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Home Loan on Lal Dora Property in Delhi

A home loan, also known as a mortgage Loan, is a type of loan provided by a financial institution, such as a bank, NBFC or any other mortgage lender, to help individuals purchase a home. The borrower receives a fixed amount of money to buy the property and agrees to repay the loan over a specified period, typically ranging from 10 to 30 years, though shorter and longer terms can also be available. We are top Home Loan agency in Delhi facilitating Home loan on Lal Dora properties in Delhi.

Here are some key aspects of a home loan:

  1. Principal: This is the initial amount of money borrowed to purchase the home.
  2. Interest: The cost of borrowing the principal, typically expressed as an annual percentage rate (APR). The interest can be fixed (stays the same throughout the loan term) or variable (changes with market rates).
  3. Down Payment: The upfront payment made by the borrower towards the purchase of the home, usually expressed as a percentage of the total home price. A larger down payment often results in better loan terms.
  4. Loan Term: The duration over which the loan is repaid. Common terms include 15 years, 20 years, and 30 years.
  5. Monthly Payments: The borrower makes regular (usually monthly) payments also called EMI (Equated Monthly Instalments) that cover both principal and interest. Over time, a larger portion of each payment goes towards the principal as the loan balance decreases.
  6. Amortization: This refers to the gradual repayment of the loan principal over time. An amortization schedule shows how much of each monthly payment goes towards interest and principal.
  7. Collateral: The home itself serves as collateral for the loan. If the borrower fails to make payments, the lender has the right to foreclose on the property and sell it to recover the loan amount.

Home loans are essential for most people to afford a home, as few can pay the entire purchase price upfront. The terms of the loan, including interest rates and repayment periods, can significantly impact the overall cost of the home.

What is Lal Dora Property?

Lal Dora property in Delhi refers to the residential, non-agricultural area of a village that was marked with a red line on British-era maps in 1908 to separate it from agricultural land. These properties were historically exempt from certain urban development norms and building by-laws, and a Lal Dora certificate serves as proof of ownership for these village habitation areas, facilitating services like water and power connections. While providing potential benefits like lower rates and strategic location, buying a Lal Dora property requires careful due diligence to ensure a clear title and proper registration, as the area’s informal development can create complications.

Considerations Before Buying Lal Dora Property

  • Clear Title and Documentation: It is crucial to ensure the property has a clear title and all necessary documentation, as informal development in these areas can lead to complex ownership issues. 
  • Registration: Properties need to be registered with the appropriate local or state government authority. 
  • Due Diligence: Performing thorough due diligence is essential to verify the property’s status and ensure it is safe and legal to purchase. 
  • Government Initiatives: The Delhi government is working on plans to expand and regularize these Lal Dora areas, aiming to bring them under the purview of modern development schemes and improve infrastructure.

Rate of Interest on Home Loan on Lal Dora Properties

The rate of Interest on home loan vary depending on the bank or financial institution, as well as the loan amount and the borrower’s profile. The rate varies between 8.5% to 14% These rates may differ based on factors like the loan amount, the borrower’s profile, the borrower’s credit score, and whether the rate is fixed or floating. The rates are tentative and may change at any time. For updated Rate of interest on Home Loan in Delhi, Kindly contact us.

Eligibility Criteria & Documents Required for Home Loan

Eligibility Criteria

  • Nationality: You must be Indian citizen residing in India.
  • Age: The applicant must be between 23 years to 70 years
  • Cibil Score: A Cibil score of 725 or higher is ideal to get a home loan.
  • Occupation: Salaried employee, a Professional Individual, and a self employed professional.

Note : This is an indicative list that may change based on your actual loan application.

Documents Required

  • KYC Documents ( Identity and address proof)
  • Proof of Income (Salary slips or P&L Statement)
  • Proof of Business ( for self employed applicants)
  • Account statement for last one year
  • ITR for last two years.
  • Property Documents

How to Improve the chances of getting Home loan

To increase your chances of getting a housing loan approved, here’s what you can do.

1. Credit clean-up : Your credit score is a vital factor of consideration. A high credit score makes it easier for you to get a loan. If you have a low credit score, identify the reasons by checking your credit report. Sometimes, minor errors affect your credit score adversely. In such a case, inform Credit Information Bureau (India) Limited (CIBIL) immediately about the error.

2. Assess your debt-to-income ratio : Lenders analyse your current income to determine your ability to pay the home loan EMIs. If possible, you can try to increase your annual income through a part-time job or by selling liquid assets like stocks. As your debt-to-income ratio increases, your chances of getting a loan can also increase.

3. Limit your borrowing : If you borrow more money than you need to meet your financial targets, your chances of getting a housing loan are reduced. Save and invest more, and take wise calls on how much money you require as a loan and submit an application for that particular amount.

4. Add a co-signor or guarantor : In certain cases, it can be difficult to get a loan on your own accord. Consider adding a co-signor or guarantor with a good credit score. A co-signor or guarantor ensures that you pay your home loan EMIs on time, and if you fail to do so, they are liable to repay the loan on your behalf. However, getting a co-signor or guarantor comes with its own terms and conditions and so be sure to take note of the same.

Types of Home Loan

This is the most popular type of loan people take for fulfilling their dream of purchasing a home in Delhi. This Home Loan enables you to borrow money from the lender for buying a property of your choice. After the purchase, you can then repay the loan to the lender through monthly instalments.

If you meet the eligibility criteria for the loan, the lender can approve up to 80%-90% of the cost of the property as a Home Loan.

If you already own a piece of land and would like to build your dream home on the same, you can consider a home construction loan.

The amount approved for a home construction loan in Delhi is generally based on the approximate construction cost.

If you already have a home but want to add a room or maybe a floor to it, a home extension loan can help. Similarly, home improvement or renovation loan is used for renovating an existing home.

A plot loan in Delhi is a loan that offers finance solutions to buy a piece of land on which you will construct a home in future.

Top-up Home Loan is given over and above the existing Home Loan. This loan can be used to furnish your home, renovate your home and even towards personal expenses.

If you have already taken a Home Loan in Delhi and are repaying it now, you have the option to switch to a different lender. Borrowers generally do this in cases where they can get a Home Loan from a different lender at a lower interest rate.

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Frequently Asked Questions

To apply for a Home Loan, you need to submit documents such as proof of identity, proof of address, Income Proof, Details of Property to be purchased, loan application form that has been duly filled and your financial documents.

We determine your eligibility after considering various factors, including your monthly income, your monthly financial obligations, your current age and your retirement age, among other things.

We have tie-up with Multiple Govt Banks, Private Sector Banks and NBFCs. We select the bank after considering various factors including your monthly income, your monthly financial obligations, your current age and your retirement age, property to be purchased among other things.

The rate of interest depende on various factors including customer profile and the bank from which we are arranging your home loan. Typically the home loan ranges between 8.5% to 12%.

The EMI is calculated based on specific factors like the amount of the loan, its tenure and the Home Loan interest rate.

A floating rate of interest is linked to a benchmark rate. As per guidelines of RBI, floating rate Home Loans from banks are linked to external benchmark rates. So, rate of interest of your Housing Loan changes in line with the Repo Rate. As a result, the EMI or the tenure of your loan will increase or decrease, depending on the change in the rate of interest.

A fixed rate of interest on a Home Loan means that the rate of interest does not change throughout the tenure of the loan. So, the EMI will also remain fixed.

Yes, you can claim the amount paid towards the repayment of the principal and the interest components as deductions in your income tax return. The limits on the amount deductible are governed by the applicable income tax laws.

Knowledge Centre

Who is DSA

In the context of loans, DSA stands for Direct Selling Agent. DSAs are individuals or organizations that work as intermediaries between financial institutions (like banks or non-banking financial companies, NBFCs) and potential customers. Their primary role is to identify, approach, and assist potential customers in obtaining loans or other financial products.

Responsibilities of a DSA:

  • Customer Acquisition: DSAs identify and approach individuals or businesses who might need loans.
  • Documentation Assistance: They help customers with the necessary documentation and application process.
  • Preliminary Assessment: DSAs often perform an initial assessment of the customer's eligibility for a loan based on the financial institution's criteria.
  • Follow-up: They track the progress of the loan application and keep the customer informed.

DSAs play a crucial role in expanding the reach of financial institutions by bringing in more customers, especially in regions where the institution may not have a strong presence. Homeloanagents.in is one of the Top Home Loan DSA in Delhi.

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