Can We Get 100 Percent Home Loan? (2024)

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Home/ Finance/Home Loan/Can We Get 100 Percent Home Loan?

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Kapil4 Answers 10044 views Home Loan2 years2022-05-20T10:22:45+05:302022-05-20T10:22:45+05:30

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  1. Suchintana Patra

    5

    2022-05-23T09:54:47+05:30 May 23, 2022 at 9:54 am

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    While purchasing the property we need to figure out many things. One of the biggest decisions we should take wisely is how much loan we should take while purchasing a house. Everybody wants to purchase a house and not everyone can afford to purchase a home without taking a loan. Now, CIBIL score is one of the biggest eligibility criteria to get a home loan, there are many questions surrounding this. One of them is can we get 100 percent home loan.Get home loans at the lowest interest rate of 6.5% from NoBroker.

    Do banks give 100 percent home loans?

    To understand Can I get 100 percent home loan in India, you need to understand the concept of LTV. So what is LTV? The full form of LTV is loan to value ratio.The difference between the loan amount that you will borrow against the total value of the property is called LTV.The formula of LTV is:LTV Ratio for home loan = The borrowed amount/ The value of property X 100.Therefore, if you purchase 1 property of 1 crore and the bank is offering you 70 lakh, then the LTV is 70%.The lower the LTV is, the higher the chances are to get a home loan.

    Which bank gives 100 percent home loan?

    As per the guidelines of RBI, you cannot get 100% home loan from a bank. So, to answer the question: which bank provide 100 percent home loan?' the answer would be no bank can offer a 100% loan as per the protocol.You can get 90% of the value if you take a loan up to Rs. 30 lakh. If you take a home loan between Rs. 30 lakh and Rs. 75 lakh, you can get up to 80% of the value of the property. If you opt for a home loan above Rs.75 lakh, you can get up to 75% of the value of the property.One way to understand how to get 100 percent home loan is that you can get term loans which can help you out.But as of now, banks are not offering 100% home loans. So I hope you understand the concept of ‘can we get 100 percent home loan?’.Read more:What is demand loan?Home Loan Benefits For LadiesWhat Is A Short Term Loan?

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  • saikat

    2

    2023-05-24T09:32:37+05:30 May 24, 2023 at 9:32 am

    Reply

    Availing a home loan before investing in a property is a good move. It will double-ensure that the property is verified. But do learn that home loan 100 percent finance is not possible in India. The maximum limit is 90% for a particular amount. I myself wanted to avail 100% loan, but no bank approved it. The RBI also does not allow 100% loan approval in India, so it is not possible here.

    How to get 100 home loan on resale flat?

    It is not possible to get 100% of the loan amount mainly due to security purposes, but you can get 90%. RBI has set certain rules for loan approval and here it is-

    Loan AmountFinance Granted
    Up to INR 30 LakhsUp to 90% financing
    Above INR 30 Lakhs and up to INR 75 LakhsUp to 80% of financing
    Above INR 75 LakhsUp to 75% of financing

    So you must have understood is it possible to get 100 percent home loan or not.

    Who are eligible to apply for a home loan?

    The eligibility criteria for availing a home loan differs from one bank to another but here are some of the basic rules-

    • The applicant must be an Indian resident
    • The maximum loan term is usually capped at 30 years, so it is better to be 30 years or below age while applying for a home loan
    • Age limit for salaried individuals is 21 to 65 years and for self-employed individuals,it is 21 years to 65 years
    • The applicant must have a minimum salary of Rs 10,000 per month
    • his/her business income must be Rs 2 lakh per annum
    • Maximum loan tenure is of 30 years
    • The applicant must have a good credit score

    A home loan 100 percent is not possible to avail of at any bank.

    Opt for NoBroker’s affordable home loan solutions to fit your budget

    Read More:

    What is the SBI home loan disbursem*nt process for under construction property?

    Is property insurance mandatory for home loan?

    How to get home loan at GPA property?

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  • Anandi

    1

    2023-08-16T20:03:00+05:30 August 16, 2023 at 8:03 pm

    Reply

    I was planning to buy a home but don’t have the savings to pay the part not financed by a home loan. Hence, I started wondering, whether or not I can get a 100 percent loan for home? My friend Satish who is a banker informed me that Banks and other lending organisations usually don't give a 100% home loan. They want you to put down at least some amount of money.

    Can We Get 100 Percent Home Loan? (58)

    Can Bank give 100 percent home loan?

    No! 100 percent home loan financing is not possible by any Bank. Satish also highlighted that most Banks will lend you 75–90% of the cost of your home.

    It means that if your property costs, let's say, Rs. 60 lakhs, and your bank is providing a loan equal to 80% of the sale price, you will need to come up with Rs. 12 lakhs on your own. A portion of the contract value, often 10%, must be paid upfront, and another 10% must be paid after the property is taken. This enables to reduce the financial burden on you.

    Calculate your EMI on a home loan via the NoBroker EMI calculator

    As of now, I am aware that it is usually not possible to obtain a 100 percent loan for home. I realise that it is crucial to shop around and compare lenders while thinking about obtaining a home loan. Also, I need to be sure that I can afford the monthly installments and that you are eligible for the loan.

    Get home loans without hefty paperwork through NoBroker

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    • Can We Get 100 Percent Home Loan? (2024)
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