Welcome To Easy Finance India

Apply Now

Loan calculator

3 Steps to follow

Apply for loan

Get approved

Get your money

What is a home loan?

Easy Finance India offers customized home loan solutions for purchasing, constructing, or renovating homes. With loan amounts ranging from INR 5 lakhs to INR 5 crores and competitive interest rates starting at 6.90%, we ensure flexibility and affordability for our customers. Enjoy minimum processing and fast documentation with our experienced staff, making the home loan process reliable and seamless.

Various types of home loans cater to different needs such as construction, land purchase, joint ownership, balance transfer, top-up, purchase, and improvement. Lenders typically secure these loans against the property, be it commercial or personal, ensuring legal rights for recovery through property sale if necessary.

What is a Home Loan?

A home loan, also known as a housing loan is simply the sum of money borrowed from a lender to purchase a home or to construct one. Home loans can also be taken for extension of existing homes. Home loans are available in both fixed and adjustable interest rates, and payment terms. There are several types of home loans available:

For purchase of residential property
For construction of a residential property
For purchase of land
For home expansion
For balance transfer

How Does a Home Loan Work?

Loan Amount

The amount that is eligible for the borrower to borrow for the house he put on the mortgage. The home loan amounts that a borrower can borrow and that further depend on home loan eligibility that is being calculated based on certain factors, including:

● CIBIL score
● Employment type
● Monthly Income
● Documentation work and the proofs for identity and address

Loan Disbursal

When the amount is transferred to the borrower’s account, then a home loan is said to be disbursed, and the loan is called loan disbursal.

EMI Repayments

When the amount is accounted for in the name of the borrower, the monthly installments start during that following month. To repay the loan amount, the applicant needs to expand the equal and the fixed amount on a monthly basis.

Loan Closure

There is a time when the loan is paid in EMI’s, and the tenure is completed with the paying off the amount of the principal and within the prescribed interest rate. In the case of floating interest rates, no changes are applied to the principal amount for the prepayment, but in the case of the fixed interest rates, charges may apply, and according to the applicant is required to pay the amount.

In case you don’t prepay your loan amount, you would have to pay the EMI’s until the loan tenure is over, following which the loan closure would occur. That means the book of home loan (and the amount is taken within the form of a loan) for the applicant has been closed.

Are you Eligible for a Home Loan?

Following are the certain eligibility criteria that the applicant should fulfill at the time of application for a home loan:

Age should be between 24 – 65
Applicants must be salaried persons with the salary of around INR 30,000 and at least two years of experience.
In case the applicant is self-employed, three years of work experience should be there in the current field
In case the applicant is NRI, he/she should be the salaried individual having at least three years of work experience

What are the Documents Required to Apply for a Home Loan?

Following are the documents that are accepted at the time of application for the home loan:

Address Proof – Property Tax Receipt, Utility Bills, Bank Statements, Property Registration Documents, Voter ID Card
Age Proof – PAN Card, School Leaving Certificate, Birth Certificate, Life Insurance Policy, Valid Passport, Driving License, Photo Identity Proof – Valid Passport, Voter ID Card, Driving License, PAN Card, and Aadhar Card
Income Proof – Copy of the last three years’ Profit and loss Projection Statement, Last six months’ operative current account statement, OD facilities (if taken), Bank Statements for the last six months of CC
Business Proof – your Business Profile on letterhead, Registration Certificate for Commencement of Business, copy of the last two years’ Income Tax Returns,
Processing Fee Cheque – to be issued within the name of the business account of the applicant
Existing Loan Details – to be provided through bank statements

About Us

Easy Finance India is a financial institution & Loan Agency based in India. We are renowned for offering a plethora of financial loan services in India.