project, the homeowner’s creditworthiness, and their existing mortgage situation. These loans can be a practical way to invest in your home’s future while making it more comfortable and valuable.
A new home can be built with this loan for materials, labour, and other costs. Home construction loan are short-term loans that cover materials, labour, and other expenditures for building or renovating a home. Fixed-interest home construction loans can cover 100% of the construction value and 90% of the market value. These funds are disbursed gradually during construction, helping homeowners control costs. The loan might be converted into a mortgage or paid off after construction. House construction loan are great for people who want to build their dream house but need financial support to keep it on schedule and within budget.
A plot loan, often referred to as a land loan or a plot purchase loan, is a form of financial product provided by banks and other financial organizations to people who want to purchase land or a plot for a variety of purposes. These could include building a house, making an investment, or using the land for business. Plot loans are often used to finance the purchase of undeveloped land or land plots in authorized residential, commercial, or industrial sectors. Plot loans often have shorter payback terms than home loans, ranging from 5 to 20 years, and can be up to 70% of the value of the purchased plot. Terms and conditions set by the lender will determine the tenure.
An NRI (Non-Resident Indian) home loan is a particular form of loan created for Indian residents who are living abroad yet want to buy or invest in real estate in India. NRIs who want to invest in Indian real estate, build a house, or purchase a home there frequently request these loans. These loans are provided by a number of banks and financial organisations in India in order to meet the specific requirements and financial capacity of NRIs. It is important for NRIs to understand the tax implications of purchasing and selling real estate in India, as well as the associated home loan tax benefits.
Short-term loan also known as “bridge loans,” provide instant liquidity to individuals and organisations while they wait for a bigger financial transaction, such as the sale of a home. This loan assists them with urgent demands or grabbing opportunities during difficult times, particularly in the real estate industry. Before selling the previous one, it can be used to purchase a new house. Due to their short payback terms, bridge loan in India are secured by property or goods that have higher interest rates. They can be helpful for quick cash in times of need, but you need to understand the terms and fees and have a repayment strategy to avoid financial difficulties.
Banks and financial organisations offer top-up loan to current customers, usually homeowners or personal borrowers. People who have taken out a lot of debt but need more money for home renovations, education, or debt reduction can apply for this loan. Because they utilise the borrower’s credit history and collateral, top-up loan are easier to get approved for than new loans. Top-up loan interest rates are competitive because they’re connected to the previous loans. Repayment periods are adjustable, allowing borrowers to choose a term that fits their finances. These loans are popular with those seeking fast, affordable financing since they allow people to borrow more money without having to apply for another loan.
An interest free loan is a financial arrangement where a lender provides funds to a borrower without charging any interest on the borrowed amount. Unlike traditional loans, the borrower is not required to pay any extra fees or costs beyond the principal amount borrowed. Interest free loan are often offered for various purposes, such as supporting small businesses, helping students with education expenses, or assisting individuals in times of financial need. These loans are typically structured with a clear repayment schedule, ensuring that the borrower returns the principal amount over a specified period. Interest free loan can be a helpful tool for promoting economic stability, assisting those in financial distress, and fostering community development, as they reduce the burden of debt on borrowers and promote responsible financial practices.
Home Loan Interest Rates 2024
| Bank Name | Interest Rate Range | |
|---|---|---|
LIC HFL
|
8.85% p.a. onwards | APPLY NOW |
HDFC Ltd.
|
8.50% p.a. onwards | APPLY NOW |
Axis Bank
|
8.70% p.a. onwards | APPLY NOW |
Aditya Birla Capital
|
8.80% to 14.75% p.a | APPLY NOW |
Union Bank Of India
|
8.35% p.a. onwards | APPLY NOW |
Federal Bank
|
8.80% p.a. onwards | APPLY NOW |
State Bank of India
|
8.60% p.a. onwards | APPLY NOW |
Bank of Maharashtra
|
8.35% p.a. onwards | APPLY NOW |
Kotak Mahindra Bank
|
8.70% p.a. onwards | APPLY NOW |
Note:- Interest Rate may vary according to market Fluctuation
Home Loan Calculator
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Frequently Asked Questions
A home loan is a loan provided to salaried individuals and business owners for the purchase of a main residence. Customers can build house on their land, add a floor to their current home, buy a used flat or independent house, buy a new flat or independent house from a developer, or transfer home loan amount they got from another bank.
Steps to apply for a home loan subsidy:
- Check home loan eligibility
- Choose a scheme
- Contact your lender
- Complete required documents
- Submit the loan application form
- Wait for loan approval
- Avail the home loan subsidy once it is approved
Banks will only lend up to 80% of the property value. Before determining your loan limit, the lender considers the current market value of property. You will receive a loan against your property based on that. So, don't approach a bank for a loan against property under the false assumption that you will receive a loan for the full value of your property.
A home loan is referred to as having a variable rate if the interest rate changes on a regular basis during the loan term. The lender uses their own base rate to set the interest rate on a mortgage. The RBI's directions and other variables influence the base rates of banks periodically, which might result in changes to the amount of EMI that must be paid.
Section 80 EEA, which gives income tax benefits of up to Rs. 15 lakh on home loan interest paid, provides income tax exemption on home loan. These home loan tax benefit are in addition to the existing Rs. 2 lakh exemption under Section 24(b).
- Income level of the applicant
- Age of the applicant
- Qualification (continuity of employment and stability)
- Status as a resident (an Indian resident's maximum limit is different from a non-resident's)
- Spouse's income (if there is a co-applicant, family income is also considered)
- Number of dependents (a proxy for repayment ability)
- Credit score and history (repayment history)
- Current loan status
Yes, you can qualify for a joint loan with your spouse or close family members, like your parents and children. Friends and other people you know can't apply with you as joint candidates.
A letter from the bank stating that you can get the loan amount you asked for is called a sanction letter.
The amount of home loan you can get depends on various factors, such as your income, credit score, existing liabilities, and the lender's policies. Generally, lenders consider a loan amount that results in an EMI not exceeding 40–50% of your monthly income. To get an accurate estimate, it's best to check with the lender and check housing loan eligibility calculator.
No, the borrower cannot sell the property without paying off the remaining balance on the existing bank's or financial institution's house loan.