Availing Home Loan From Banks ? Bank finance articles and tips

Home loan is designed housing finance to render money assistance with a view to buying new house or solving other housing issues. PNB home loan or LIC Housing Finance Home loan are sources for housing loans. These banks determine your loan eligibility by their own set of standards.

In a bid to bring revolutionary change in the life of people in terms of easy money access, several banks in India have launched loans related services. Home loan is one of the different types of finances available in the market. This is purely dedicated to purchase any house or land as well as renovate a home. Depending upon credit worthiness of a borrower, the quantum of loan fluctuates accordingly.

However, borrowing is heavily documented because this is secured loan. Demand of collateral and credit history consideration follows usually in the acquisition of the finance. You can qualify for it, if you have good income and good credit scores.
You can take home loan from any bank in India. For instance, you can borrow home finance from PNB or Punjab National Bank. PNB home loan assures that the borrowing procedure remains less problematic especially on documentable fronts and other factors consideration. You will be offered around Rs 20 lakh to purchase land or plot. If you are willing to furnish your house rather than buying a new one, you will avail max of Rs 2 lakhs. The max duration for which pnb housing finance is offered is 25 years.

Pnb housing finance is available on both fixed and floating interest rates. Choose either of rates to suit your needs. Famous for quick and fast loan processing, pnb housing loan offers you required finance in the least time consuming procedural orders. You don?t have to take the trouble of facing hidden charges as well.

LIC Housing Finance is another one of the biggest housing finance companies in India. Whether you are self-employed or salaried individual, you are eligible for LIC Housing Finance Home loan provided that you have Rs 15000 monthly income, and you age between 18 yrs to 60 yrs. Max tenure over the loan disbursement is 25 years. You need to submit recent photograph, proof of age, income and resident proof along with 6 months old bank statement copy to the lender. The bank is headquartered in Mumbai; however, it has branches all over India.

You should bear in mind that in the course of obtaining housing finance from a bank, nearly 15%-20% down payment is must have as no bank can finance you 100%. Moreover, you should know what your credit rating is before choosing PNB or LIC Housing Finance Home loan. It would help you avoid facing those factors related to cause rejection of housing finance.

Source: http://www.bankingsite.info/loans/1289-availing-home-loan-from-banks.html

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