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The Journey towards owing your own house is very special in everyone’s life and to achieve that goal one might need home loan to meet the immediate requirement of funds without comprising other financial commitments. So home loan is a really very critical & important financial decision in one’s life.
We understand the importance of your decision to buy a home and for that to match a perfect lender as per your profile & requirement is utmost important for us. With the help of our artificial intelligence enabled platform & our back end team, we do a special research-based approach while selecting a lender for our customers. We provide comprehensive information on home loans along with the convenience to apply for home loan online.
A home loan that an individual borrows from a bank or any financial institution at a certain rate of interest is to be paid with the EMI every month. The property is taken as a security by the lender for the Home Loan.
Kredpartner advantages
Identify best bank as per your requirement & profile
Lowest Interest
Rates
Eligibility check to know how much loan you can get
Helps you understand process to get home loan
Transfer your existing home loan to a cheaper interest rate
There are various types of home loans offered by Banks/ Financial institutions/ NBFC’s to customers. Before applying for loan you need to understand & assess each type available & which one is best for based upon your need.
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Currently, home loan interest rates start from 6.75% p.a. And special rates for women borrowers.
As per RBI guidelines, most banks have now shifted to RLLR (Repo Linked Lending Rate) which is based on the Repo rate. NBFCs use PLR (Prime Lending Rate), as a benchmark to advance loans
Interest rates vary from lender to lender. The rate of interest depends mainly on factors such as the credit history of the applicant, value of property & quantum of loan, annual income & tenure of the loan.
In this case, the rate of interest applicable at the beginning remains the same throughout the loan period. Thus, the home loan EMI also remains the same throughout the repayment schedule
I. Since the rate is fixed so the monthly EMI will also, be same throughout the tenure that helps you to plan your monthly budget accordingly
II. It saves interest cost if anytime during tenure lender increases the home loan interest rate
I. The interest rate of the fixed rate is usually higher then the floating rate of interest
II. EMI will remain unchanged even if anytime during tenure, the lender reduces the home loan interest rate so there will be no interest benefit for the borrower
In this case, the home loan interest rate Is not fixed & remains variable throughout the tenure i.e. subject to change as per the change in the linked benchmark rate as published by the lender (such as Repo Rate) which in turn is dependent on several factors such as RBI policies and other external factors.
I. Floating interest rates are usually lower as compared with the fixed-rate home loan
II. Floating rate of interest is beneficial in times when the market trends allow a lower home loan interest rate.
I.Since the EMI is not fixed, it can impact the monthly financial planning if interest rates increase in future
II. EMI can increase if lenders increase the home loan interest rate in the future
Home loan interest rate is decided by the lender on the basis of certain factors that depend on the borrower’s profile. This may happen the same lender offers different rates to different borrowers. Such factors are listed below
Rate of interest vary accordingly to fixed-rate or floating rate that borrower opts
Banks generally prefers credit score 725 & above. A higher credit score attracts a lower interest rate & vice versa
Loan tenure can range from 5 – 30 years
Salaried, self- employed or professional. Generally, salaried employees get a better rate of interest as they have a fixed source of income
Rates differs across all types of a home loan such as home purchase loan, construction loan or improvement loan etc.
A higher home loan amount will attract a lower home loan rate, while a small home loan amount will attract a higher interest rate
Sometimes banks give a discount to their existing customer or specialized rates for women borrowers
The documents required for availing the home loan varies with the Businessmen/ Self Employed & Salaried Individuals.
Apart from interest cost, there are several other fees & charge that lenders might levy. Some charges are recovered by the lender at the time of applying for home loan & some during loan tenure or closure of loan
It is also called Origination fees. It is a one-time charge levied by the bank based on the percentage of the loan amount borrower applied for processing loan application.
Some lenders waives the home loan processing fees
It is charged by few lenders for record-keeping & other administrative costs
Banks kept important documents while processing loan & to keep them safely they prefer most efficient courier services. So while retrieval of documents during the closure or pre-closure of home loan, document charges are levied by the bank.
This charges are levied by lenders in case the home loan is closed either partially or fully before the end of the loan tenure.
Now, RBI has banned lenders from charging this fee on floating rate home loans but for the borrower who opts for fixed-rate home loans, some lenders levy these charges.
Memorandum of Deposit of Title Deed (MODT), this are the stamp duty charges for a mortgage by depositing the title documents of the property with the bank, which vary from state to state i.e. charged on some percentage of the loan amount.
(Central Registry of Securitisation Asset Reconstruction and Security Interest) is central online security interest registry of India. To check whether offered property is pledged with other lender or not the lenders pay a fee that they later collect from the borrower.
If a borrower delays payment of loan EMIs the bank charges penalty interest rates along with the EMI for the late payment.
This fees are charged if the lender engages an external lawyer to validate the legal documents of home loans
To verify the value of the property, lenders engage certified valuer to know the correct value of the property and for that fees are recovered from the borrower.
At Kredpartner.com, applying for a home loan is a simple & hassle-free process. That start’s with just clicking “Apply now”
Step 1:Apply on the Kredpartner portal by just entering basic details such as name, city, mobile number, email id & your requirement
Step 2:Our authorized representative will call & understand your requirement in more detail
Step 3: You will be issued a login credentials to create your profile & upload required documents
Step 4: Just sit & relax! Rest your Kredpartner will take care & guide you till disbursement
Once you have submitted your online home loan application on Kredpartner.com, as per your profile & documents uploaded, eligibility will be evaluated & then accordingly the lender will be selected & your the proposal will be forwarded to select lender post your approval & take home loan process forward.
