Homeloan Is Secured Loan. In Homeloan House/Property Pledged As Security Against The Loan To The Housing Finance Company Or Bank. Frequently To Buy Residential Apartment Whether Ready To Move Or Under Construction Property Is Taken For Homeloan. Most Often People Take A New Home Loan Because They Are Getting A Better Deal To Transfer The Balance Outstanding On Their Existing Loan. Sometimes Homeloan Is Also Taken To Construct Or Renovate The House.
Its Every Once Dream To Own A House But Many Of Us Are Not Able To Achieve Our Dream Because Of Many Reasons Like Real State Property Value. Mostly We Think To Buy Property From A Longer Time But Our Bank Balance Is Not Allowing Us To Do So Because Real State Property Value Is Increasing Day By Day In This Case We Can Take Homeloan To Buy Our Dream Home And To Repay In Part For Period Of Time. Homeloan Is Best Way To Buy Your Dream Home Which You Always Wanted To Be By Part Finance.
At The Time Of Taking Home Loan It’s Very Important To Keep Certain Things In Our Mind
- You Need To Check Whether Bank Is Offering You Fixed Or Floating Rate Of Interest As A Fixed Interest Rate Means That You Will Have To Pay Same EMI Over A Period Of Time I.E. It May Be Fixed For Entire Tenure Or It May Be Reset At Fixed Interval While Floating Interest Rates May Change At Any Given Point Of Time, Which May Result Increase Or Decrease In Either You Homeloan Emi Or Your Tenure.
- Every Banks Have Their Own Way Of Calculating Eligibility. So We Should Check Our Eligibility With Various Banks To Check Which Banks Is Offering You Maximum Loan Eligibility. By Adding Co-Applicant Income You May Also Increase Your Home Loan Eligibility.
- An Important Thing To Note About Home Loans Is The Processing Fee. Banks Charge A Processing Fee For Every Home Loan Application. This Fees Is Non Refundable. The Processing Fees Varies From Bank To Bank And Is Generally Between 0.25% To 1% Of The Loan Amount. This Fees Is Used By The Bank To Start And Maintain The Home Loan Process Including Completing The Various Formalities During The Entire Period. Also Payment Of Processing Fees Doesn't Means That Your Loan Is Passed. It May Happen That You Pay The Processing Fees But Still Your Loan Is Not Sanctioned Due To Various Other Reasons. Thus Before Paying The Processing Fees, You Should Bargain On The Same And Get It Confirmed From The Bank In Writing.
Home Loan Eligibility Criteria
Home Loan Eligibility Is Totally Depends On Your Repayment Capacity, Which Is Totally Depends On These Factors Mentioned Bellow.
- • Educational Qualifications.
• Age.
• Spouse's Income.
• Number Of Dependents.
• Professional Continuity And Stability.
•Liabilities/ Assets.
• History Of Savings.
List Of Document Required For Home Loan
1 .KYC Documents(Age Proof , Residence Proof, Identity Proof).
- Salary Slip For The Last 3 Months/Salary Certificate(If Variable Components Like Over Time And Incentives Are Reflected Then Salary Slips For The Past 6 Months Are Required).
- Copy Of All Bank Pass Books/Bank Statements For The Past 6 Months Including Front Page.
- Company Profile If It Is A Lesser Known Organization5. Copy Of All Bank Pass Books / Bank Statements For The Past 6 Months Including Front Page.
- Form – 16.