Your Profile Deserve A
Why Iraval ?
We Have Been Committed To Loan Business For Over 13 Years & Disbursed Loan More than 870 + Crores
Balanced Rate of interest
Low Cibil Score & Cibil Defaulter
Without IT Proof & Bank Statement
Non Banking & Private Institution
Save Money than Industry Standards
Long Repayment Schedule
Three Stage Property Valuation
Struck with Low Cibil Score ?
Clarify Your Doubt
How to Manage Your Home Loan in Chennai:
Managing your Home Loan is very important than buying a house or flat. The main mistake comes from long repayment schedule. Bergmount Encourage every home loan borrower to go for short run. When you choose 20 or 30 yrs, you end up by paying huge interest rates as EMI.
Follow the below strategies to reduce Interest rate Loss for Home Loan in Chennai.
Increase Your Monthly EMI:
Reduce your Home Loan Tenure, if your monetary flow is good and balance select this option. This Strategy will lower your debt and you can freely come away from loan shortly. When EMI Value is High, your loan will end shortly. You can Save Money in the name of Interest Rates. Get your Lowest Housing Loan Interest Rates in Chennai through Us.
Increase your Down Payment:
Never go for 80% or 90% Finance on Home Loan. Instead Save money for a while and pay more down payment. Bankers lend you money depending upon your income not by your savings. Before going for Home Loan in Chennai,
Wait – Save Money – Pay more Down Payment.
This Strategy will help you to repay your home loan in short period of time. You will save lakhs and lakhs of money in the form of Interest. We personally advise every client not to go for 100 percent home loan in chennai
Pay more when possible:
Whenever you get money like Salary hike, Incentive, Commission, or additional income. Just hold your breath and prepay your Home loan. This will reduce the dues and shorten your loan tenure.
Close Other Loans:
In India, the cheapest loan is home loan, prioritize your loan EMI’s. If you have any Personal Loan, Business Loan or any Credit Card Outstanding. Please close these loan. Home loan in Chennai Interest Rates starts from 8.75% and other Unsecured Loan Interest Rates starts from Minimum of 15%. So try to close other loans, this strategy will increase your savings. Later you can close your home loan.
Switch Your Home Loan:
The Best and more feasible options is “Switch Your Home Loan” to other banks which gives you low interest rates. Bankers offer’s you lot of Loan Schemes in a regular intervals, we bergmount home loan in chennai will help you to find the best loan schemes for your profile. Take over or Switching becomes easy with Bergmount.
How to Get 90% LOAN TO VALUE – RBI New Policy:
Before October 2015, you cannot get 90% Loan To Value if the Property is more than Rs. 20 lakhs. RBI Guideline made a new policy to make middle class people to afford the Home Loan easier than before. Now, 90% Loan To Value is increased to Rs 30 Lakhs. Never Worry, if you have high credibility value bankers don’t hesitate to give 90% LTV even your property value is more than Rs 30 lakhs. We are one in the Top List of Home Loan DSA in Chennai
Types of Home Loan in Chennai:
In India, almost every individual’s dream is to own a beautiful home to live. Most of the home loan borrower cannot offered the luxury to buy the home or house in full cash. Thus, home loan in chennai come here in picture. Housing Loan is the cheapest and long repayment scheduled loan in india. Lets see, how many types of home loans are available in chennai.
- Term itself implies, home loans are for purchase of a house
- If you want to refurbish or any home improvement, kindly choose home loan.
- Do you have additional space in your house, want to extend it. Housing Loan is the perfect choice.
- Plot or Vacant land purchase, will get the approval immediately.
- Bridge Loan are new in the market launched because of Demand. You can raise bridge loan for your new home till you sell your existing home.
Vacant Land Purchase Loan in Chennai:
These loans are provided to buy vacant land or plots. On most of the scenarios these loans are used as investment purposes. The Banker’s offers you upto 85% on the property value as a loan. Depending upon your repayment schedule or credibility banks offers you these kind of loan irrespective of how many property your own. Bergmount is reputed home loan consultant in chennai
Construction Housing Loan in Chennai:
Owning a Property, want to build a house. Construction Housing Loan is a better option. No matter how your design or luxury. Construction loan is offered on two ways either full construction or partial construction. Before Applying for Construction Home Loan Services in chennai, you must have basic information on Estimated Project Cost of your desired Construction.
Home Purchase Loan in Chennai:
One of the Popular and Quick loan is home purchase loan. Individuals & Self Employed can apply for this loan. Banks don’t hesitate to provide home purchase loan, so every banks offers it. The buyers can choose Floating Interest Rates or Fixed Interest Rates. Make sure to keep proper documents to get the loan quickly. Compare to other loans, this loan have neat and quality process. Incomparably, we are the best home loan arrangers in chennai
Refurbish, Home Extension or Home Improvement Loan:
Owning a traditional property with you or having an additional space to expand your existing home. This type is the best home loan scheme in chennai. You can cover the expenses like additional home expansion, plumbing, painting works, electrical works, so on and so forth. Need more rooms for your kids or parents. This loan options will suits your need.
Bridge Home Loan Mela in Chennai:
Bridge Housing Loan is a short term loans. Terminology itself clear it, bridging the gap between old and new property which you are going to buy. For Example, On most of the cases people try to sell their existing property and choose for bigger one. But the reality never give a way to us. If you have a property which is not sold yet, and you found a new property of your desire. At this scenario bridge loan is great option, you can get the loan to buy that new desired property. Banks offers you two years repayment schedule within that period you can sell your existing property.
Loan Switch or Balance Transfer Home Loan:
Balance transfer loans become a hot topic in recent times. People take decision because of pressure. When you get a chance to change that decision in a wise way, people will not hesitate to take a new decision. Most of the Home Loan borrower would have borrowed the money with more interest rates or short repayment schedule. At present, they have an option to switch over their home loan to other banks. This Balance Transfer will help the borrowers to reduce the Interest rates and repayment schedule.
Home Loan Process:
Dream & Reality are parallel lines,
Never Collide them. Instead Grab Synergize from Both Side.
Buying a home is dream for most of the people. Some dreams come from desire and for some people it is a secure investment. Home Loan Process is incomparably easy & quick. You need a professionals to achieve this easy & quick process. Bergmount is the ethical home loan brokers in chennai where you can trust & believe.
Follow the Process Carefully because 30% of Home Loan Borrower get rejected in the First Application Verification. Due to Lack of Information in Application.
Step 1 – Application:
Get Your Home Loan Application from Respective Bank and Fill it carefully.
Basic Application Details – Name, Address, Educational Details, Resident Details, Employment or Self Employed Details and Your Income Details as well.
Basic Property Details : Where the Property Located, Property Cost, Type of Property, Estimated Cost in case of Construction Loan.
Know Your Customer – (KYC)
- Proof of identity – Ration card, Aadhar card, Driver’s license, gas slip, Pan Card etc
- Proof of Age – Driver’s license, identity card etc.
- Income proof – Salary slips or bank statements
- Address proof
- Employment Details/ professional qualifications
- Proof of education – Higher secondary or CBSE certificates, University certificates or mark statements, transfer certificate
- Details of the property to be bought in case the property is finalized
Step 2 – Home Loan Processing Fee:
To Process your loan, banks charge you processing fee in the beginning Stage. Processing Fee for Home Loan varies from banks to bank. Some Charge few thousands and some charge you 0.25% to 0.75% depending upon your credibility. Most of the Banks & NBFC’s will refund your Processing fee partially or 75% in case your profile gets rejected. You can count few banks who don’t refund your processing fee. After the Loan Sanctioned or Disposal, few banks will transfer a part of processing fee to EMI, this will save you a penny on Loan’s EMI.
Step 3 – Verification of Submitted Application:
Everything goes in a smooth way until the Verification Process of your profile. Once the Verification Process starts, bankers questions will be narrow and straight. This is the first step, if things are not good your profile get rejected. Bankers verify your application by checking your Profile Eligibility, Repayment Capability. You have to submit your original proof during this process.
Step 4 – In person Verification:
In person verification is the important in this process, professionals from banks step out in the field to verify your Residence & Employer’s locations. Officer verify every details which are mentioned in the application. They cross check the Information and once it is clarified the Official stamp a verified seal on your application form.
Step 5 – Eligibility & Repayment Schedule Verification:
This is the Most Crucial Step in Home Loan process. Bank Official find your repayment capacity and Past Credit History. Interest Rates are determined by banks, it can be either Floating or Fixed Interest Rates.
Age: On the Whole Process, Age Factor plays an important role in home loan process. Most of the Banks Calculate Loan Out Age as 58 yrs. If you are 40 year old borrower, you get 18 years loan tenure for Repayment. If you are 30 year in age, you get maximum of 28 years as repayment tenure.
Source Income: Bankers never take your allowance, commission or incentive. They calculate your Basic Pay and fix your EMI.
Existing Loan: If you have any existing loan, please try to close on going loans. Existing loan can reduce your eligibility and loan amount as well. While calculating your home loan emi, bankers will take your basic pay as standard and reduce the sanctioned loan depending upon your existing loan EMI.
Credit History: Verifier will look into the nook and corner of your credit history. If you have any outstanding, defaulter, low cibil score. Your home loan can get rejected without any notice.
Note: If you feel, the home loan sanctioned by the bank is lower than expected. Try to add co applicant to your profile. This strategy will boost the Profile Value and get more loan amount immediately.
Step 6 – Get Your Sanction Letter from Bank:
This is the first success in your home loan process. Bank give the Letter of Acceptance after the verification is Sanction Letter. The Sanction Letter stats about your Sanctioned Loan Amount, Interest Rates whether it is Fixed or Floating, Loan Tenure, EMI Repayment and all terms & conditions of banks. After the acknowledgement of the Sanction Letter, the bank take it as an official record.
Step 7 – Submitting Your Property Details:
About the Property, first step is you have take the legal opinion from the advocate. Once it’s taken, prepare other documents like Patta, EC, Plan & Approval etc., In case of any litigation find the solution to sort out the issue, no banks is ready to fund for a litigation property. Submit the entire Property details to get the loan immediately. Next step is Property verification. Banks verify every documents and once they get satisfied with the submitted documents they call you for Document Registration.
Step 8 – Registration & Disbursal:
This is the Final Step in Home Loan Process. After everything is verified, the banks call you for registration. Banks official prepare the terms & condition and as a loan borrower you have to acknowledge the papers with sign. After the registration, banks dispose the loan fully or partially. As a Home Loan Borrower you have to pay a downpayment of 10% to 20% initially.
Basic Information you need to Know Before Applying for Home Loan:
If your believe that everyone can get home loan, then you are wrong. Before choosing for home loan you have view few things to consider. There are few parameters, if you fail in any one of the parameter. You have to fight hard to get it.
Only in home loan banks offer you 90% – 100% on the property value. If banks offer you 80% or 90% of loan, you have to pay the down payment of balance payment. Hybrid clients have the chance of getting 100% housing loan in chennai. There are lot of parameters to become has a hybrid clients. During the Loan Registration Process the home loan borrower should cover the additional cost like Registration, Stamp Duty, etc.,
Your Past Credit History:
No matter what, your credit history decide your future secured or unsecured loans. If your credit history terrible you have to find a way to solve it. CIBIL is a individual body organized by top nationalized bank in INDIA. Banks, NBFC’s & Private Institution follow credit history during their loan process. So Cibil Defaulter or Low Cibil Score cannot escape from CIBIL. Some Nbfc & Private Institution take a liberal consideration for Cibil Defaulters for Housing Loan. Minimum Credit Score for decent Loan process is 750+.
Eligibility Criteria for Home Loan Borrower:
Every banks have their own eligibility standards depending upon their target audience. Eligibility criteria may vary from banks to banks. To Achieve your Eligible parameter you should have a stable income and clear property. This will help you to avoid rejection.
Required Documents Details:
Documents play an important role in Home loan. If you are a Salaried Person, you should submit your Salary slip and Last three Years IT Returns.
If you are Self Employed Person, you should submit Balance Sheet, P&L Account and Last three years IT Returns. Moreover, Property Documents is Crucial Aspect in Home Loan. Patta, Plan & Approval, EC, Legal Report From Advocate.
Always have a Second Option (Co-Applicant) :
Even good clients profiles get rejected because of lack of credibility factor. To increase your credibility banks ask you to add a co applicant or a guarantor. This strategy will boost your credibility, and you can minimize the profile rejection. Co-Applicant can be your Spouse, Brother, Sister, Father and Mother. Before adding a Co-Applicant or Guarantor, you have to verify their Cibil Score. Be sure, co-applicant should have decent cibil score or not a defaulter. Incase, they are struck with cibil problems. There is a chance that your profile might get rejected because of your Co-Applicant or Guarantor.
Litigation Property cannot get through in Home Loan. Any Disputes like settlement problem, possession by third party or property without clear title deed, these kind of property will get rejected by banks without any hesitation. Always be sure no banks is ready to lend home loan if the property have Litigation in it.
Home Loan Insurance:
Home Loan have to be protected by Insurance. Banks always wants to be on safer side. Future is always unpredictable, what if the home loan borrower end up in unemployment or huge business loss if he is a self employed. To protect the home loan, banks ask you to buy a Property Insurance Policy.
Home Loan Eligibility in Chennai:
Before Applying for Home Loan, you have check whether your profile is eligible or not. Following are the factors, home loan borrowers have to take into consideration.
Minimum: 21 years old
Maximum: 65 years old
|Income||Most banks require an average net annual income of Rs. 5 -7 lakhs. But, there are also banks that offer Home Loans to those earning as low as Rs. 10,000 per month.|
|Employment Type||Salaried / Self-employed|
|Employment Status||Must be currently employed, with at least 1 year in the current job. Minimum of 2 years of previous employment|
|Residence Type||If you already own a house that you’ve given out on rent, it will help your improve your eligibility|
|Residence Status||Minimum 1 year at current residence|
|Credit Rating||750 and above|
Why Your Home Loan in Chennai Get Rejected:
Low Cibil Score: