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Home Loan Online

Life is gracious if we have a house to live. You may not have much of luxury, but if you own a small house, it is an achievement. To have this in life, banks and NBFCs have come up with a product called 'Home loan online'. They are willing to give to people who are in need and also who want to invest.

The plus points (Benefits) are

  • Low interest rate
  • Tax Benefit: Interest paid
  • Tax Benefit: Principal Repayment
  • Buying a home vs renting a house: It is always a win-win situation

To make you acquainted with other few points to understand the product, we have indicated the following which will definitely help you.

Purpose :

  • For purchase or for construction of new or old house or flats
  • For extension of existing house
  • The old house should not be more than 15 years old

Eligibility :

Take a glance at our Loan Eligibility Calculator for further actions.

  • Individuals or Group of Individuals or Members of Cooperative Society
  • Employed: 3 years confirmed service
  • Self employed: 3 years in the business
  • Not a defaulter and should not enjoy any other credit facility of same nature
  • Should own the house in his name or spouse
  • Applicant not more than 60 years

Amount :

  • Many banks: Up to Rs.50 lacs for resident individuals
  • HNI(High net worth Individuals) : Rs.2 crores
  • Loan is fixed based on age and repayment capability of applicants

Security :

    1st Mortgage of property financed. The land or property should be in the name of applicant or jointly with the spouse. The spouse can be the co-obligant. The property should have clear and marketable title of the property.

Disbursement :

Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.

  • In case of construction of house, it is based on stages of progress.
  • In case of flat, disbursement is on progress of construction.
  • In case of completed flat, the disbursement is done in one go.

Moratorium :

Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.

  • For construction of house: up to 18 months of Moratorium.
  • Purchase of house or flat: 3 months of moratorium.

Prepayment Issues :

Many of the bank and NBFC are not charging this. If you have money pay it back to reduce the principal amt.

Moratorium :

  • Normally: 15-20 years
  • Some banks :25 years
  • In case of fixed rate of Interest: 10 years.

ROI (Rate of Interest) :

  • Depends on loan and repayment period.
  • Depends on fixed or floating ROI
  • Depends on fixed or floating ROI
  • Mostly the ROI bank is from 8 to 11 at the present scenario.

Processing fee :

0.25% and some banks waive it.

Other products :

Banks and NBFCs have different other products for HNI and NRI. Loans are also given for home Improvements, furnishing Homes as add on loans in different brand names.

If you have any queries write us at info@myfundbucket.com

FAQ's

Q. Is there a prepayment penalty for a home loan?

Ans. Yes most banks charge a pre-payment penalty of 2-3% on the outstanding home loan principal amount.

Q. Can I get a home loan with poor credit history?

Ans. In case you have poor credit history or score such as a credit score less than 750, it might be difficult for you to get a home loan by yourself. In such a situation it is advisable you get a co-borrower with good credit history from among family members such as your spouse or parents.

Q. What is the margin on a home loan?

Ans. Banks usually keep a 20% margin on home loans. Thus the loan amount typically accounts for 80% of the property costs, whereas, the rest 20% of the property has to be borne by the applicant.

User Reviews

Jay Verma , Bangalore

Good Financial Website with best offers

I found MyFundBucket through Google search when I was checking out home loan rates. I was actually going to go with another lender, but after applying from their website I received immediate call from their agent Sanket, I felt more comfortable dealing with him. He was extremely knowledgeable and professional. More than that, I felt like they have best interest rates. Agent stayed in contact with me throughout the entire process and kept me apprised of what was going on. While the home loan portion he suggested me the best offer available on their website, and actually its best offer for me as it was perfectly suited my budget. I would recommend MyFundBucket to family, friends or anyone that asks for home loan, I think I will keep their number on my phone just for that! Thank you Sanket and MyFundBucket.

Aswin Kadam , Mumbai

Quick and secure website to get Home Loan

I would like to thank myfundbucket from bottom of my heart. I applied for home loan through many lenders, but their rate of interest was very high and their process was also lengthy. I seen advertisement of myfundbucket.com in train which I found interesting, I started accessing their website. Their process for entering details was very easy and quick. They shown me numbers of home loan offers from different banks which was very helpful. I selected the offer with my suitable rate of interest and proceed further. I found their documentation process very secure. Finally my home loan was approved and I am very happy that I have my own house.

Kavita Mishra , New Delhi

Website with best rate of interest

This is the second time I've used myfundbucket.com. They make getting and closing a loan so easy! Great rates as well! I am referring my Chachaji in the couple of weeks. :)

Raman Malhotra , Haryana

Excellent Service

I know myfundbucket.com from last 2 months, MyFundBucket provides good services on Home Loan when compared to others in the market. It was a good experience with them. The customer service was good and their response was prompt. The website is easy to access and it is user friendly.

Ravi Rao , Chennai

Great Team to Work With

First I must say that Nagma from Myfundbucket really worked hard to get a great rate for my family. We actually compared the rate that she secured for us with at least 5 other lenders and their response was "go and get that loan" because they could not get that rate. Nagma guided us through every step of the process and the ease of getting the loan was great. Jyotsna also really stepped in and answered all of my questions and got all of the documents and helped with those that were urgent. When it came time to close which they were able to quickly resolve issues that arise. I have 1 more home loan and by far this is the best rate and the easiest team to work with. Thanks to the MyFundBucket team.