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    GE Money Home Loan Reviews

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    GE Money Home Loan

    Home Loan BYTES FROM OUR KITCHEN

    GE Money Home Loan Overview:

    Having a home is one of the most basic necessities in life along with food and clothing. An own house ensures protection for our loved ones both as a shelter and as an investment, whose value will only multiply in times to come. On the flipside, owning a home or a plot is not an easy task since it requires a huge financial impetus to begin with. In the wake of rising costs, owning a home often comes by means of financial support from an instrument such as home loan.

    A home loan offers to fund a large chunk of costs involved in buying one and lets us repay in monthly installments of our choice. GE Money is one such company in India which offers housing loan, as a part of its retail lending portfolio. It offers home loan solutions for a wide range of housing requirements such as buying a home/apartment, ready to move in properties etc. It also offers to take over loans from other banks at attractive features and rates.

    Feature & Benefits of GE Money Home Loan:

    High loan quantum:

    Based on the eligibility and repayment power of the applicant, one can get a loan of up to Rs.1 crore under this housing loan scheme. No matter what the requirement is, you can get a loan in funding the costs involved to a great extent.

    Maximum funding:

    With GE money, you can look forward to up to 85% of the property value as home loan, which implies minimal burden on your personal savings. In an urban set up, it makes sense to apply with a bank which ensures maximum funding, since prices of properties are constantly on the rise in such areas.

    Wide range of tenor options:

    Under this loan, you can choose a repayment tenor of your choice of up to 20 years as per your convenience. You get the flexibility to select the term on the basis of your requirements.

    Quick processing turnaround time:

    One of the most irritating part of availing a home loan is the time taken by banks to process the application which may run for weeks. With GE Money, you can expect quick processing and approval since it takes around 7-10 business days to make a decision on your loan application.

    Easy documentation and doorstep service:

    The documentation process is quite easy to fulfill since GE Money does not require elaborate documentation which itself can be a cumbersome process. Plus, you also get doorstep assistance by the representatives who ensure the documentation and paperwork is fulfilled at your convenience.

    Insurance cover:

    To ensure all round package, GE money has partnered with Max New York Life to offer the Credit Shield, an insurance cover for your home loan where the insurance premiums are charged along with the EMI every month. In case of death of the primary applicant, the insurer pays off the outstanding loan amount of up to Rs.20 lacs to ensure little burden on the dependents.

    Floating rate of interest:

    GE Money follows the system of floating rate of computing interest charges which gives you the advantage of saving money on the charges paid on the basis of latest rates. Since the rates are not fixed, you can have the advantage of being charged the current rates.

    Loan against property:

    A one of its kind loan offer in the market where you can get a loan from GE money by pledging your residential property at attractive interest rates. This loan is offered as a separate scheme under the housing loan umbrella. Under this option, you can take a home a loan of up to Rs.2 crore on the basis of the value of your property and payback in installments of your choice.

    Documents required for GE Money Home Loan:

    The three section below requires you to submit one of the documents mentioned as proof in the category.

    • ID proof: Government issued documents such as Passport, Driving License, Voters ID card, Aadhar card or PAN card.
    • Signature verification: PAN card, Passport, Credit card, Bank verification or driving license.
    • Proof of residence: Utility bills, Ration card, Voters ID, Passport, Lease deed or Certificate issued by the present employer.

    In addition to the above, the table below details the income proof requirement.

    Source of income

    Documents required

    Salaried applicants

    Latest payslips from the employer which shows deductions

    Form 16 issued by the employer

    Latest IT returns

    Last 6 months’ bank statement

    Passport size photograph with the signature of the applicant/co-applicant

    Self employed applicants

    IT returns and computation of income for last 2 years

    Last 6 months’ bank statement

    Self attested or audited financial statements

    Articles of association, Partnership deed, MOA of the company, depending on type of the firm

    Passport size photograph with the signature of the applicant/co-applicant

    Frequently Asked Questions:

    1. Does GE Money offer balance transfer option under their home loan scheme?

      Yes, you can consider the option of transferring your existing home loan from another bank or housing finance company to GE Money at attractive rates.

    2. Is there a cap on the maximum term I can avail on the basis of my income type/profession?

      Salaried borrowers can avail a term of their choice of up to 20 years while the cap on maximum term for self-employed borrowers is capped at 16 years. The cap on age for loan maturity for the former is 60 years while the upper limit on the latter is 67 years before which the loan should be liquidated.

    3. Can I add a co-applicant to my home loan application to increase the loan amount?

      Yes, you can add a co-applicant to add weightage to the amount you’re eligible for. The proposed co-applicant should be an immediate family member such as spouse, parents etc.

    4. Is there a processing fee component payable at the time of application?

      A processing fee will be deducted from the loan proceedings. It is billed towards covering administrative costs and technical evaluation of the property along with other research work on the property in question. This fee is a percentage of the loan amount which will be communicated at the time of loan application.

    5. Please provide the details of the charges for insurance policy cover on the home loan.

      The premium charges are billed at the rate of 3.69% of the EMI amount. 

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