How to apply for Home Loan in Pandemic?

What is Home Loan? 

A Home Loan is availed by those who want to meet their financial needs for buying a house. The current rates of houses are three-fold more than a person’s annual income that makes an expenditure for purchase difficult. Home Loan can be your savior in such cases. Home Loan can also be used for Home Renovation, construction or expansion purposes. 

Some Features of Home Loan

• Home Loan can be available for New Flat, Ready to move in house, Plot from MHADA, DDA, Home construction, Home extension, and Home renovation.
• Home Loan can be availed by Indian citizen or Non-residential Indian(NRI).
• Home Loan interest rates start at 6.90%.
• Tenure of 30 years is given for Debt consolidation
• The loan amount is sanctioned on a percentage based on the Property’s value. 
• 0.50% of the loan amount excluding GST is charged as interest rates for women to encourage them to be Home Owners.
• 0.5% of the loan amount, including GST, is charged as Processing Fee for women willing to be Homeowners. 
• No Guarantor is required for Home Loan.
• No Prepayment of Part Payment fees is charged.

How to apply for Home Loan online? 

These are very tough times for us as a country to battle against COVID-19. All we can do is take mandatory precautions and stay at home. Yes Bank has provided an option for submitting an online application for Home Loan. You can apply through your comfort of home by just visiting the bank’s official website. You can fill the application form for Home Loan. 

Login Id and password will be issued to you while applying for the Indian Overseas Bank Home Loan, which you have to note down to save for future reference. Fill in all the required details and submit the required documents needed for verification. All the documents need to be scanned before submitting. In a short while, a bank representative will call you and guide you through the loan process. If you are eligible for a loan, your loan application will proceed further for verification. In Document verification, a valid income proof with residence proof and Property-related documents must be submitted. An approval letter will be given to the borrower upon Loan approval which contains details about the Home loan scheme, the total amount of loan approved, interest rates, Processing fee, tenure period etc. 

Documentation Process

For Salaried Individual : A Valid Residence proof is mandatory. Aadhar Card, PAN Card, Driving License, Passport, Voter Id etc., has to be submitted for verification. 

For Income Proof, documents such as the latest Form-16 and IT Returns, Salary Slips of 3 months, Bank Statements of last six months or Employment letter can be submitted.

Property Related documents are needed to avail of the loan. A copy of the buyer agreement or Allotment Letter, Receipt of payment made to the developer, and a Cheque for processing fee favouring ‘ICICI’ have to be submitted to the Bank.

For Self-Employed Individual: A Valid Residence proof is mandatory. Aadhar Card, PAN Card, Driving License, Passport, Voter Id etc., has to be submitted for verification. 

Income proof: Bank statements of the last six months, Business Profile and previous three years Income tax Returns(both self and business/organization) or Last three years profit/loss account and balance sheet have to be submitted. 

Proof of business: Education Qualifications Certificates or Business Achievements are required.

Property Related Documents: A copy of the buyer agreement or Allotment Letter, Receipt of payment made to the developer and a Cheque for processing fee favoring ‘ICICI’ have to be submitted in the Bank.

For Agricultural Laborers or Farmers Identity Proof: PAN Card, Driving License, Voter Id, Passport, Aadhar Card needs to be submitted. 

Income Proof- Bank Statements showing Salary credits from the last six months or copies of title documents of agricultural land showing a yield of crops.

Property Related documents are needed to avail of the loan. A copy of the buyer agreement or Allotment Letter, Receipt of payment made to the developer, and a Cheque for processing fee favoring ‘ICICI’ have to be submitted to the Bank.

The Borrower needs to submit his/her two passport-sized photographs on the Application Form and Signature along with all these documents.

Also Read:- What is down payment in home loan