Your Trusted Partner in Securing the Best Home Loan
At 24×7 Achha Hoga Advisory, we understand that purchasing a home is a major life decision, and we’re here to make the financing process as seamless as possible. Our goal is to get you the best interest rate without compromising your CIBIL score.
Key Features of our Home Loan
Lowest Rates of Interest
Enjoy competitive interest rates that make your loan more affordable.
Simple Documentation
We require only a few basic documents, making the process quick and easy.
Up to 40 Years to Repay
Get a loan tenure of up to 40 years, giving you plenty of time to repay comfortably.
Advantages and Highlights of Our Housing Loan
Competitive Home Loan Rates & Tax Benefits:
Many lenders offer home loans with attractive interest rates, flexible EMI options, and competitive pricing. Plus, you can take advantage of tax benefits, making home ownership more affordable and budget-friendly.
Home Construction Loan:
If you own a plot and need financial assistance to build your dream home, a Home Construction Loan covers the cost of construction or major renovations, helping you bring your vision to life.
Home Extension Loan:
Need to expand your current home? A Home Extension Loan provides the necessary funds to add new rooms, additional floors, or make structural modifications, ensuring your project is completed without financial strain.
Home Improvement Loan:
Planning to upgrade your living space? A Home Improvement Loan is designed to finance renovations, repairs, or modern upgrades like new fixtures, furniture, or remodeling, enhancing your home for a better living experience.
NRI Home Loan:
For Non-Resident Indians wanting to purchase property in India, an NRI Home Loan is a convenient solution. Tailored to meet specific requirements, it helps NRIs achieve their dream of home ownership in India.
The key requirements for home loan eligibility are as follows:
Age:
- You must be above 19 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
- Salaried Person – 19 years to 62 years
- Self-Employed Person – 20 years to 75 years
Income Requirements:
- Salaried Individuals: Minimum of ₹10,000 per month
- Self-Employed Individuals: Minimum of ₹2,00,000 per year
Employment Requirements:
- Salaried Individuals: A minimum of 2 years of experience in any company, whether private or public limited.
- Self-Employed Individuals: At least 2 years of experience in their current business.
Credit Score : Achieving a credit score of 750 is a fantastic milestone that significantly boosts your chances of loan approval! Here are a few more points to
- 1. Lower Interest Rates: A higher credit score often qualifies you for lower interest rates, saving you money over the life of your loan.
- 2. Better Loan Terms: With a score of 750, you’re more likely to receive favorable loan terms, including flexible repayment options.
- 3. Increased Borrowing Power: A strong credit score can enhance your borrowing capacity, allowing you to apply for larger loan amounts.
- 4. Greater Approval Odds: Lenders view you as a low-risk borrower, increasing your chances of approval across various loan types.
- 5. Enhanced Negotiation Leverage: With a solid credit score, you can negotiate better terms and conditions with lenders.
- 6. Access to Exclusive Offers: You may qualify for special promotions and products that are available only to borrowers with excellent credit.
Home Loan Documentation Requirements
Income Proof Documents
1. Salaried Individuals:
- Form 16
- Employee ID Card
- Last 3 Months’ Salary Slips
- Last 6 Months’ Bank Statements
- Proof of Employment Duration
2. Self-Employed Individuals:
- PAN Card
- Trade License (if applicable)
- Partnership Deed (for partnerships)
- Articles & Memorandum of Association (for companies)
- Import Export Code (if applicable)
- SEBI Registration Certificate (if applicable)
- ROC Registration Certificate
- CA-Audited Financial Statements
- Profit & Loss Account
- Balance Sheet
- Last 6 Months’ Bank Statements
- Professional Practice License (for doctors, consultants, etc.)
- Establishment Registration Certificate (for shops, factories, etc.)
- Proof of Business Address
3. Non-Resident Indian (NRI) Applicants:
- NRI Income Proof Documents
- Property Papers
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate (NOC) from Housing Society or Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statements (for payments made to seller/builder)
- Payment Receipts (for payments made to seller/builder)
- Share Certificate (in case of resale property)
- Occupancy Certificate
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.25% to 3% of Loan Amount |
| Loan Cancellation | ₹3,000 to 5% of Loan Amount |
| Stamp Duty Charges | As per the Value of the Property and State Tax |
| Legal Fees | As per on-going fees |
| Penal Charges | Usually 1-2 % per month |
| EMI / Cheque Bounce | ₹499 to ₹599 per Cheque/EMI Bounce |
Home Finance FAQs
A home loan is a secured loan that allows you to borrow money from a bank or financial institution to purchase or construct a home. The property itself is used as collateral until the loan is fully repaid.
To qualify for a home loan, you need to meet specific criteria, such as a stable income, a good credit score, adequate documentation (like identity and income proof), and the ability to make a down payment. The exact criteria vary depending on the lender.
Yes, most lenders allow you to prepay your home loan either partially or in full before the end of the loan tenure. However, some banks may charge a prepayment penalty, depending on the loan terms.
No, banks typically finance up to 75% to 90% of the property’s value. You will need to arrange for the remaining amount through your own savings or other means.
The maximum home loan you can get depends on your income, repayment capacity, credit score, and the value of the property. Generally, lenders offer a loan amount up to 60-70% of your gross monthly income or the market value of the property.
Salaried professionals usually need to provide the following documents:
- Form 16
- Employee Identity Card
- Last 3 months’ salary slips
- Last 6 months’ bank statements
- Proof of employment duration
Yes, you can apply for a home loan jointly. Typically, joint borrowers are family members such as spouses, parents, or siblings. Banks usually don’t allow friends to be co-applicants.
Joint borrowers in a home loan can include immediate family members like your spouse, parents, or siblings. This allows both borrowers to combine their incomes to enhance loan eligibility.