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Home Loans, NRI loans,Kerala Home Construction Loans


What is a loan?


A loan is a financial transaction in which one party (the lender) agrees to give another party (the borrower) a certain amount of money with the expectation of total repayment. The specific terms of a loan are often spelled out in the form of a promissory note or other contract. The lender can ask for interest payments in addition to the original amount of the loan (principal). The borrower must agree to the repayment terms, including the amount owed, interest rate and due dates. Some lenders can also assign financial penalties for missed or late

Why take a home loan? 
[Home Loans, NRI loans]

Moving into their dream house would rank among the top three things on the wish list of most people. After all, there's nothing like having a roof, particularly one's own, over one's head. All that house hunting every few years, grumpy landlords, killing rents would be a thing of the past. Hey, you even get to use nails to hang your favorite paintings and pictures. Taking a home loan nowadays has many advantages. Added to this, the RBI has been regularly slashing interest rates, with the result that housing finance loans that came at an interest rate of 16.5% to 18% years ago are now available at 8.5% to 9% or lower[home loan rate in india]. Each year the Finance Minister's largesse during the Budget seems to be solely concentrated for the housing sector and construction sector. 

What all can i take a loan for? 

There are different types of home loans tailored to meet your needs. Following are some of them:

Kerala Home Purchase Loans:

This is the basic home loan for the purchase of a new home.

Kerala Home Improvement Loans:

These loans are given for implementing repair works and renovations in a home that has already been purchased by you.

Kerala Home Construction Loan:

This loan is available for the construction of a new home.

Kerala Home Extension Loan:

This is given for expanding or extending an existing home. For eg: addition of an extra room etc.

Kerala Home Conversion Loan:

This is available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need of pre-payment of the previous loan. 

Kerala Land Purchase Loans:

This loan is available for purchase of land for both construction or investment purposes.
 

NRI Loans


Non Resident Indians (NRI ) can take loans for building a house or for buying a plot or house in the country. 


Interest rates for NRI loans do not vary much from that of the Indians living in this country. But the loans will be sanctioned only for a shorter period. NRIs will get only 85% of cost of home as loan amount. The size of the loan depends upon the borrower's repayment capacity. Up to 36 times of the gross monthly earnings of the applicant may be issued as loan. However, there is a maximum limit. Calculation of eligibility is same as that of Indians living in the country. 

As the NRI is living far away, banks have to take greater care and therefore they will ask for more documents for ensuring their eligibility for issuing loans. They include
 

Kerala Loan Documents

  • Passport and Visa 
  • A copy of the appointment letter and contract from the company employing the applicant. 
  • The labour card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East 
  • Salary certificate (in English) specifying name, date of joining, designation and salary details. 
  • Bank Statements for the last six months 

Kerala Property Documents : 

  • Original title deeds tracing the title of the property for a minimum period of the last 13 years. 
  • Encumbrance Certificate for the last 13 years. 
  • Agreement of sale /construction, if any. 
  • Approved plan / license. 
  • ULC clearance /conversion order etc. 
  • Receipts for having invested the margin money through normal banking channels from the Non-Resident ( External ) account in India and / or the Non-Resident ( Ordinary ) account in India. 
  • Latest tax paid receipt