Karma Financial And Realty Solutions LLP

Home Loan

Possessing a good house is a lifetime achievement. We at Karma Solutions, take into consideration every aspect of our customer’s needs. Therefore, more than just a service provider, Karma Solutions acts as a channel partner for all your demands and requirements. Our associate banks provide our customers with excellent loan terms. We have top-notch banks and Non-Banking Financial Companies (NBFCs) affiliated with us. We assist you approach the leading banks that will provide you with all the home loan terms that are the maximum and minimum loan amount required, maximum and minimum tenure, the best Return on Investment (ROI) and minimum processing fee tailor made to suit your requirements. Karma Solutions will help you in ascertaining your eligibility and suggest numerous optional loans that are available based on your credentials before even logging in your file as a client. We will use our 20 years of experience to serve you the best of our available plans

Home Loan Protection Plans along with Property Insurance:

The home loan protection plan is an insurance scheme that protects your home and your home loan. It is basically a cover for your home loan. In case of the borrower’s death, the insurance companies will pay for your home loan with the bank / lender. The program concept remains similar to the time in the home security package. By buying a Home Loan Protection Plan, the lender will ensure that the family is free of the financial obligation to the pay the home loan EMIs in the event of the borrower’s failure to survive.

Home Loan Eligibility Criteria:

Income – Annual income is always taken into account for home loans. Usually our partner banks have a revenue ratio of approximately 0.5 and varies bank to bank depending on the profile. General Terms:

  • FOIR- Fixed Obligation to Income
  • DBR- Debut Burden Ratio
  • GMHI- Gross Monthly Household Income

 

Tenure – The process is simple and straightforward. The longer you choose to hold your home loan, the greater the eligibility, and the lower the EMI. It also takes into consideration the age of the applicant and the co-applicant.

Interest Rates – Generally, banks tend to offer two types of Rate of Interest: Fixed and Floating. Repo rate is the interest rate at which the Reserve Bank of India lends money to commercial banks against government securities. At present it is 3.45% as spread repo rate is 4% which gives us a total of 7.45%

Debt Obligations – Numerous debts and loans are not an issue. Unpaid dues, however, are always a concern for the banks. In addition, banks pay particular attention to your debt payment pattern. Missing EMIs on a regular basis, making EMI payments after the due date and varying unpaid fees are a cause for concern.

CIBIL Score – A stable credit score of 750 or higher will have a direct impact on your home loan rates. Your score reflects factors such as your repayment history, how many credit card loans and dues you have already received, and how much debt you have previously borrowed.

Age – All these previously mentioned home loan eligibility criteria are factored alongside your age. Age subtly describes how long your income can be valid for the loan.

Documents Required:

Home Loan For Salaried Individuals:

  • Photo Applicant & Co-Applicant.
  • Proof of identity (PAN Card) or residence Applicant & Co-Applicant.
  • Latest salary slips.
  • Form-16 issued by present employer.
  • Bank statements of six months.

Home Loan For Self-Employed Professionals:

  • Photo Applicant & Co-Applicant.
  • Proof of identity (PAN Card) or residence Applicant & Co-Applicant.
  • Business and Office Proof.
  • Educational qualification certificates, degrees, diplomas, and other academic credentials.
  • IT Returns of the three years preceding the one in which loan is applied for.
  • Bank statements of last one year.

Home Loan For Self-Employed Businessperson:

  • Photo Applicant & Co-Applicant.
  • Proof of identity (PAN Card) or residence Applicant & Co-Applicant.
  • Business and Office Proof
  • Proof of existence of business.
  • Detailed business profile.
  • Profit and loss sheet and balance sheets of the company for the three years.