Home Loan 10 Years Term

Home Loan 10 Years Term

The loan is provided for Purchase of Building. Construction, renovation, modification, extension of existing building,

Home Loan 10 Years Term
2.8 %
Interest Rate
Home Loan 10 Years Term
8.19 %
Base Rate
Home Loan 10 Years Term
10.99 %
Total Interest Rate

Last Updated Date: May 17, 2022

Nepal Bank Ltd

Nepal Bank Limited is the first financial institution of Nepal which was established on November 15, 1937 A.D (Kartik, 30, 1994). It was shaped under the principle of Joint undertaking (Joint project between govt. & regular public). NBL's licensed capital was once Rs. 10 million & issued capital Rs. 2.5 million of which paid-up capital used to be Rs. 842 thousand with 10 shareholders.. It is a national level bank. With the recent Follow-on Public Offer (FPO) offered in 2018, the bank has a share ratio of Government to Public as 51:49 percent. This bank has not provided dividends to shareholders for the last 21 years. It is currently trading at Nepal Stock Exchange with the symbol ‘NBL’. Nepal bank has appointed Civil Capital Market Limited as its share registrar. It focuses on building internet worth and assembly of minimal capital necessities within five years.

Home Loan 10 Years Term

REQUIRED DOCUMENTS

Financing services by requiring the following documents for the appropriate individuals:

  • Citizenship certificate
  • Passport size photographs
  • Approval of construction completion certificate (as appropriate)in case of existing home loan
  • In the case of foreign employment, valid passport
  • employer employment / salary Certification, latest pay slip / bank account statement, etc.
  • Personal Number of Account(PAN)
  • If the loan amount is NPR 10 million and above, a card is required.

WHAT IS A HOME LOAN?

A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with the EMI every month. The property is taken as a security by the money lending company for the Home Loan. A home mortgage is a loan given by a bank, mortgage company or other financial institution for the purchase of a residence—either a primary residence, a secondary residence, or an investment residence—in contrast to a piece of commercial or industrial property. In a home mortgage, the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the final loan payment has been made .

  • The property can either be commercial or personal.
  • When the borrower cannot pay the dues, the lender will possess all the legal rights to recover the outstanding loan amount by the sale of the property in question.

How to Get Home Loan?

To obtain a mortgage, the person seeking the loan must submit an application and information about his or her financial history to a lender, which is done to demonstrate that the borrower is capable of repaying the loan. Sometimes, borrowers look to a mortgage broker for help in choosing a lender. 

The process has several steps. First, borrowers might seek to be pre-qualified. Getting pre-qualified involves supplying a bank or lender with your overall financial picture, including your debt, income, and assets. The lender reviews everything and gives you an estimate of how much you can expect to borrow. Getting preapproved is the next step. You must complete an official mortgage application to be preapproved, and you must supply the lender with all the necessary documentation to perform an extensive check on your financial background and current credit rating.

After you've found a residence you want, the final step in the process is a loan commitment, which is only issued by a bank when it has approved you as the borrower, as well as the home in question—meaning that the property is appraised at or above the sales price. When the borrower and the lender have agreed on the terms of the home mortgage, the lender puts a lien on the home as collateral for the loan. This lien gives the lender the right to take possession of the house if the borrower defaults on the repayments.

Types of Home Loans:

  • Home Purchase Loan: This is the loan that one takes for purchasing a home.
  • Home Improvement Loan: This loan covers expenditure related to repairs of your home or even renovation.
  • Home Construction Loan: This loan comes in handy when you are building a new house.
  • Land Purchase Loan: Someone wishing to buy a plot of land for constructing his/her own house can avail of this loan.
  • Home Extension Loan: Suppose you plan to add another room, garage, bathroom, or kitchen to your home. This is the loan that you should apply for and this also comes in handy if you are planning to have another floor.
  • Joint Home Loan: These are loans taken by two people or even more. For instance, spouses can apply for joint home loans.
  • Home Loan Balance Transfer: You can use this mechanism to switch your outstanding loan amount to a different lender with better terms and conditions and lower interest.
  • Top-Up Home Loan: This kind of loan helps you borrow some more money above the outstanding loan amount.

 

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