Sivarams Builder have tie-ups with leading financial institutions such as State Bank of India,HDFC and LIC.

We assist our customers in getting through all sorts of documentation process and ensure maximum loan sanctions so as to enable the procedural routines to purchase their dream home from us.

Things to remember before getting Home Loans in India

1  EMI affordability :

As a golden rule never let your EMI exceed 40-45 % of your net monthly income. If you earn more, you can always pre-pay your loan with additional disposable funds as most banks do not have pre-payment penalties now-a-days.

 2. Down Payment :

You might need to contribute at least 20-25% of the property value you choose. No bank will give you 100% home loan. But don’t worry, we will assist you in getting the maximum possible value.

 3. Tenure of the Loan :

This is where you will need to decide between lower EMI at start and higher interest payment or lesser term and higher EMI but lower interest payments. If you need a higher loan than what your EMI affordability allows you, you can opt for a longer tenure and vice versa

4. Interest Type :

Fixed ROI means that the interest rate will remain constant for a period of 5-10 years and in some cases throughout the tenure of the loan. Floating ROI means that the interest rate can change anytime depending on the RBI norms and various Government policies and market conditions. However, fixed ROI is set slightly higher than the prevailing ROI. Only opt for it if you are certain of interest rates shooting up in the future.

5. Charges and Penalties :

As such there should be no extra charges except for the processing fees, legal verification charges in some cases, stamp duty on home loan amount. Make sure you are aware of all these charges and ask the banks a list of charges applicable in all cases in writing; never take their word for anything.

6. Insurance for Loan :

Get home loan insurance or get yourself an insurance equivalent to the home loan amount. In case of any unfortunate event, certain insurance policies will pay for the pending loan amount that will provide you benefits in the event of disability, loss of job, some critical illness. Most of the lenders have it mandatory to have an insurance to avail a home loan these days.

7. Tax Benefits :

Be aware of all the tax implications as well as tax benefits you are entitled to receive while servicing your home loan. You are entitled to complete exemption of interest on home loan in India you pay, up to an amount of Rs. 150,000 and up to Rs. 100,000 on the principal amount. Also check on benefits for PMAY (Pradhan Manthri Awas Yojana) scheme for additional benefits in case your house falls under the affordable category