How To Get 100 Home Loan In India | Method to Take 100% Home Loan in India

However, it is very difficult to get 100% home loan in India. As no bank provides 100% home loan. Moreover, most of the lenders require 10-20% home loan price. In the form of the down payment. Still there are various people who want to know about How To Get 100 Home Loan In India. 

As we know that no bank provide 100% home loan or zero down payment. But they provide rest 80-90% of the value of the property. The total financed amount also includes registration, finance and stamp duty charges. However, the lender also calculates the higher eligibility amount. Moreover, an individual person must try to arrange the maximum down payment amount. Even though the lender calculates a higher eligible amount, it is not necessary to borrow that amount. Even a lesser amount can be borrowed. One should try to arrange the maximum of down payment amount and less of home loan so that the interest cost is kept at minimal. For example, if the property is worth Rs.1 crore, an LTV (Loan To Value) of 90% will allow you a maximum loan of Rs.90 lakh.

How To Get 100 Home Loan In India

How To Get 100 Home Loan In India?

Getting home loan in India with 100% home loan. Means with no down payment can be possible. But due to this you are raising your monthly installments higher. It can cost you high. However, there are few ways through which you can get 100% finance on the home loan. But it is essential for you to have a stable income status. So that getting loan for you can become easy.

VA Home Loan:

There are various people who have served in the U.S. military. hence, they are eligible for the VA guaranteed home loan. However, it is the best home loan on the planet. It does not require any down payment. As well as there is no mortgage insurance and the rates are typically below those of conventional mortgages.

USDA Loans:

However, these 100% loans are for the rural properties. There is a place known as the Discovery bay. It is an areas of very nice homes on the Sacramento River Delta, about 45 miles from San Francisco Bay. These types of home loans are very popular in this area.

State and municipal first-time buyer programs:

It offers various number of program for the primary financing, down payment assistance and closing cost assistance. This financing is expensive compared to conventional financing. So buyers may not get qualify for the loans. Even at the 3% down payment. This is primarily because they believe it will take longer to close a transaction where this kind of financing is involved.

Find a Lender:

Find the best lender. who is willing to lend you the entire amount of the purchase price. However, it is a bit long process. You have to provide their commission in cash. Moreover, they would be concerned about personal and professional liability in advising a seller to go forward with a deal where the buyer doesn’t make a down payment.

Hence, these are the few ways through which you can get the home loan at 100% finance. But then too you must arrange some amount. So that your monthly installment will no go through the longer process.

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