The majority of people's biggest lifetime investment is probably a home. Most purchasers depend on home loan to realize their desire of owning a home. Throughout the year, there has been a continual increase in demand for home loans. Regarding the home loans procedure, we received a lot of queries daily. Before applying home loan check your EMI with our EMI calculator. Here, we'll go over a brief, step-by-step description of the home loans procedure.
It is a form of loan that a bank or financial institution offers to individuals so they can purchase house and Land, renovate or extent existing house, construct a new house, etc.
Working people and corporate houses (businesses) can apply for a home loan in Nepal and they have to meet certain standards in order to be granted a loan, and if they are unable to repay it, the bank may seize the property used the loan for.
Lenders take into account the following variables after determining your eligibility to apply for a house loan based on repayment capacity:
You are also required to submit application form along with these papers:
After the selection of property, choose the bank which you feel is good (analyzing its interest rates).
The next step is to tell the bank about your requirements.
The bank you selected will send a property evaluator to your location (where the property is located) to do a proper study regarding your land or home’s current price and its expected growth rate.
Next, you need to pay some amount upfront, the money depends on the amount of loan that you have applied for.
Also, the bank will make sure that you use those amounts to invest/buy real estate.
If all thing goes right, you will be able to receive that loan and you will need to pay EMI on time afterward.
In Nepal, the tenure of a home loan ranges from 15 to 50 years. Most banks offer a 15–20 year term. However, there are banks that offer 50-year loans (i.e. NIC Asia). You should select the time frame that works best for you, but keep in mind that a longer period of time will need you to pay the bank more interest.
Saral Banking Sewa is your one stop solution that will allow you to compare all banks home loan, interest rates provided by banks, features and benefits. Additionally, you can contact us by phone, WhatsApp, Facebook and email for information's and advices.
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