Saturday, April 7, 2012

Home Loans ? a Force Behind Real Estate Boom | Home ...

Filed Under (Articles) by admin on 06-04-2012

The home loans or housing finance has been a force of significant importance behind the real estate boom in India. Home loans in India have enabled the real estate industry to achieve new heights. It will not be wrong to say that finance is the very life line of the real estate industry in India.

Everybody from the developers to the buyers rely on the finance provided by the banks and housing finance companies in India to give shape to their dreams. The finance industry has been growing very rapidly in India and has been providing seamless credit facilities to all class of people. The home loans / finance facility is provided by almost all the government and private banks governed by the Reserve Bank of India (RBI).

Their facility of home loans can be availed for various uses like purchase of property, renovation, construction etc. Apart from this you can also get home equity loan, a unique concept wherein the borrower can mortgage his existing property to avail loan that can be used for any kind of purpose as desired by the buyer. Generally, people avail home equity loan facility for the purpose of marriage, education, or bearing medical expenses. The maximum loan amount that banks normally offer is about 60% to 65% of the market value of the property.

The housing finance companies follow a very stringent process while providing a home loan. The loans are disbursed in line with the credit policies of the home finance bank and financial institution. As part of their process, banks verify the credit history of the borrower to ensure that he/she is not a defaulter with some other financial organization or if he/she has misused any of the banking products.

A dream home of your choice comes into existence only after a lot of investment of money and time. Therefore, it becomes very important to keep this treasured property protected from possible risks and dangers. Home insurance is the best way to protect your home from all potential perils. The risks that can be covered under a home insurance policy can range from loss that can occur due to natural calamities like fire, earthquake, and cyclone or to insure the contents of the house from theft or damage. The home insurance in India is still at a very embryonic stage and is being promoted by many private and government general insurance companies.

Getting home loans is not much of a problem today provided you are eligible to take one. There is a cut-throat competition amongst the housing finance companies to make their offers more attractive. This fray is good for the customers as they get home loans at affordable terms. Home loans in India has come a long way and has got widespread acceptance as more and more people are purchasing through this mode.

Credit By : Aditya Jaiswal

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