CHENNAI HOME LOAN / TAKE OVER/ TOP UP MORTGAGE LOAN

Home Loan , or morgage, is a secured loan that borrowers obtain in order to purchase a home which is given by hypothecating the property to the lender. Buying a home is one of the biggest purchases that an individual undertakes in the life, most borrowers utilize home loans to assist with their home purchase and modification in their homes. The repayment of the home loan is done in instalments over the lifetime of the loan. As it’s a Security backed loan if the borrower faults in the payments on his home loan, the lender may claim the property through a process known as foreclosure.
We at Finance realise the importance of the home buying decision and that’s why we give you a relationship manager to help you understand various Lender offering in the market and assist you in getting the best home loan deals at the convenience of your doorstep.

Eligibility

• An Indian resident or NRI.
• Above 21 years of age at the commencement of the loan and Below 65 when the loan matures.
• Either salaried, self employed or professionals.
• Minimum Annual Income of Rs. 3 Lacs.

t
Different banks calculate Home Loan eligibilities differently; however as a thumb rule you can take 60% of your gross income and from that reduce your existing monthly debts to arrive at a loan surplus. Depending on the tenor for which you wish to avail the loan, one needs to take the loan surplus to arrive at your eligibility.