There are various people who are struggling in their lives to survive and to get a better lifestyle. Apart from this they also have various desires. Like almost every person wants to have their own home for this they need to take a home loan, because investment is getting a house is very huge one cannot afford it without any loan. Hence, it is very important for them to take the home loan. However, there are various people who want to have 100% home loan, which is quite difficult. 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 have analysis that none of the bank provides 100% home loan to its customers, but most of them provide rest of 80-90% of the value of the property. Under this 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. The more down payment you submit the best interest rate you may receive. Well almost all the lenders calculate the 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?
As we have discussed above it is quite impossible to get a 100% home loan without any down payment. But if you still try to do this you have to come through higher installments in the coming months. This process will cost you very high or you may be suffer a loss. However, in order to get a 100% home loan which means getting a home loan without any down payment for this you need to maintain your income status. Thus, there are few ways through which you can get 100% finance on the home loan. There are some certain possibilities that through this way procedure become easy for you.
VA Home Loan:
There are various people who have served in the U.S. military. Thus, these people are eligible for the VA guaranteed home loan. However, it is the best home loan on the planet as 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. This may be very convenient for you to get a 100% home loan through this method.
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.