INTRODUCTION
Kerala, which boasts of exotic backwaters, greenery and colourful dusks, is on everyone’s wish list to become a homeowner. Whether you are looking to own a house in this beautiful state or looking for a house in Kerala as an investment property for buying second home along the beautiful back waters, then getting a home loan.Let’s discuss each and every aspect of home loans in Kerala in detail below.
Different Home Loans Offered to borrowers in Kerala
- Land Purchase Loan: It can therefore be said to be ideal for people who are intending to purchase a piece of land on which they intend to construct their dream house. Generally, the respective banks and NBFCs fund 80-85% of the land price.
- Home Construction Loan: To those people who already possess a plot and are in need of cash to put up a house. It is specified that, the amount of the loan is calculated on the basis of a constructed cost estimate.
- Home Extension Loan: Appropriate for use by homeowners who have plans of exercising their option to build additional rooms to their house. This loan means the cost incurred on the construction of new rooms or floors in a building .
- Home Improvement Loan: The chapter is for the individuals who wish to improve, maintain or renovate their existing home. This refers to repair of structures, painting and other developments as indicated below The Interim Facilities Investment includes the following; Structural repairs and the construction of additional structures/extension of existing structures including painting.
- Home Conversion Loans: For those homeowners who have already availed of a home loan and want to move to a new house. This loan assist in transferring the existing loan to the new property locally- this loan enables the transfer of the existing loan to the new property.
- Home Purchase Loan: The most used one which is used when purchasing a new or an existing home that need renovation. They can support up to 90 percent of the property value.
Options for Loans / Banks / NBFCs
| Banks / Nbfc | R.O.I | Processing Fees | Loan Amount | Cibil Score | Apply Now |
| HDFC Bank Home Loans | 8.45% – 10% (Reducing Per Annumn) | 0.5% – 1% | 5.00 Lacs and above | 650 or above | https://referloan.in/loans/hdfc-bank-home-loan |
| Bajaj Housing Finance Home Loan | 9% – 15% (Reducing Per Annumn) | 1% – 3% | 5.00 Lacs – 75.00 cr | 650 or above | https://referloan.in/home-loan/bajaj-housing-finance |
| Mahindra Finance Home Loan | 9% – 15% (Reducing Per Annumn) | 1% – 3% | 3.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/mahindra-finance-home-loan |
General Eligibility and Document Required for This Type of Loan
Eligibility
- Age: Age between 21 years by 65 years of age.
- Income: Ensuring that he or she has a good income that would sustain him or her in repaying the loan.
- Credit Score: A record credit score which is above 700 is normally regarded as good.
- Employment: long-term work history for those who are paid via salaries or wages or long-term patronage for business people
Documents Required:
- Proof of Identity: PAN card, Aadhaar card.
- Address Proof: any utility bill or rent agreement.
- Business Proof: Registration certificate, the business license.
- Bank Statements, Bank Statement, Income Tax Returns and Profit Loss A/c
How Referloan Can Help
ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients needed.
This is how ReferLoan can help!
- Customized Loan Offers: ReferLoan informs you about the relevant home loan propositions which can meet your financial requirements as well as the location of the property in Kerala.
- Expert Guidance: In addition to having expert advisors, ReferLoan will make sure that you need not worry about the several steps needed to complete home loan applications.
- Wide Network of Lenders: ReferLoan works with the premier banking and financial companies across Kerala while providing the best possible interest rates for its clients and customized repayment terms.
- Faster Approvals: With ReferLoan, you gain the opportunity of quick pre-approval services, and therefore you regain your dream home quicker.
- Transparent Process: There is total clarity in the fee, rate and charges levied in ReferLoan without any shocks on what you are being charged or how the loans are being priced.
Frequently Questions
- What is the qualification of home loans in Kerala?
As mentioned, common qualifying parameters consist of, age, income, credit standing, employment and property appraisal.
- What are the necessary supporting documents for the home loan application in Kerala?
The most recognisable documents are identity documents, income documents, residential documents, property-related documents, and financial documents.
- What is the interest rate to be paid for home loans in Kerala, in general?
Interest rates fluctuate according to amount of loan, its term, and nature of the borrower. One should, therefore, compare the offers from different lenders.
- Which are the various home loan schemes available in Kerala?
These include normal bond home loans, fluctuating rate home loans, fixed rate home loans and re-financing home loans for home improvement.