New Home Loan at basic interest rates from Gem Home Loan Company. You can apply online and check your eligibility and easy EMI. Fast Approval for your new home loan.

A home conversion loan is a scheme for those who have already taken a housing loan. This loan follow some rules and regulations.It is a part of loan.

Gem Home Loans offers home loan for land purchase to make your dream home. You can compare home loan rates with our compare loan table. Apply online for Home Loan.

Get instant approval for renovation your home. Gem Home Loans offers home improvement loans. It is with basic rate and flexible EMI repayment.For more detail you can check our loan products.

Payment stability at what is usually the lowest payment available for a fixed-rate mortgage. You can enjoy lower payments than a 20- or 15-year fixed rate mortgage. but you also retain the ability to prepay your loan, shortening the ultimate term and saving you interest cost.

Over a 30-year term you’ll pay less money each month, but you’ll also make payments for twice as long and pay more in interest over the life of the loan. The interest rate on a 15-year mortgage is lower and you’re paying off the principal faster, so you’ll pay a lot less in interest in the long run.

To qualify for a conforming loan, you’ll need to meet specific requirements. Those requirements vary based on whether you’re buying or refinancing a loan for a primary home, a secondary home or an investment property.

Qualifications for Conventional Conforming Loans

While Fannie Mae and Freddie Mac set guidelines that lenders must obey for conforming loans, lenders have leeway to set their own stricter standards. This means some lenders will be choosier about whom they lend to than others, and some lenders will charge higher or lower interest rates than others.

There was a time when getting a conventional loan required a 20% down payment. Because borrowers who meet this requirement only have to finance 80% of the home’s value, it’s often referred to as an “80/20 conventional loan.” But conventional loan down payment requirements have since become more flexible.

HomeReady and Home Possible are conventional mortgage options that allow down payments as low as 3% — sometimes referred to as “3 down conventional loans.” If you qualify for a 3% down payment through one of these programs, you’ll need to finance the other 97%. That’s why you may hear them referred to as “conventional 97 loans.”

Borrowers with lower credit scores might be required to make a down payment of 5% or more to get a conventional loan, meaning they’d need to finance 95% of the home’s value. This is sometimes referred to as a “5 down conventional loan” or a “conventional 95 mortgage.”

This refers to the amount you borrow versus the value of your home. If you have an 80% loan-to-value ratio, you’d borrow no more than 80% of what your home is worth. The lower your down payment, the higher your loan-to-value ratio.

Higher credit scores mean you’ll stand a greater chance of being approved, even with a low down payment. Your reserves: For some types of loans, you’re required to have at least six months of assets in reserve.

This is the total amount of monthly debt payments you have, relative to your monthly gross income. It includes your mortgage payment.

HomeReady and Home Possible are conventional mortgage options that allow down payments as low as 3% — sometimes referred to as “3 down conventional loans.” If you qualify for a 3% down payment through one of these programs, you’ll need to finance the other 97%. That’s why you may hear them referred to as “conventional 97 loans.”

Borrowers with lower credit scores might be required to make a down payment of 5% or more to get a conventional loan, meaning they’d need to finance 95% of the home’s value. This is sometimes referred to as a “5 down conventional loan” or a “conventional 95 mortgage.”