Home Loan

Home loan is a loan that is secured by property or real estate. In exchange for funds received by the home buyer to buy property or a home, the lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost. Home Loan is generally offered to individuals who wish to purchase or construct a house. The property is mortgaged to the lender as a security till the repayment of the loan. The bank or financial institution will hold the title or deed to the property till the loan has been paid back with the interest due for it.


To understand how a home loan works one needs to understand what a rest means. A rest is the interval at which the remainder of the loan amount is recalculated as you repay the loan. Financial institutions have various parameters surrounding the loan amount detailing the manner in which the loan is repaid. A “Rest” is nothing but the regular interval at which the loan amount balance is recalculated and also refers to the periodicity of compounding. This can be possible only in the case of reducing balance loan amounts. These regular intervals or Rests can be yearly, monthly or even daily.


List of documents for Home Loan:

  • Application form with photograph duly signed
  • Identity, residence and age proof
  • Last 6 months bank statements
  • Last 3 months Salary-slips
  • Processing fee cheque
  • Form 16 / Income Tax Returns
  • Proof of business existence
  • Business profile
  • Education qualification certificate and proof of business existence
  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

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