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If you are planning to buy a home for yourself, you can avail of a home loan from a bank or financial institution or any money lender. But the home loan can be approved only on some criteria. You can get the loan amount from banks or financial institutions depending upon eligibility criteria. You can get the home loan from 20 lakhs to 200 lakhs. But it depends upon your income and repayment capacity. You can apply for a home loan to the banks with all related documents of a dream home or flat you want to purchase. The maximum period of loan repayment is 20 years.

Apply home loan to different banks
People can avail of home loans from different banks if you match the "Home Loan Eligibility" criteria. The potential buyer has to apply to the banks or any other financial institutions. To show the repayment capacity, you have to show the salary slips or source of income. The repayment may be activated via EMI. If your salary is a minimum 25,000 per month then you are eligible for the home loan. If the papers you have submitted for the home loan are approved by the bank then the bank will start further step.  

Get the sanctioned amount
If all the eligibility criteria are met, then the buyer has to submit a part amount to the bank to release the amount. After getting the amount, the buyers can pay the same to the builder to get the flat keys. The bank will keep the deep of the flat till the whole repayment of the loan is cleared. As soon as the loan amount is paid, the EMI is started.

Interest rates of the loan amount
The borrower of money has to pay interest on the loan amount in a calculative way. The interest rate varies from bank to bank and goes up to 9%. As you pay the loan amount, the amount of interest will also get reduced. "Home Loan Interest Rates" vary from bank to bank. The fluctuations by RBI also affect loan interest rates. From time to time, RBI changes the loan rates and fixed deposit rates. This change may affect home loan interest rates. The borrower has to pay some loan processing fees during the transfer of the amount. These processing fees may also vary from bank to bank.

Loan Disbursement
•    Disbursement will be made after the property has been technically appraised and legal documentation has been completed.
•    For the purchase of a house from an individual, the loan amount will be paid in lump-sum to the seller at the time of transferring money after getting confirmation of the customer has paid his contribution.
•    For those houses/flats which are under construction, the loan amount will be disbursed in stages and the progress grows.

After judging all the above mention points, you can move forward to fulfill the dream of purchasing a new home. You have to move step by step for availing the home loan. Once you will show all the verified documents the loan amount will be disbursed.


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