A-Z of Home Loans

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<h1>A-Z of Home Loans </h1><strong> Author: <a href='http://www.articleseen.com/profile_dialabank.aspx'>dialabank</a></strong><br /><p>Overview 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. Below is a small guide which would answer some important questions related to Home Loan & help you decide your loan deal. What is a Home loan? Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one.. Types of Home Loan There 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 home loan which has the purpose of purchasing a new house. • Home Improvement Loan : This type of home 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 home loan to finance his current home, but now wants to move to another home. • Bridge Loan : This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short term loan to the borrower & helps during the interim period when he wants to sell the old home & want to buy a new one, It is given till the time a buyer is found for the old home. • Home Construction Loan : This type of loan taken when the borrower wants to construct a new home. • Land Purchase Loan : It is that loan which is taken to purchase a land for construction & investment purposes. Documents required in 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 Home Loan application: • Age Proof • Address Proof •Income Proof of the applicant & co-applicant • Last 6 months bank A/C statement • Passport size photograph of the applicant & co-applicant In case of Salaried • Employment certificate from the employer, • Copies of pay slips for last few months and TDS certificate • Latest Form 16 issued by employer Bank statements In case of Self-employed • Copy of audited financial statements for the last 2 years • Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company • Profit and loss account for the last few years • Income tax assessment order </p><strong>About the Author:</strong><br />Gaurav Khurana is an expert on<a rel="nofollow" href='http://www.dialabank.com/home-loan.cfm '>Home Loan </a>. He is the Founder Director of DIALABANK.COM (Call 60011600) and Ex National Sales Head – ING Investment Mgt India and Vice President Citibank N.A<p> Article Source: <a href='http://www.articleseen.com/Article_A-Z-of-Home-Loans_106524.aspx'> http://www.articleseen.com/Article_A-Z of Home Loans _106524.aspx</a></p>

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Keywords : home loan, loan, personal laon, Life Insurance ,

Category : Finance : Finance