Home Loan Services Offered

Home Loans in Mumbai

If you want to take a brand new home and are searching for new home loans available in Bangalore and Mumbai, then you are at the right place. Check out some of the new home loans provided by some of ...

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Home Improvement Loan

Home Loans Mumbai

India, in today’s date is quite well accustomed with the word ‘loan’. Today we have embraced this concept which has made our life easier & dreams much more achievable.

One dream that is common with every Indian is to have a home of his own, which previously used to take a lifetime to attain. But now with the easy availability of home loans anyone can go for it with a proper planning. Not only that, we can also renovate our existing house with the Home Improvement Loan which is comparatively a new concept. The home improvement loan is taken mainly for two purposes.

  • Today home is not just a necessity but also a place where a person can enjoy the comforts if not the luxuries of life. The décor of the house should be a reflection of the personality of the owner. Also, with the availability of numerous amenities, some of them have become indispensible. Lastly, in a time when packing & presentation matters a lot, anyone would love to have a house that looks good from inside & out.
  • If a person considers to sell his property then a little renovation, like paint on the walls or tiling the bathroom walls, can increase the value of the property to a considerably high margin.

HOW TO APPLY

A person can apply for home improvement loan in the home loan section of different banks & corporations by filling the application form. The documents that have to be furnished for the approval of this loan are:

  • Application form with photograph
  • Identity & address proof
  • Processing fee cheque
  • Proof of business existence with business profile and last three years income tax return(businessman/ self employed)
  • Last 3 month's personal and business bank statements. (businessman/ self employed)
  • Last 3 years income statement and balance sheet. (businessman/ self employed)
  • Educational qualification (businessman/ self employed)
  • Form16(salaried person)
  • Latest salary slip(salaried person)
  • Last 6 months bank's statement(salaried person)

Due to immense exposure to media, nowadays even the middle class people want a house with a modern bathroom facilities & a modular kitchen. The old plans according to which our ancestors designed the house are obsolete by now. This makes renovation a craze all over the country. But the two cities that are leading in this league are Mumbai & Bangalore. Being exposed to the widest variety of available options owing to the cosmopolitan crowd of these cities, huge numbers of applications are filed for home loans in Mumbai & home loans in Bangalore. Now with the up gradation of lifestyle & international exposure they are also leading in application for home improvement loan. The fastest & easiest sources of home improvement loan in Bangalore are:

COMPARATIVE STUDY OF HOME LOANS IN MUMBAI

Housing Loans Mumbai

Let us now browse through some of the leading banking institutions and see what they have to offer. You need to go through the list and choose the best home loan available in Mumbai.

  • HDFC home loan Bangalore
  • SBI home loan Bangalore
  • IDBI home loan Bangalore

Assistance of home loan agents in Mumbai makes the search for the home improvement loan much easier.

Interest rates for Home Improvement Loan (depending on loan tenure and amount):

  • HDFC home loans- 10.75%p.a. to 11.75%p.a.
  • SBI bank home loans- 10.75%p.a. to 11.25% p.a.
  • LIC home loans- 9.9%p.a. to 10.75%p.a.

The above depend totally on the tenure & amount of the loan.

Tax Benefits on home improvement loan:

Here’s the good news! Tax deduction benefits are not just for buying a new home only. Now, reconstruction or repair of your self-owned home can also be supported by a tax deductable interest on the home improvement loan.

So, now we don’t just dream of a home but can actually make our “Dream Home” come true!