Types of home loans available in the market are: -

1. 1) Home Purchase Loans: - This type of loan is taken to buy a residential property, including flats, row houses, and bungalows. An individual who wants to avail of a home purchase loan
2. 2) Home Construction Loans: - People can also avail of home loans to get their house constructed – either by themselves or by employing a contractor to build the house – on a plot they own.
3. 3) Home Improvement Loans: - You will likely need sufficient home repair and maintenance funds. You can take home renovation or improvement loans and keep your savings intact while easily meeting your requirements.
4. 4) Home Extension Loans: - It is a loan to extend or add living space to your home, such as additional rooms, floors, etc.

Steps of Taking a Home Loan

Most Banks and Finance Companies have a similar step-by-step approach to disbursing home loans to the customer. The basic steps are-

1. a) Documents of the Borrower 5-10% - Usually, banks ask for the following documents from the borrower at the time of loan application. This list can become more extensive if the borrower has income from the business.
   1. 1. Identity documents - PAN card, Photographs, Adhar Card, Passport
   2. 2. Income proof - Last three years' Income tax returns, Form 16 copy, bank account statement of past six months
   3. 3. Property documents - In case flat one requires a Sale agreement, the Allotment letter of the flat
2. b) Finding Home loan eligibility - Based on the income documents and credit score along with property value, banks find out the maximum loan eligibility of the customer. At Eastern Park, you can upto 90% loan of the home value.
3. c) Loan Duration - Banks will confirm the home loan's maximum duration with the customer once the Loan eligibility is calculated. More the time of the loan, the lesser the EMI burden
4. d) Loan Agreement between bank and customer - After finalization of all loan terms, the customer needs to enter into a Loan agreement with the bank. This document is critical; one should check out all the loan terms. Once signed, the terms can't be altered.
5. e) Disbursement - Post the documentation; the bank takes 1-2 days to disburse the loan. When buying the flat, Banks spend the loan directly to Eastern Park.

At Eastern Park, you don’t need to struggle for a home loan. Our team will provide you with end-to-end support for taking a home loan. We have a tie-up with all central banks in India, and you can get a home loan without any trouble.