Overview

Your Home is a place where you relax after coming back from your day’s tiring work, it is that place where you can give time to your family & spend beautiful moments with them. To acquire a home which can be christened your “Own House” is a life-time decision & has to be taken with a lot of planning & requires huge finances. Your Dream Home is not very far away with a Home Loans which will fulfill your Dream into a reality.Viruchha Finance Home Loan We at Viruchha Finance are working constantly to get you the BEST Loans Deal & have brought a small guide which would answer some important questions related to Home Loans & help you decide your loans deal.

Types of Home Loan

here are different types of home loans available in the market to cater borrower’s different needs.
Home Purchase Loan : This is the basic type of a loan which has the purpose of purchasing a new house.
Home Improvement Loan : This type of loan is for the renovation or repair of the home which is already bought.
Home Extension Loan : This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc.
Home Conversion Loan : It is that loan wherein the borrower has already taken a housing loan to finance his current home, but now wants to move to another home. The Conversion Housing Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfils the money required for new home.

Bridge Loan : This type of loan helps finance the new home of the borrower when he wants to sell the existing house, this is normally a short term loan to the borrower & helps during the interim period when he wants to sell the old house & wants to buy a new one, It is given till the time a buyer is found for the old house.
Home Construction Loan : his type of loan taken when the borrower wants to construct a new house.
Land Purchase Loan :It is that loan which is taken to purchase a land for construction & investment purposes.

Monthly Income

The income that we get in hand on month to month bases is said as Monthly Income. While taking a Home Loan the Bank initially calculate on the bases of net income that is left in our hand after deduction of all other emi’s. The Bank initially calculates on the bases of net income that is left in our hand after deduction of all other emi’s.

Other EMI

Other Emi (Equally monthly installment) is the emi that we are paying to for any other Loan.

Available Income

The income that is left in our hand after deduction of any emi amount that we are paying for any kind of loan. Your Home Loan Eligibility Calculator will be calculated after deduction of the EMI’s that you are paying.

Duration of Loan (Years)

It’s one of the most important factors that one should keep in mind while taking loan. It refers to the no. of years for which the loan has to be taken. Longer the tenure higher will be the interest paid and lower will be amount of EMI to be paid and vice-a-versa. It is one of the parameters which helps in comparing the EMIs from different banks keeping it constant for relationship and easing the judgement. Interest Rate (in percentage) Today there are many lenders in the market.Viruchha Finance Home Loan Every bank is offering loans whether it’s a nationalised bank, private bank or foreign bank, each of them is there in the show. Every bank offers different rate of interest according to the profile of the customer. Before finalising a deal one should consider deals from various banks and than come to a conclusion. Be aware of the fact that some people might mislead you by charging high rate of interest at reducing rate and might inform the same at flat rate of interest. So, its always advisable to check full detail with the banks and do better comparison in respect of EMI, Tenure and Interest Rates and keeping tenure as constant with all the banks will ease your comparison and will result in better analysis, finally leading to a prudent decision.

EMI

EMI stands for equally monthly instalment: You need to pay a particular amount for the Home loan that you have taken. Eligible Loan Amount: The net loan amount for which you are eligible for your Home loan is said as Eligible Loan Amount. The loan amount that a Bank can sanction to you. We are one of the best home loan provider in India.You may apply online at viruchha.com/.

Required Documents For Home Loan

Generally the documents required to processing your loan application are almost similar across all the banks. However they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application

Common Documents:-

• Passport size photograph of the applicant & co-applicant
• PAN card copy of the applicant & co-applicant
• PAN card copy of the applicant & co-applicant
• Adhar card copy of the applicant & co-applicant
• Current address proof of the applicant & co-applicant
• Income proof of the applicant & co-applicant
• Last 12 months bank statement of the applicant & 6 months bank statement of the co-applicant

In case of Salaried :-

• Copies of pay slips for last 6 months and TDS certificate
• Employment certificate from the employer
• Latest 2 years Form 16 issued by employer

In case of Self-employed :-

Copy of partnership deed if it is a partnership firm or copy of MOA and AOA if it is a company or Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC) if it is a proprietorship firm
Copy of audited financial statements for the last 3 years
Profit and loss account for the last 3 years
Income tax assessment order
Company current address proof
GST certificate of the Company

Other Documents:-

All existing loan sanction letter if any.
Repayment schedule of existing EMI if any.
Agreement copy / booking slip / E-bill, OC & share certificate of the property which is going to buy.