Home Loan Vs Loan Against Property

Home Loan Vs Loan Against Property

Home Loan is a simple way for the people to make their own home through their earning and shifting themselves from rented property to the own property. Home loan is a process in which you buy the home of your choice and budget with a small amount of your saving and rest is taken as loan for a period between 5-30 years at the lowest reducing interest rates like 9-11% p.a. These interest rates are equal to a flat rate of around 2-3% p.a. which is very low interest rate. Home loan has some good features like long tenure period, low interest rate, floating interest rate, no prepayment or foreclosure charges (as per RBI instructions), tax deduction of home loan interest rate and principal amount, etc. We at KV Green Homes Creator Pvt. Ltd. works out to tailor this product more for your usage by getting home loan on our build property. Home Loan, is a loan given by banks or Non- Banking Financial companies (NBFC’s) or Non-banking housing companies (NBH’s) at a very cheap interest rate than of any other loan. Government of India also gives tax deduction in income tax when you purchase a home on home loan, giving tax deduction of upto 1.5 lac of the principal amount paying back included in tax saving U/S 80C and interest rate tax deduction U/S 24B of amount paid per year upto 2.0 lac. You can even get the tax rebate U/S 80C for stamp duty upto 1.5lac. Government of India has also announced various subsidy programs like Pradhan Mantri Awas Yojana in which the first home buyer is receiving an amount of approx. 2.0-2.75 lakh (depend on various eligibility criteria) as subsidy for buyers who are purchasing the home at home loan. To get a home loan there are various steps of home loan process in which KV Green Homes Creator Pvt. Ltd. (KVGHC) supports you and they are as follows:

Complete the Paper documentation along with application form
Your lender will assist you about the entire paper document’s (KYC of applicant and co-applicant, 3 years ITR with computation, Form -16 (For salaried), Balance sheet and Profit & Loss (For self-employed), Appointment Letter, Bank statement of 6 months -1 year, 6 month salary slip (for salaried), company profile (For self-employed), etc.) required by the company and then they will assist you to fill out an application form.

Getting Preapproval Home Loan Sanction
After reviewing your completed loan application and documents, the lender can give you a preapproval letter, a written letter that confirms the amount of home loan you may get from them.

Loan Processing
The Lender will collect the property paper and your paper documents along with application form and a processing fee check. Then, they login your file and documents goes to various departments like legal department for property paper verification, technical department for property verification, valuation department for property market valuation, applicant verification through visit on office and home, etc.

Receiving approval
After all the verification process your lender prepares the amount of loan sanction possible at what interest rate. After receiving the approval from the applicant and signing the loan kit documents the DD is prepared. Then, the loan is being disbursed after doing all the necessary formalities. If your application is declined, then they may recommend steps you can take in order to obtain financing.

Foreclosure or Pre-closing of the loan
In this phase, sometimes referred to as “loan settlement,” your lender will work with you to secure any required title insurance, provide you home property documents, provide NOC, loan statement, etc. to protect you against other parties claiming ownership of the property and receiving all the payments and dues of the loan.

Closing date
The day and time when all final mortgage documents are signed and all necessary payments are transferred to complete the purchase of a house. It is also known as the settlement date.

Loan servicing
The steps taken to maintain a loan from the time it’s closed until it’s paid off, for example billing the borrower, collecting payments, and making contract changes. It’s not uncommon to have loan servicing transferred between many companies during the life of a loan.

Loan Against Property

Loan Against Property is a loan taken against the mortgage of your property. Loan Agaist Property may be used for the various purpose like for personal expense, for home maintenance, for business purpose, for travelling, etc. The max tenure for taking this loan is 15 years and has always interest of around 2% reducing rate extra from the home loan rate.

Why KV Green:-

KV Green knows the specific requirements of our Precious clients as per their financial and social status and accordingly guides him/her for 1/2/3 BHK Floor in uttam nagar We are one of the Finest Property consultant in uttam nagar dealing in best Property in uttam nagar and help the customer in a unique way to get the best Builder Floor in uttam nagar in term of lowest interest on home loan and a hassle free process of documents.

As one of the leading Builder Floor provider, We know it very well how important and special it is to purchase or build a new home is for you and your family.

KV Green offers you the most convenient and easiest way to purchase builder floor in uttem nagar with home loan plans to suit your needs. KV Green Homes provides one stop solution for you to get every possible and available information for property in uttem nagar and home loan in Delhi