An Introduction to Home Loans
After the whole day's toil and hard work, one finds comfort and composure by returning back to his home sweet home. Global Home Loan Finance is here to help you realize your long cherished dream of the dream home. To facilitate the purchase of one's dream house, many financial institutions like IDBI, ICICI offer home loans. Obtaining loans for the purchase of a house involves a lot of hassles. But with the advent of modern schemes, offered by different financial institutions, obtaining home loan has become a cakewalk.
The home loan facility can be availed for the following purposes:
It can be used for constructing a house or flat
It can be used for the purchase of a ready built house or flat.
It can be used for refinancing existing loans that have been taken previously from other banks or housing finance companies.
Global Home Loan and Finance
Global Home Loan and finance is the system of obtaining home loans through non-bank financial institutions.
Difference between global home loans and finance and home loans from banks
In banks customers are treated as numbers who have to fit in a tick box. But the global home loan and finance system treats the customers as individuals. Before applying the home loans they analyze the wants of each and every customer. The service and the urgency of these non-bank financial institutions are better than banks.
Aspects to consider before opting for Global Home Loan and Finance
Cost of obtaining the global home loan should be calculated on a priori basis. We need to consider the following elements:
- Interest rate
- Length of the loan
- Structure of the loan
- Operating cost of loan accounts
Global Home Loans and Finance Service available for the Self Employed
The individuals opting for the global home loan and finance enjoy the following benefits:
- The self-employed individuals are not required to have financial accounts.
- The self-employed individuals can obtain loans for residential investments.
- The self-employed individuals have the power to afford loans by making declarations.
Borrowers
The major borrowers of global home loans for the self-employed are:
- Companies
- Trusts
- Individuals
Lending Amounts
- 80% lending is offered to individuals who are self employed for at least a period of two years and restricted to larger towns. The lending term stretches to a maximum of 30 years.
- 70% lending is offered to self-employed who may or have not have any job experience. Such lending is offered to individuals who live in towns with minimum 10,000-population size.
Global home loan and finance for construction
For construction in major cities, 90% of the value of the land purchase is financed or 90% of the building contract is financed. For construction in provincial areas 75% of the land purchase or the building contract is financed.
The Global Home Loan and finance for Construction has the following features:
- Loans are subject to variable interest rates and interest payments are confined to the construction period only.
- It is mandatory for the builder to be a member of the Master Builders Association.
The Global home Loan and Finance Facility is also available for individuals who want invest in houses outside their domestic boundaries.