A home loan can fulfill the different needs of individuals. With a home loan, individuals can not only buy a home for themselves as a future investment but also can upgrade or repair their homes. Among several options at their disposal, Tata Capital Home Loan is one of the popular options among customers for a few crucial reasons. These reasons are affordable interest rates, quick loan amount disbursal, flexible repayment methods, highest home loan eligibility, etc. But one of the best things about this home loan facility from Tata Capital is multiple application methods through which you can get this home loan. With multiple application methods, Tata Capital Home Loan provides convenience to customers, so they can choose any of the methods according to their needs. There are 4 methods - Online, Phone, Virtual Assistant and Branch. In this article, we will be discussing these application methods along with the steps in the application process so that you can understand them...
Planning for a house isn’t easy. You need financial support that can manage your cost for purchase, construction, renovation, etc. There is a lot of work involved in the process of a home purchase. First, you need to find the desired property, pay a down payment for it to reserve it, so non one else gets your deal. After which you need a lender that can provide you a lump sum fund. And Bank of India is a suitable lender for you? Why Bank of India? Because the bank has been serving 1,000 customers. And with its services, many can achieve their dream. So, if you want to buy a house, apply for Bank of India Home Loan. Read the article to know more about the home loan.
Who is Eligible for a Bank of India Home Loan?
Salaried employees, Self-employed Professionals, and non-professional persons can borrow a home loan from the Bank of India. Also, NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin), HUF (Hindu United Family) can borrow Bank of India Home Loan. The individual should have a regular income if he/she wants to borrow a home loan. Because the income isn’t stable the borrower will be unable to pay the EMI on time as per the schedule.
For What Purpose Bank of India Home Loan can be Used?
To purchase, construct house or flat:- Bank of India Home Loan is suitable for you. And if you are looking for buying a new house or constructing a house on your purchased land, you can borrow up to INR 300 lakh from Bank of India. The loan amount will be dependent on the borrower income, property value, co-borrower income, and credit score.
To renovate, extend, repair the existing house or flat:- You can borrow money from the bank by applying for a Bank of India Home Loan. With the home loan, one can renovate, extend, or repair his/her house. The maximum amount which Bank of India provides to the borrower for the repair and renovation work is of INR 50 lakh.
To purchase a plot of land:- If you haven’t decided yet to construct a house. You can apply for a Bank of India home loan and buy land. This helps you to provide future security when you are planning to build a home.
A takeover of home loan:- Do you have an existing home loan? Don't worry about it. You can transfer your home loan to Bank of India to get its exciting features and competitive interest rates that range from 7.00%-7.15% per annum. The bank charges Bank of India home loan interest rate at a daily reducing balance that helps the borrower to pay less interest on his/her home loan. Also, the Bank of India offers a 100% waiver of processing charge for take-over home loans that gives more benefits to the borrower.
Processing Fee for New Bank of India Home Loan
For Individuals:- 0.25 % of the loan amount which may be subject to minimum INR 1,500 to maximum INR 20,000 for all loan amounts.
For Partnership Firms and Corporates:- Bank of India Home Loan processing fee is double of the individual charges that are 0.50% of the loan amount which is a minimum of INR 3,000 to maximum INR 4,0000.
Note:- In rural areas, the Bank of India Home Loan processing charges is 75% of that applicable to individuals in respect of the loan borrower avail from the rural branches which is minimum INR 1,500 and maximum INR 20,000.
Comments
Post a Comment