Home loan is a financial product that an individual seeks from financial institution at a predefined rate of interest and have to repay it to lender with EMI on every month. When borrower takes a loan, then customer’s property is taken on security as collateral. Home loans have given people opportunities that are low on financial assistance as well as it works as an effective tax saving option. Nowadays, applying such loan has become digitized; therefore, customer can easily secure it from comfort of his/her personal space. Here, we described the process for loan seekers that how to apply for an online home loan from ShubhBank as process of visiting branch has removed with the advent of technology.

One can “Apply For Home Loan“ simply by clicking the apply button on website i.e. ShubhBank.com. We will get in touch with our clients and process the loan approvals after collecting the documents from their doorsteps. Once the documentation is completed, loan money gets disbursed to your bank account electronically. The borrowers can compare interest rates of different lenders at real time basis to online platforms. An individual can easily track interest rates, penal charges as well as terms and conditions from the comfort of their homes.

SOME BENEFITS RELATED TO ONLINE HOME LOAN

• Convenient and Transparent: Most of the traditional home loans require plenty of time of bot the loan seeker and lender. Therefore, online home loan is an instant answer to such time consuming procedures as you can get loan approvals in as fast as just in few minutes or hours. The major progression behind this could be contributed to the digitization of process from online application to approval and fast disbursal.

• Quick Processing: The conventional method of applying a home loan has always left the customers waiting for numerous weeks. This wait becomes more painful in case when your application got rejected. The e-loans have reduced the turn round time for customer responses as lenders can now process applications and notify loan borrowers about whether their application was approved in matter of couple of days. It saves mark able time for the borrower in making the decision and hastens the process of handing over down payment for their dream home. The customers don’t have to wait for weeks to step into their newly purchased home with quick approvals and disbursal of funds.

• Determine your Eligibility: If person apply for traditional home loan, he/she requires submitting a pile of documents to prove their eligibility for a home loan whereas if you “Apply For Home Loan Online“ it gives client an option like eligibility criteria checklist, EMI calculator and can compare different lenders on particular lending website.

If you are looking for home loan in upcoming days, visit ShubhBank.com as the home loan is exquisitely designed to ensure a quick approval and express disbursal into your account in just few days. Getting an online home loan from us is very convenient and easy.

1. What are the needed documents :

• Photo Identity Proof,
• Passport Size Photographs,
• Copy of your PAN Card,
• Address Proof,
• Proof of your Age,
• Last 6 months bank statements,
• Copy of the Property Title Deed,
• Form 16 for the last 3 years (for salaried persons),
• Last 6 months salary slips (for salaried persons),
• Copy of IT Returns of last 3 years (for business people / self employed people),
• Copy of audited Balance Sheet & P&L statements of last 3 years (for business people / self employed people)
• You will need to download and fill an application form and submit it to the lender with the required documents. The banks will access your documents and ill ascertain your eligibility for loan and will get the standard agreements signed .

2. How much Home Loan I can get?
• You must have decided some amount of loan which you needed but you should know approximately how much of a finance you are eligible for. Bank will decide that “How much finance you are eligible” for based on factors such as your income, repayment capacity, age (to see how many years you have left (till your retirement), number of dependents, existing assets and liabilities, savings history and credit history, etc.

3. Your Loan Type
• There are two types of home loans based on the interest rate—fixed and floating. Fixed rate of interest does not change as per the market fluctuations and are generally 1% higher than the floating rate of interest .

4. Negotiate the Rate
• You can always negotiate on interest rate and if you are very old customer of the bank & clean record in your credit history for payments then use it to negotiate sanctioned amount and the rate.

5. You can Switch lenders
• You may switch your lender at any point of time when you manage to get a better deal from another bank .
• Most of the lenders don’t have any prepayment penalty thus you may choose to close your outstanding at any point of time .

6. What are the tax benefits of home loans?
Let Out Property

Buying a loan for giving your home on rent has added advantages as enlisted below :
• Principal Repayment up to Rs. 1 lakh under Section 80C
• Interest payment over the course of the year is fully deductible from gross total income, it is not limited to Rs. 1.50 lakhs per financial year

Self Occupied Property
For your own accommodation , buying a home on loan will give you below mentioned advantages
• Principal Repayment up to Rs. 1 lakh every financial year under Section 80C
• Interest payment up to Rs. 1.50 lakhs every financial year
So customer must be aware of all the advantages before planning for a finance as this may lead to added awareness to enquire more from banks before availing finance and understand the Terms and conditions correctly .

Buying a house is a remarkable memory in one’s life as it involves expenditure of huge amount. Some people manage buying a home through their savings; others depend upon “Loans to Fulfill their Dreams” of possessing a house. A perfect paperwork should be the only criterion to buy a new house. You should exercise upon whether the builder has all the necessary paperwork done before you invest in a project. We list out certain precautions that you must take before buying a new house. It is of utmost importance to check the title deed of the land as it gives the clarity whether the builder owns the property being sold and he has the right to sell or transfer the ownership. These are permission or approvals and No Objection Certificates that allows the builder to start actual construction work legally. You must verify all the documents like the layout plans have been approved by the concerned authorities. When you have cleared all the process, check if everything you were promised has been mentioned in the purchase agreement. Buying a new house is a big investment decision of your life so be ensure that your investment is safe.

Amid today’s booming real estate prices, it is not possible to buy a new home without financial assistance. Buying a home or owning a plot is one of the most basic necessity in life. Having a home that we can call our own not only ensures a shelter for our loved ones but also other financial securities. The easiest form of housing finance come from bank home loans as it act as an investment  instrument as the value of real estate is always on a rise being a leading bank in Chandigarh, ShubhBank offers a loan solutions for a plethora of housing needs at attractive interest rates. The bank offers loans with easy and fast approval and processing . Salaried persons as well as self employed business persons and professionals can “Take Home Loan” from us. We provide you with a loan which offers to fund a large share in the project costs and allows you to equated installments . We allow a longer repayment period and higher loan amounts making it a flexible option for customers.