Turn Your Dream Home into Reality
A home loan helps you buy, build, or renovate your dream home with ease. With affordable interest rates and flexible repayment options, our home loans make homeownership simple and stress-free.
Home Loan Features
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Attractive Interest Rates
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Minimal Documentation
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30 Years of Tenure
Features and Benefits of our Home Loan
A Royal Fincorp Home Loan offers you the best home loan rates at the most competitive rate and affordable EMIs.
- Home Construction Loan: If you have a plot of land and lack financial support to construct a home on that piece of property, you may choose a home construction loan.
- Home Extension Loan: Should you already own a home, and feel the need to expand the building, add an annex, or build another floor, etc., Home Extension Loan is your go-to option that finances such needs.
- Home Improvement Loan: A lot of us wish to improve and upgrade our homes for a better life. From your old age furniture, fixtures to faulty lighting systems, Home Improvement Loan funds all your plans.
- NRI Home Loan: If you are a patriot, a Non-Resident Indian, and wish to own residential property in India, NRI Home Loan is your answer, though the formalities for such loans may be a little different.
Home Loan Eligibility
The basic home loan eligibility criteria are as follows:
- Age: You must be above 21 years of age at the time of commencement of your loan, and up to 65 years or less at loan maturity.
- Salaried Person: 21 years to 60 years.
- Self-Employed Person: 21 years to 65 years.
- Income (Salaried): Minimum Rs. 10,000 per month.
- Income (Self-Employed): Minimum Rs. 2,00,000 per year.
- Employment (Salaried): Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company.
- Employment (Self-Employed): Minimum 3 years of Experience in the current field.
- Credit Score: A credit score of 750 is considered a good score for approval.
Documentation for Home Loan
- Income Proof (Salaried): Form 16, Employee Identity Card, 3 Months Salary Slip, 6 Months Bank Account Statement, Duration of Employment Evidence.
- Income Proof (Self-Employed): ITR, Trade License, Partnership Deed, Article of Association, Memorandum of Association, Profit & Loss Account, Balance Sheet, 6 Months Bank Account Statement.
- NRI Applicants: Income Proof (equivalent to ITR), Property details, Property investments, Appointed Attorney copy, Residing city’s residential proof.
EMI Calculator for Home Loan
The monthly joint-payment that you make to repay your Home Loan is known as an EMI. This monthly payment includes repayment of the principal amount of your loan divided over the tenure of the loan, with the agreed interest amount on the outstanding amount of your home loan. By using our online Home Loan EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better.
Fees and Charges for Home Loan
The fees and charges of home loans usually vary from lender to lender and from case to case.
| Particulars | Charges at Royal Fincorp |
|---|---|
| Loan Processing Fees | 0.25% to 2% of Loan Amount |
| Loan Cancellation | Nil – 5% (Depending on Bank/NBFC) |
| Stamp Duty Charges | As per the status of the Property and State Tax |
| Legal Fees | As per actuals |
| Penal Charges | Usually 2% per month |
| EMI / Cheque Bounce Charges | Approx Rs. 500 |
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.