Best Deals on Home Loan for You

Welcome to Home Loans Provider. We, at LoanKaWala, offer unbeatable benefits to ensure that you get the best deal without any hassles.

Your Home is only place where you relax when you come from your day to day exhausting work, it is that place there you can offer time to your family & spend wonderful moments with family. To obtain a home which can be named your “Own House” is a life-time choice & has to be taken with a lot of planning & requires massive finances.

Home Loans are the most excellent choice you can go for to funding a new home. LoanKaWala offers you the most suitable and realistic home loan plans to suit your needs. With so many smart features in every type of home loan we offer, creating the home you always wanted is no longer outlying dream.

Home Loan - Purposes

You can apply for better Home for the following purposes.

• Purchase of a plot of land and construction of a house
• Construction of a house on plot of land already owned
• Purchase of a new house or flat
• Residual age of the property should not be less than 30 years old (Home Acquisition Plan)
• Extension or renovation or repair of a house or flat already owned by self (improvement or extension plan)
• Take-over of existing Housing Loan (Balance Transfer)
• Loan takeover with additional refinance (Balance Transfer + top up)
• Loan to NRI for purchase of ready residential property only
• Purchase of residential plots only

Eligibility

Loans can be applied by individuals, either solely or jointly. Owners of the current property within the family or blood relations, which the loan is being required, will have to be co-applicants. However, the co-applicants need not be co-owners.

Specific eligibility criteria are as follows:

A. Salaried Individuals

• Any individual who is in permanent service in Government or reputed companies
• The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to the age of superannuation
• Min. Net Monthly Income: Rs.12,000/= per month
• Min Loan Amount of Rs. 5 Lacs and Max Loan Amount Rs. 200 Lacs in all metros, Bangalore, Pune and Chandigarh and also twin cities Hyderabad & Secunderabad.

B. Professionals

• Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply
• The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
• Min Loan Amount of Rs. 5 Lacs and Max Loan Amount Rs. 200 Lacs in all metros, Bangalore, Pune and Chandigarh and also twin cities Hyderabad & Secunderabad.

C. For self-employed individuals

• Minimum annual income should be Rs.1.44 lakh as per the P & L
• Minimum gross annual income should be Rs.1.44 lakh
• Firm/company should have been in operation for the last 3 years
• Firm/company should be making cash profits for the last two years
• Any individual filing Income Tax returns can apply
• The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
• Min Loan Amount of Rs. 5 Lacs and Max Loan Amount Rs. 200 Lacs in all metros, Bangalore, Pune and Chandigarh and also twin cities Hyderabad & Secunderabad.

Home Loans – Pros & Cons

The home loan amount depends on your repayment capability and is restricted to a maximum of 75% to 80% of the cost of the property or the cost of construction as applicable. A number of factors are taken into consideration when evaluating your repayment capacity. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability, continuity of occupation and savings history.

On the other hand, there are approaches by which you can improve your eligibility.

If your spouse is an employee or self-employed, put him/her as a co-applicant. The additional income shall be included to improve your loan amount. In case of any co-owners they must necessarily be co-applicants.

The final amount to be legitimated will depend on your repayment capacity. Nevertheless, what you ultimately are entitled to will have to obey the rules within the limits fixed for each loan.

Also, when the company looks at the total cost, registration charges, transfer charges and stamp duty costs are included.

The borrower’s eligibility of getting a home loan depend upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse's income, children income, age, number of dependants qualifications , assets, liabilities, stability and continuity of occupation and savings history. You can now check your eligibility for Home Loan through our Eligibility Calculator.

Home Loan Charges

Residual age of the property should not be less than 40 years old (Home Acquisition Plan)

LoanKaWala Home loans ensure that you get the best Home Loans in terms of interest rates and other facilities. You can choose from Adjustable, Fixed or Floating Rate Home Loan.

Processing Fee

Prepayment Charge

Foreclosure Charge

Home Loans – You must Know

Clubbing of income

Your eligibility to take a home loan will boost when you club your income with your spouse’s income, bank in this case will calculate your eligibility on the basis of the clubbed income of both the applicants. You can club incomes of spouse, children & parents staying with you and having regular income.

Tax Benefits in Home Loan

The home loan borrower enjoys Tax Benefits on both Interest paid & the Principal re-paid. Under Section 24(d) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 1, 50,000.

Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of Rs. 1, 00,000.

Floating Rate

The floating rate on housing loans is a pattern where the rate of interest is not stable. The interest rate fluctuates with the change in the rates in the economy. The borrower can gain form this type of interest charge when there is a dip in the rate of interest, bringing down the cost of the loan. This could also take a turn for the worse incase of an increase of the rate that takes the cost to a greater height.

Fixed Rate

Fixed rate loans are the loans that have a stable rate of interest. Here the rate of interest is unaffected with the changing market scenario. This loan is taken by people who prefer to know the exact cost of the loan and are happy to pay a fixed amount or when there is an expectation of a rise in the market value. However, there is a clause attached with the fixed rate pattern that could actually result in floating rate loan. The rate of interest could come up for review after a certain period of time in order to keep in accord with the market condition. This would lead a need for a change in calculation by the borrower with the earlier being thrown out.

Need for a Loan

Housing loans can be availed for various purposes like buying and constructing a house or even renovating an existing property, although many just look for a loan to buy a new one. There are numerous details that are screened before a housing loan is approved. The intention for taking a loan is critical as it bears an impact on the process borrowing and repayment.

Our key benefits

• Attractive loan interest rates
• Home loan amounts suited to your needs
• Tenure can range upto 20 years for Housing Loan.
• Simplified Documentation
• Doorstep Delivery
• Insurance Option available for your house loan.
• Guidance through out the process
• All salaried and self-employed individuals can apply for the Home Loan products
• Borrow home Loan upto Rs.200 Lacs.
• Speedy Loan Approvals
• Get Maximum loan amount for purchase of your dream home
• Higher loan eligibility
• Enjoy the flexibility of choosing your loan tenure
• Easy repayment option by way of simple EMIs
• High Eligibility for Businessmen
• Quicker Turnaround time

No matter what the requirement, we have an appropriate plan for you, though most of our home loan plans are for salaried/self-employed Resident Indians or NRIs. Get the best deals ever, and finance the perfect home, only from LoanKaWala.

With our varied offering of house loans and home finance, LoanKaWala Home Loans gives you an opportunity to select the perfect home loan as per your needs of a dream home.

Documentation

Some documents are specific to each state. For further information, please contact our Hyderabad LoanKaWala office.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the HFC. Service Tax on All Service Charges extra wherever applicable.

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