The services provided by the financial institutions in delivering home loans are the
home financial services.
The home financial services can be listed as under:
The home loans are offered at attractive rates of interest
The documentation is very comprehensive for obtaining home loans
Doorstep service is provided to customers availing the home loan scheme.
Home loan is sanctioned without even selecting an appropriate collateral.
Insurance options are made available to the loanee at attractive premium rates.
Office Premises Loans
Home Loans are obtained for self employed individuals like doctors, architects etc. for building their own offices.
Loan against property
Loan against personal property is made available for purposes like education, medical reasons, buying a car, home renovation, business financing, fulfilling marriage expenses and purchase of a new house or office.
Overdraft Facility
Of all the home financial services, the overdraft facility occupies a very prominent position. This helps the customer to borrow money against his property. This facility is accompanied by a chequebook and phone banking facility. The interest payment is restricted to the money withdrawn.
Partially fixed and partially floating home loan
This home financial service helps the customer to book a fraction of their loan under a fixed rate and the remaining part at a floating rate. This scheme amalgamates the safety of a fixed rate regime with the advantages of a floating regime.
Home Financial services offered for renovation of homes
The following are the home financial services provided for home renovation:
The interest rates are the same as for normal home loans.
Loan is generally disbursed up to 70% of the cost of renovation.
High repayment periods can be enjoyed.
Insurance Plans for Home Loans
This is a unique home financial service. Insurance cover is provided to the home loans lest accidents should happen in life. In case such accidents occur the family is not burdened by the EMIs since the outstanding home loan is under the insurance cover.
Tools
Another home financial service is the provision of tools for calculating the equated monthly installment (EMI) where the home loans follow the floating rate regime. EMI calculators are also available for the home loans following the fixed rate regime.
The loan eligibility calculator calculates the loan one is eligible for.
To calculate the amount of deposit required for obtaining loans, the deposit calculator is available.
Loans are also given to residents who want to purchase a house beyond his geographical boundary.