After submission of the application form along with the required documents, the bank starts processing the Home Loan application. The bank will verify all the documents provided by you. A bank representative may even visit your workplace or home or both for the same.
The bank conducts an extensive enquiry into your credit score to check your creditworthiness as a borrower.
If all your documents are in order and you have a satisfactory credit score and report, the bank will proceed with your loan application.
- The loan amount you are eligible for
- The interest rate offered
- Whether the interest rate is fixed or variable
- Tenure of repayment
- Terms and conditions of repayment
5. Secure Payment Fee:
On signing the sanction letter, client will have to pay a one-time secure payment fee which may be pay upfront either before or after the loan sanction.
6. Legal and Technical Check:
Before the disburses the loan amount, bank will conduct legal and technical checks. The bank representatives will verify the property for which loan is applied and check the ownership rights of the property.
During the technical check, the bank representatives will evaluate the actual value of the property. The status of the property - under construction or resale - will also be taken into consideration.
In case of under construction property, they will check the construction stage and quality of the work. Whereas, if the property is a resale one, the bank will check the age and maintenance of the property.
In case of the resale, the bank may also check if the property has already been mortgaged before or not.
6. Loan Disbursal:
Once the legal and technical checks are completed and bank is satisfied with the checks conducted, Loan application will be approved and client will receive a final agreement letter.
Prior to disbursal of loan, borrower will receive a welcome kit with detailed housing loan EMI schedule.
If borrower want to switch the lender, there is an option for the Home Loan Transfer procedure.
It is important that you check whether you meet the required Home Loan eligibility criteria before applying for the loan. You can seek professional guidance here to make a more informed decision and Livanity Financial Services will help you to make your decision much easier.
Home Loan Eligibility
Home loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria for salaried and self-employed individuals are:
| Age |
23 years - 65 years |
| Employment Type |
Salaried/ Self-Employed professionals |
| Credit score |
725 or above with a good credit history |
| Minimum Net Income (Monthly) |
Minimum Salary: 25,000 p.m. / Minimum business income: 2 lac p.a. |
| Loan Amount |
5 lacs onward depending on the annual net income/ property value |
| Work Experience |
For Salaried person: minimum 3 years For Self-Employed person: Business tenure of at least 5 years (continuous) with ITR of last 5 year |
Example that represent the EMI against Loan amount
For Rs 25 lakh home loan at 9.55% rate of interest per annum, the EMI for,
- 10-year loan tenure is Rs 32,418,
- 20-year tenure is Rs 23,385,
- 30-year tenure is Rs21,113.
*Disclaimer: These are approximate EMI calculations; actual numbers may vary.
Home Loan EMI Calculator
Calculate an EMI and check whether it fits in your monthly budget or not. A loan calculator helps you get the following results:
- Monthly Repayments - EMI you will be paying every month
- Total interest payable - Total interest on your loan
- Total amount to pay - The total amount which is a sum of principal and interest
Home Loan Details
| Interest Rates |
8.15% - 36% |
| Processing Fee |
Differs from bank to bank; generally ranges between 1-5% of the loan amount |
| Loan Tenure |
10 to 30 years |
| Loan Amount |
more than 5 lakhs |
| Lock-in period |
Varies from lender to lender |
| Pre-closure Charges |
Differs; Nill for floating rate loans |
| Guarantor Required |
Varies on different conditions |
Why choose Livanity for Home Loan?
Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For home loans, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.
Here are a few reasons for you to apply for a home loan at Livanity:
Fast assistance: At Livanity, you can contact us at any official working hours of the day.
Customer needs in forefront: Your needs are our priority. We promise to deliver you with services that are best on our capabilities.
Compare Offers Online:
With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.
Real-time customer support:
Our customer support team is fast and efficient to clear all your doubts regarding home loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.
