landandstoreys.com

Homeloan FAQs

Buying your dream home is a big step, and we understand that arranging finances can feel overwhelming. At Land & Storeys, we assist you with seamless home loan guidance by connecting you with trusted banking partners and helping you throughout the process.

Here are some of the most commonly asked questions about home loans:

1. What is a home loan?

A home loan is a financial product offered by banks or financial institutions that helps you purchase, construct, or renovate a property. The loan amount is repaid in monthly installments (EMIs) over a fixed tenure.

At Land & Storeys, we simplify the loan process by:

  • Connecting you with trusted banks and NBFCs
  • Assisting in documentation and application
  • Helping you choose the best interest rates
  • Guiding you through approval and disbursement

Our goal is to make your home buying journey smooth and stress-free.

Eligibility depends on several factors, including:

  • Age (usually 21 to 65 years)
  • Income and employment stability
  • Credit score (CIBIL score)
  • Existing financial obligations
  • Property type and value

Both salaried and self-employed individuals can apply for home loans.

Most banks prefer a credit score of 700 or above for faster approvals and better interest rates. However, some lenders may still offer loans with lower scores at different terms.

The loan amount depends on:

  • Your income and repayment capacity
  • Existing loans or liabilities
  • Property value

Typically, lenders finance 75% to 90% of the property value, and the rest is paid as a down payment.

Interest rates vary depending on:

  • The lender
  • Your credit profile
  • Market conditions

Home loans generally come with:

  • Fixed interest rates (remain constant)
  • Floating interest rates (change with market conditions)

We help you compare and choose the best option.

Common documents include:

For Salaried Individuals:

  • ID proof (Aadhar, PAN)
  • Address proof
  • Salary slips (last 3–6 months)
  • Bank statements
  • Employment details

For Self-Employed Individuals:

  • Business proof
  • Income tax returns
  • Bank statements
  • Financial statements

Our team assists you in preparing and submitting all required documents.

A down payment is the amount you pay upfront while purchasing a property. It is usually 10% to 25% of the property value, depending on the lender and loan eligibility

EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your loan.

It includes:

  • Principal amount
  • Interest component

EMI depends on:

  • Loan amount
  • Interest rate
  • Loan tenure

We help you calculate and plan your EMI based on your budget.

Loan tenure is the duration over which you repay the loan.

  • Typically ranges from 10 to 30 years
  • Longer tenure = lower EMI but higher total interest
  • Shorter tenure = higher EMI but lower interest cost

We help you choose the right tenure based on your financial goals.

Yes, most lenders allow:

  • Prepayment: Paying a part of the loan early
  • Foreclosure: Closing the entire loan before tenure

For floating rate loans, there are usually no prepayment charges.

Yes, home loans offer tax benefits under Indian tax laws:

  • Deduction on principal repayment under Section 80C
  • Deduction on interest payment under Section 24

We recommend consulting a tax advisor for detailed guidance.

Loan approval timelines may vary but typically take:

  • 3 to 7 working days, depending on documentation and verification

With Land & Storeys, we aim to speed up the process through our banking network.

Yes, banks provide loans for:

  • Under-construction properties
  • Ready-to-move-in homes
  • Resale properties

Disbursement may be done in stages for under-construction projects.

Banks may charge:

  • Processing fees
  • Legal and valuation charges
  • Administrative fees

We ensure complete transparency so you understand all costs upfront.

Yes, Non-Resident Indians (NRIs) can apply for home loans in India, subject to specific eligibility criteria and documentation.

Missing EMIs can:

  • Affect your credit score
  • Attract penalties
  • Lead to legal action if continued

We advise maintaining timely payments to avoid complications.

Because we offer:

  • Expert guidance
  • Trusted banking partnerships
  • Faster processing
  • End-to-end support
  • Transparent advice

We ensure you get the best loan options tailored to your needs.

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