Different Types of Home Loans Available in India

Owning a home is a fond dream for every Indian citizen. Hunting for a house that fits within their budget, buying a plot and constructing the house according to their own plan, buying resale homes – whatever the purpose, a Home Loan is the basic requirement to fulfil their dream.

Let’s take a look at the different types of Home Loans in india.

Land Purchase Loans

These are loans taken to buy a plot of land to construct your own house. These loans can also be used to buy a land for investment purposes rather than house construction. You can get upto 85% of the land cost as loan, and the loan tenure can be up to 15 years. There are no tax benefits attached to this type of Home Loan.

Home Purchase Loan

This is the most common type of Home Loan. You apply for this loan to buy an under-construction, ready-to-occupy, or a resale house. Here too, upto 85% of the cost can be sanctioned as loan. The tenure for these loans can be as long as 30 years. There are many tax benefits that you can avail on this type of loan. These Home Loans can be availed on either fixed or floating rates of interest.

Home Construction Loan

This type of loan differs a little from regular Home Loans. Along with the basic documents required for Home Loan, you need to submit papers relating to your plot of land on which you want to construct the house. This land should have been purchased within the previous year for its cost to be included in the overall construction cost. If the land has been purchased more than a year ago, its cost would not be included in the loan. You also need to submit a plan for the house and a rough estimate of the cost of construction.

Home Expansion Loans

You can get around 70 to 80% of the estimated cost for the new additions to your home as loan, either on a fixed rate or on a floating rate of interest.

Home Improvement Loan

You apply for this type of loan when you want to renovate your house, carry out repairs, paint work, electrical or plumbing work and other forms of home improvement work to make your house more comfortable to live in.

NRI Home Loans

These are loans extended to NRIs to buy residential property in India. This type requires more paperwork and processing than regular Home Loan.

Balance Transfer Loans

You can transfer your Home Loan to another lender either for better customer service, lower interest rate, or willingness to provide you with certain facilities like restructuring your loan or offering top ups on Home Loan.

Investment Property Loans Required No Income Verification

People with unstable jobs face a lot of difficulties to get their loan approved for rental property or purchasing a new home. Their proof income is not strong enough to get their loans sanctioned. Thanks to the new investor loan program that doesn’t ask for any income proof of the investor. Here is your chance to bag the loan for your property.

Don’t you wish to have your own home? Does the dream of having your own home fades away due to your low income and poor job stability. You don’t have to worry anymore regarding the approval of your loan for investment property. The new Investor Loan program gives you ample opportunities to either rent a home or purchase a new one without the need to show your proof of income or submitting your tax returns.

Get your loan approved within 3 business days

Buying a new home or investing in a rental property has become an easy and less challenging task due to the easy availability of the investment property loans. Your loan gets sanctioned within 72 hours time and you don’t have to undergo the time consuming and the complicated conventional underwriting and also submit the tax returns of the current two years.

The loan program is beneficial for those with unstable jobs

The new stated income loans program has proved to be beneficial for all those individuals who don’t have a stable job and are unable to provide any definite tax documents but still wish to get a good rental property or purchase a home. There are no heaps of paperwork and you don’t even have to stand in queue for hours to get your loans approved.

What are the requirements?

There are certain necessary requirements that you need to abide by in order to get loan for investment property. They are:

  • The FICO score should be at least 600.
  • 30 % down payment must be initiated.
  • Refinancing also requires 30% equity payment
  • The property should be occupied by a non-owner.

No proof of income and work history required

The best part about the lnvestment properties of loan is that they will provide you with a minimum loan of around $125,000 million and the upper range limit is $3 million. Isn’t this a huge amount for a loan to get sanctioned for investing in real estate property? Your work history, job stability, current salary and tax returns will not be asked for the loan approval.

The whole context of the investment properties loans can be handled efficiently and in a more organized manner by a trusted and reputed service provider, QKMortgage.com. Your loan will get approved quickly without any hassles.

Bankruptcy Attorney Can Eliminate Your Credit Card Debt

Credit cards and mortgages can put you so much into problems in life, that you would be scared of the terms foreclosure, auctions and debts. Collection calls and attempts of collection by creditors can spoil your reputation, your lifestyle, peace of mind, and still rob you off your wages. The best way to fight the situation and stop all such actions, till you can collect yourself and get some funds arranged for the debt payment is byconsultinga bankruptcy attorney.

Why A Bankruptcy Lawyer?

A bankruptcy lawyer is the best choice when it comes to deciding how you would give shape to the uncertain financial future. TheLos Angeles bankruptcy attorney from the Consumer Action Law Group recommends that you take hold of the situation with the full assistance of your lawyer. You won’t be able to gauge on your own if you do need to file a chapter 13 bankruptcy or chapter 7 bankruptcy to get rid of credit card debts and foreclosure. So that you may decide your situation has to be evaluated by an experienced attorney, and that is how, they will recommend you a right method.

Next, the bankruptcy attorney Los Angeles will tell you how to file the case, and will do everything necessary to help you file the bankruptcy. Since filing a bankruptcy is not easy, thus you need the help and aid of the bankruptcy lawyer to go through the process.

File Bankruptcy To Relieve FromCredit Card Debt

Credit card debt is the most common type of debt you see, when the huge card bill cannot be paid by the debtor. As a result you are sued by the card company, and you are then continuously charged with collection calls and attempts from the creditors and collection agencies. This is one such phase which can torment you highly.If you are really not in the situation to pay the debt immediately, and are afraid of collection attempts by creditors, then you should immediately contact a bankruptcy lawyer through trusted law firms like Consumer Action Law Group. The attorney will be the best person to guide you through the crises, and tell you how whether you are eligible for filing bankruptcy chapter 13, and if yes then how.

You would need the support of the attorney in all steps to get you out of the credit card debt. Once your bankruptcy is filed you would no more be bothered and harassed by the creditors.

Those that live in California can benefit from a free bankruptcy advice by contacting Consumer Action Law Group. You can get free bankruptcy advice from a reputable bankruptcy attorney Los Angeles.