About Home Loan

This is an asset financing product with goal of enabling our customers; purchase or complete their residential property, purchase of land, carry out home improvement, home extension and home construction

This loan can be used for purchase or completion of a residential property, purchase of land, home improvement, refinance, home extension or home construction.

This loan is available to both salaried and non-salaried customers with a verifiable source of income.

Getting a home loan from Advania Group is quick and easy. We offer higher eligibility and lower EMIs at attractive interest rates.

Moreover, application processing through our Onlone web portal applications ensures faster approval of your home loan.

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Advania Group Is Here For You!!

Achieve all your goals and aspirations; with the right kind of help, exactly when you need it.

New Home

A new home doesn’t just allow for personal growth, but it also creates a stable environment for a family to grow , and prosper together. With Advania Group’s New Home Loan, you can invest in a future which has no financial restrictions, allowing you to be free in the comfort of your own home.Flexible tenures, low interest rates and easy repayment options allow you to obtain financial freedom, and save money in the process.Applying for a new house loan is a simple procedure, you can Apply Online or visit any of our branches to get things going.

Home Conversion

Home conversion loans are loan schemes that have been designed for those individuals who have already acquired a home loan through a bank or any other financial institution that deals with home finance. Home conversion loans are available to all home loan borrowers, and enables them to make a move to a lower rate of interest or alter the interest spread on their current loan. Borrowers tend to opt for home conversion loans due to the fluctuating rates of interest prevalent in the market, which has a tendency to adversely affect outstanding dues on home loans.

Land Purchase

Buying land allows you to build the home of your dreams or conserve a slice of nature. However, land can be expensive in high-demand areas, so you may need a loan to fund your land purchase. You might assume that land is a safe investment (after all, “they’re not making any more of it”), but most lenders see land loans as risky, so the approval process can be more cumbersome than standard home loans.However applying Loan to purchase land through Advania Group is so quick and smooth as we understand the value of land and we have connections worldwide in terms of land investment. Get in touch with one of our loans officer and we structure am appropriate deal for you today.

Home Renovation

Your home is an investment, and home improvement loans can offer the funding you need to strengthen that investment with renovations, updates and repairs. However, there are risks involved, and not all home improvement loans are the same.

Get in touch with a loans officer to equip you with different types of home improvement loans available, the costs of a home improvement loan, how to qualify and how to choose the best lender. It is designed to help you decide if accessing your home’s equity or taking out a personal loan for home improvement is a good choice, and offer insight into how you can find the best loan for your needs.

Get financing for whatever you need now

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Features of Home Loan

We at Advania Group are delighted that you want to acquire your dream home. We want to help you to finance your home with our feature rich home loan financial product. Our home loan comes with numerous features that help you to minimize the cost of financing your home loan. Our interest rates attractive, formalities minimal, loan process fast, repayment options several, EMIs under your control, disbursal quick, and our support timely.

Loan splitting

This feature allows your loan to have multiple loan accounts. The most common use of this is for people to setup a loan as half fixed, half variable. This allows them to make extra repayments on the variable portion, however to partially protect themselves from rising interest rates.You can also use multiple loan accounts to keep track of loans used for different purposes. For example if you buy shares and use your home as security. You can have a separate account for this purpose so that you can show the tax office which part of your loan is tax deductible.

Repayment holiday

A repayment holiday can be used if your circumstances change. Normally this is due to the arrival of a new baby, and consequently a reduction in income for your family due to taking time off for maternity leave.

Typically you can reduce or avoid making repayments for up to six months, during which time the interest adds onto your loan.

When you return to work you can then restart your repayments and eventually increase your repayments to catch up to where you were before.

Interest only

With an interest only period you will just pay the interest due each month, and not any of the principal itself. The benefit of doing this is that you keep your repayments to an absolute minimum, however you will not pay off the loan unless you make extra repayments. Interest only periods are usually for up to 5 years, however some lenders will consider 10 years or even 15 years!

Loan portability

With loan portability you can move your loan onto another property. Normally this is used when you sell your home and buy a new home. In most cases for this to work the settlements must occur on the same day. This can avoid the need to apply for a new home loan when you move house.

Home Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a personal loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: $200

Credit Rating

Applicant should have a bank account with Advania Group.

Frequently Ask Questions

 Take a look at our answers to the most common home loan questions. Find out the answers to questions about repayments, deposits, interests etc……

When you log on to the home loan section of Advania Group, you can apply for a home loan in minutes by following a few key steps:

  • Find out the various lenders who would be interested in providing you with a home loan based on loan amount, income level and related criteria provided by you.
  • Compare the home loan offers based on factors such as interest rates, processing fees and other relevant factors.
  • Just choose and click to apply for the home loan with the specific provider with the click of a button.
  • Subsequently your prospective lender will get in touch with you through our loans officer to get supporting documents and complete other formalities.

In short by applying through Advania Group, the process of comparing and choosing home loans is simplified by saving you a lot of time and effort.

Once repayment capacity determines your eligibility to apply for home loan, lenders consider the following factors:

  • Income level of the applicant
  • Age  of the applicant
  • Qualification (stability and occupation continuity)
  • Resident status (maximum limit for an Iceland resident differs from that of a non-resident)
  • Spouse’s income (household income is taken into account when there is a co-applicant)
  • No. of dependants (it is a measure of repayment capacity)
  • Credit history and score (past repayment track record)
  • Status of existing loans
  • Processing Fee- When applying for a loan, a fee is paid to the lender known as processing fee. The amount paid could be either a percentage of the loan amount or a fixed amount that is paid in lieu of carrying out the loan sanction formalities.
  • Commitment Fee- It is essential to avail the loan within a stipulated time period after it is processed and sanctioned otherwise some financial institutions levy a commitment fee. By paying the commitment fee, you are assured that you can access the loan at the interest rate and for the tenure that was initially agreed on. Most banks no longer charge this fee.
  • Pre-payment Charges- Banks/ financial institutions might charge a penalty if the entire loan amount is paid off before completion of the loan tenure. The penalty amount also known as foreclosure/pre-payment charges could be a maximum of 5% of the loan amount that is paid off before the completion of loan tenure.
  • Miscellaneous charges- Documentation, stamp duty, credit bureau report issuance charges and consultant charges are generally considered as miscellaneous charges by few lenders.

The documents that need to be submitted may vary from one lender to the other. Some of the necessary documents to be submitted include the following-

  • Completed loan application form
  • Passport size photographs
  • Identity proof – PAN card/Passport/ DL/ Voters ID
  • Residence proof- telephone or electricity bill/ passport/ voter ID / property tax receipt
  • Bank statement for at least past 6 months and salary certificates/ latest acknowledged ITR
  • Copy of plan approved for the proposed construction/extension
  • Cost estimation/ valuation report from Bank’s (or finance company)  authorised surveyor/evaluator.
  • Allotment letter of housing board/ NOC of the society/Builder etc. as well as any other land use certificate/other

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You can now apply for a Home Loan online, All you need to do is provide your details below.



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