Everybody in today’s world has a dream of owning a house and Home Loan provided by various banks at affordable home loan interest rate have helped in providing the much needed financial assistance. Home loan eligibility criteria and home loan rate have made it easier for most people to apply for a Home Loan. Home loan review shows that home loan interest rate is the most important deciding criteria while applying for a home loan.

Home Loan Interest Rate:

Home loan rate offered by banks can be categorized as

1.Floating rate vary during the term of the of the loan

2.Fixed rate remain fixed in the period of the loan.

Floating Home Loan rate gives the customer the benefit of lower monthly payments incase of decrease in home loan interest rate whereas in case of Fixed Home Loan rate the customer pays according to a fixed home loan rate for the entire duration irrespective of any change in home loan rate. The type of home loan interest rate offered should always be the deciding factor while applying for Home Loan.

Home Loan Eligibility:

An Individual Is Eligible For A Home Loan If He Meets The Home Loan Eligibility Criteria Of The Bank Which In Most Cases Is:

• ·Age of applicant
• ·Age of secondary holder if applicable
• ·Minimum take home salary or annual income.
• ·Duration in service
• ·Repayment capacity as per loan tenor.

Home loan review shows that the home loan eligibility criteria may slightly differ for loan applicants who are salaried, self employed, senior citizen etc.

Most banks require documents to be provided by the applicant for processing a home loan. Home Loan review shows that the common documents required are:

• ·Pan Card
• ·Loan application with 2 or more passport size photographs
• ·Latest Salary Certificate.
• ·ITAO or IT Returns 
• ·Cost estimates

The home loan documents may differ slightly for salaried or self employed applicants or as per the Bank’s requirement. Home loan review shows that most banks’ process the home loan in about 7 working days once the documents has been provided.

Home loan review shows that most banks today offer Home Loan at a competitive home loan interest rate and provide many extra benefits to woo customers like insurance, no prepayment penalty etc.choose the one that suits your need and repayment capacity. Home Loan’s are the key to fulfill your desire of owning a dream home.