In India, several types of home loans are available to cater to different needs and requirements. Here’s an overview of the common home loan types:

• Home Purchase Loan: This is the most common type of home loan. It is used to purchase a new or pre-owned residential property.
• Home Construction Loan: This loan is specifically for individuals looking to construct a new home on a plot they own or are planning to buy.
• Home Extension Loan: A home extension loan is used to add space to an existing home. This could include building additional rooms, floors, or expanding existing rooms.
• Plot Purchase Loan: This loan is taken to buy a plot of land for the purpose of constructing a house on it in the future.
• Balance Transfer Home Loan: This loan allows borrowers to transfer their existing home loan to another lender to benefit from a lower interest rate.
• Composite Loan: This is a combination of a plot purchase loan and a home construction loan. It is suitable for people who plan to buy a plot and construct a house on it immediately.
• NRI Home Loan: Non-Resident Indians (NRIs) who want to buy a residential property in India canavail of this loan. The process and documentation for NRIs might differ slightly from resident Indians.
• Bridged Loan: This is a short-term loan for people who are planning to buy a new home before selling their existing one. It helps cover the gap until the old property is sold.
• Reverse Mortgage Loan: This loan is designed for senior citizens who own a home. It allows them to leverage their home as equity to receive a regular income without selling the property.

These home loan options provide flexibility based on an individual's financial situation and home ownership goals. Each type comes with its specific eligibility criteria, interest rates, and repayment terms.

Features of Home Loans

• Flexible Tenure: Home loans typically offer flexible repayment tenures, ranging from 5 to 30 years, allowing borrowers to choose a tenure that suits their financial situation.
• Interest Rate Options: Borrowers can choose between fixed and floating interest rates. Fixed rates remain constant throughout the loan tenure, while floating rates fluctuate based on market conditions.
• High Loan Amounts: Home loans usually cover a significant portion of the property value, sometimes up to 80-90%, making it easier for borrowers to purchase or construct a home without a large upfront payment.
• Tax Benefits: Home loans provide tax benefits under the Income Tax Act of India. Borrowers can claim deductions on both the principal repayment and the interest paid, subject to certain limits.
• Balance Transfer Facility: If a borrower finds a lender offering a lower interest rate, they have the option to transfer the outstanding loan balance to the new lender, potentially reducing their overall interest burden.
• Top-Up Loan Facility: Some lenders offer a top-up loan facility, allowing borrowers to avail of additional funds over and above their existing home loan. This can be useful for renovation, repairs, or other financial needs.
• Prepayment and Foreclosure: Borrowers have the option to prepay or foreclose their home loan before the end of the tenure. Some lenders may charge a penalty for this, but it can help save on interest costs in the long run.
• PMAY Subsidy: Under the Pradhan Mantri Awas Yojana (PMAY), eligible borrowers can avail of an interest subsidy on their home loan, making it more affordable.

Benefits of Home Loans

• Home Ownership: A home loan enables individuals to own a property, providing them with a sense of security and stability.
• Appreciation of Property: Real estate generally appreciates over time, meaning the value of the property can increase, providing a good return on investment.
• Leveraged Investment: Home loans allow individuals to purchase a property without using all their savings, thereby leveraging the power of borrowing to invest in real estate.
• Tax Savings: As mentioned, home loans come with tax benefits, which can significantly reduce the overall cost of borrowing.
• Improved Credit Score: Timely repayment of home loans can improve an individual's credit score, enhancing their creditworthiness for future borrowing.
• Rent-Free Living: Owning a home means no longer needing to pay rent, which can be a significant financial relief in the long term.
• Customizable EMIs: Many lenders allow borrowers to customize their Equated Monthly Installments (EMIs) based on their financial capabilities, offering more control over finances.
• Financial Discipline: Repaying a home loan instills financial discipline, as borrowers need to plan their expenses and savings carefully to meet monthly obligations.

At Infinity Financial Hub, we strive to make the home loan application process as simple and straightforward as possible. Here’s a step-by-step guide to help you understand how you can apply for a home loan with us:

Explore Your Loan Options

• Consult with Us: Start by exploring the various home loan options we offer. You can reach out to our loan experts through our website or by visiting our office. We’ll help you choose the loan that best fits your needs.
• Understand Eligibility: Check the eligibility criteria for our home loans, including factors like your age, income, credit score, and employment status.

Calculate Your Eligibility

• Eligibility Calculator: Use our online home loan eligibility calculator to get an estimate of the loan amount you qualify for based on your income and financial obligations.
• Credit Score Check: A good credit score increases your chances of getting a loan at favorable terms. Ensure your credit score is healthy before applying.

Gather Your Documents

• Required Documentation: Prepare the necessary documents for your loan application, such as proof of identity, proof of address, income proof, bank statements, and property documents. A detailed list of required documents can be found on our website.
• Document Checklist: Download our document checklist to ensure you have everything you need before starting your application.

Submit Your Application

• Online Application: Fill out our online application form on our website, or you can visit our office for a personalized consultation. Provide your personal details, employment information, property details, and loan requirements.
• Submit Documents: Attach your documents to the online application or submit them in person. Our team will review your submission for completeness and accuracy.

Pay the Processing Fee

• Processing Fee: Pay the nominal processing fee, which covers the cost of evaluating your application. This can be done online or at our office.

Verification and Assessment

• Verification Process: Our team will verify your application details, including your credit history, income, and property documents. We may contact you for additional information if needed.
• Property Evaluation:We conduct a thorough evaluation of the property to ensure it meets our lending criteria and is free from any legal disputes.

Loan Approval

• Approval Notification: If your application is approved, we will send you a sanction letter detailing the loan amount, interest rate, repayment tenure, and other terms and conditions.
• Review and Accept:Review the sanction letter carefully. If you agree with the terms, sign and return the acceptance copy to us.

Sign the Loan Agreement

• Loan Agreement: We will prepare the final loan agreement. Please read all terms and conditions thoroughly. Our team is available to clarify any queries you may have.
• Execution:Sign the loan agreement and complete any remaining formalities.

Loan Disbursement

• Disbursement: Once the agreement is signed, we will disburse the loan amount to the seller, builder, or directly to you, as per the agreed terms.
• Receive Funds:You will receive the loan amount based on the disbursement plan discussed during the approval process.

Post-Disbursement

• Repayment: Start your EMI payments as scheduled. You can set up an automatic debit from your bank account for hassle-free repayments.
• Customer Support:Our customer support team is always available to assist you with any questions or issues regarding your loan.

Why Choose Infinity Financial Hub?

• Personalized Assistance: We provide dedicated support throughout the loan application process.
• Competitive Rates:Enjoy competitive interest rates tailored to your financial profile.
• Quick Processing:Experience a fast and efficient application process, with minimal paperwork.
• Flexible Repayment Options:Choose from a range of flexible repayment options to suit your financial situation.

For more details or to start your home loan application, visit our Contact Us page. We are here to help you achieve your dream of owning a home!

At Infinity Financial Hub, we are committed to helping you secure a home loan that meets your needs. Understanding the eligibility criteria is the first step in your home loan journey. Below are the key factors we consider when evaluating a home loan application:

Age

• Minimum Age: Applicants should be at least 21 years old at the time of applying for the loan.
• Maximum Age:The applicant's age should not exceed 65 years at the time of loan maturity. This ensures that the loan is repaid during the working years of the borrower.

Employment Status

• Salaried Individuals:Employees of government organizations, private companies, or public sector undertakings with a minimum of two years of work experience are eligible.
• Self-Employed Individuals:Professionals such as doctors, architects, and business owners with a minimum of three years of stable business operations can apply.

Income

• Minimum Income:A stable and sufficient monthly income is required to ensure the borrower can comfortably repay the loan. The minimum income requirement varies based on the location and the loan amount.
• Debt-to-Income Ratio:A healthy debt-to-income ratio, usually not exceeding 50%, is required. This ratio is calculated by dividing total monthly debt obligations by gross monthly income.

Credit Score

• Credit History: A good credit score (usually 700 or above) is essential for loan approval. A higher credit score indicates good creditworthiness and can lead to better interest rates.
• Credit Report:The applicant’s credit report will be reviewed to check for any previous loan defaults or overdue payments.

Property Type and Value

• Property Type: The property being purchased or constructed should meet the eligibility criteria set by our firm. This includes residential properties such as apartments, villas, and plots.
• Property Value:The value of the property must align with the loan amount requested. A property evaluation will be conducted to ensure it meets all legal and technical requirements.

Loan Amount

• Loan-to-Value Ratio (LTV): We generally finance up to 80-90% of the property's market value. The remaining amount should be funded by the borrower.
• Maximum Loan Amount: The maximum loan amount depends on the applicant's repayment capacity, age, income, and property value.

Co-Applicant Requirements

• Co-Applicants: Adding a co-applicant, such as a spouse or a family member, can increase the chances of loan approval and might qualify you for a higher loan amount.

Other Factors

• Existing Liabilities: Any existing loans or debts will be considered to assess repayment capacity.
• Employment Stability: A stable employment or business history is crucial in evaluating loan eligibility.
• Location of Property: The property's location should fall within the geographical limits defined by Infinity Financial Hub

Tips for Improving Your Home Loan Eligibility

• Improve Your Credit Score: Regularly check your credit report and take steps to improve your score by paying off existing debts and maintaining a good credit history.
• Reduce Debt: Pay off outstanding loans and credit card balances to lower your debt-to-income ratio.
• Increase Your Down Payment: A higher down payment reduces the loan amount required and can increase your eligibility.
• Choose a Longer Tenure: Opting for a longer repayment tenure can reduce EMIs, making it easier to meet eligibility criteria.

At Infinity Financial Hub, we strive to provide a seamless home loan experience. If you have any questions or need assistance with your loan application, feel free to contact our team of experts.

Every customer has to satisfy the Know Your Customer (KYC) norms stipulated by RBI. You have to provide the documents relating to your KYC, employment, business, and income.

Identity Proof

• PAN Card
• Aadhar Card
• Voter ID
• Driving Licence
• Passport

Address Proof

• Registered Rent agreement
• Aadhar Card
• Driving License
• Lease agreement
• Passport
• Latest Gas or electricity bill

Other documents:

• Loan application form duly filled in
• Photographs
• Signature Proof

Property documents

• Copies of all property documents that can establish the chain of ownership for the past 30 years.
• Encumbrance certificate for 30 years
• Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer).

Income Proof Documents

• Salary slips for the last 6 months in case you are a salaried employee (In addition, you can provide IT returns for the past 3 years along with Form 16).
• IT returns for the past 3 years in case you are self-employed (Some banks accept 2 years IT returns as well).
• Statement of A/c for the past 1 year where your salary is credited (in case of salaried people).
• Profit and Loss statement and Balance sheet for the last 2 years in case of self-employed persons.
• Sales tax, GST registration certificates, if applicable.
• Partnership deed in case of partnership firms (if the applicant is one of the partners).
• Certificate of Incorporation in case of limited companies(if the applicant is one of the directors).

Documents Required from Non-Resident Indians (NRIs) Applicants

• Employer identity card
• Valid passport and visa (attested copy)
• Address proof with the current overseas address
• Copy of Continuous Discharge Certificate (CDC) for merchant navy employees.
• PIO card issued by Government of India (for PIOs)
• Documents must be attested by FOs/Rep. Offices or Overseas Notary Public or Indian Embassy/Consulate or officials of Branch/Sourcing outfits based in India.
• Home loan application - completed and duly filled
• 3 passport size photographs
• Identity proof (any one): PAN/ Passport/Driving License/Voter ID Card
• Residence proof (any one): Recent copy of Utility Bills/Piped Gas Bill/Passport/Driving License/AadharCard.

Income Proof Documents for NRI

• For Salaried
  • Valid work permit
  • Employment contract with an English translation (if it’s in another language) duly attested by employer/consulate/Indian foreign office/Embassy.
  • Last 3 months’ salary certificate or salary slips
  • Last 6 months’ bank statements showing salary credit
  • Latest salary certificate or salary slip in original
  • Last year’s Individual Tax Return (duly acknowledged copy) except for NRIs/PIOs located in Middle East countries & Merchant Navy employees.
• For Self-employed
  • Business address proof
  • Income proof in case of self-employed professionals/businessmen.
  • Last 2 years’ balance sheet and P&L accounts (audited/C.A. certified).
  • Last 2 years’ Individual Tax Return except for NRIs/PIOs located in Middle East countries
  • Last 6 months’ bank statements of overseas account(s) in the name of individual as well as company/unit.

Receiving a home loan rejection can be frustrating, but it’s not the end of the road. Here’s what you can do next:

• Understand the Rejection: Contact the lender to find out why your application was rejected. Common reasons include a low credit score, insufficient income, or property issues.
• Check Your Credit Report: Obtain and review your credit report for any errors or negative marks that could have contributed to the rejection. Correct any discrepancies.
• Improve Your Credit Score: Pay off outstanding debts, avoid multiple loan applications, and make timely payments to boost your credit score.
• Reassess Your Financial Situation: Consider applying for a lower loan amount or increasing your down payment. This can make your loan request more appealing to lenders.
• Add a Co-Applicant: Adding a co-applicant with a good credit history and stable income can improve your chances of approval.
• Consider Other Lenders: Different lenders have different criteria. Research and apply to other lenders who might have more flexible requirements.
• Wait and Reapply: Take time to improve your financial situation before reapplying. This includes saving more money, stabilizing your employment, and enhancing your credit profile.
• Seek Professional Advice: Consult a financial advisor to understand your options and the best steps to take to improve your chances of getting approved.

At Infinity Financial Hub, we’re here to help. Contact us for guidance on how to strengthen your home loan application.