Before buying any house you have to consider and think over many factors. How the home should be? The actual area and size will depend on the size of your family as well as your own personal requirements. If you are looking at capital appreciation, you should consider making the purchase in the suburbs, where the price appreciation will be higher than in the case of prime property. In the case of buying a flat, you have to check out the building, whether parking is available, security, etc.. Mainly you have to make ready of the money.

Home loans are there for managing money.
Home loan, known as a mortgage, is a lien that makes property security for the repayment of a debt, such as the one incurred upon purchase of that home.

Home Loan offers you various unique benefits and are easy to arrange and repayable in easy monthly instalments. The terms of the loan can be structured according to your unique requirements. Home Loans can be applied for by either individually or jointly. Proposed owners of the property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owners.

Eligibility for the loan in general, are:

  • You should have completed atleast 21 years of age when the loan gets sanctioned.
  • You must be employed or self employed with some regular source of income.
  • Mainly the repayment capacity is taken into consideration by the factors like age, qualifications, assets, liabilities and occupation.
However, there are ways by which you can enhance your eligibility.

If your spouse is earning, put him/her as a co-applicant. The additional income shall be included to enhance your loan amount. Incidentally, if there are any co-owners they must necessarily be co-applicants.

Even your fiancee's income can also be considered for sanctioning the loan on your combined income. The disbursement of the loan, however, will be done only after you submit proof of your marriage. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility.

The final amount to be sanctioned will depend on your repayment capacity. However, what you are ultimately entitled to will have to conform within the limits fixed for each loan.

Also, when the company looks at the total cost, registration charges, transfer charges and stamp duty costs are included.

For sanctioning of the amount you have to produce the following documents:

  • Passport size photograph.
  • Age verification: PAN card, Voters ID, Passport, License.
  • Bank statement for the last six months.
  • Income Documents e.g. Latest Form 16, Certified IT returns for latest 3 years.
  • Processing Fee cheque.
  • Loan Enclosure letter.

Disbursement of Loans:
Your loan will be disbursed after you identify and select the property or home that you are purchasing and on your submission of the requisite legal documents.

List of documents for disbursement
Standard documents:

  • Loan Agreements
  • Disbursement Requests
  • Post-dated cheques
  • Personal guarantor’s documents

The repayment tenure for home loan is maximum loan tenure of 30 years. The repayment starts from the month following the month after full disbursement has been made. If you want to apply for an Adjustable Rate home loan, this method will enable you to calculate your Equated Monthly Installment (EMI ) by which if you know the value of the property, the loan amount your require and the term for which you want to take the loan. It will compute the rate of interest that is applicable.

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