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An Introduction

 

A home loan is taken for purchase or constructs a new home or it can be taken for renovating an existing house. Home loan is secured loan and title of the home is deposited with issuing bank or NBFC. As we have mentioned that home loan is a secured loan so the rate of interest is simply lower than any other unsecured loan i.e Personal Loans. Presently rate of home loan starts from 8.35% and it may go higher due to different conditions and circumstances.

Eligibility Criteria

Any loan is provided based on the repayment capacity of loan seeker. Loan eligibility is based on different factors.

  1. Employment status of loan seeker. Permanent or temporary

  2. Age of loan seeker: Simply bank/NBFC not prefers to provide loan to person aged more than 50 year) Lower age of loan seeker gives addition benefit to have a longer repayment period. Minimum age for loan application has been fixed by most banks is 25 years.

  3. Type of property: Banks prefer to provide loan on clear title(Government Approved)  based property only and some NBFC may have some liberal policy. Some banks only prefer to  pay loan for only ready to move property but some may loan for construction linked plan too. Loan seeker must read the policy of bank before applying for any home loan from bank. Our champs at www.paisa360.com  are always available for you to choose the best home loan that suits your need.

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4. Bank /NBFC may finance up to 90% of the value of property. Banks need payment of 10-20% based on condition from the loan seeker to ensure interest of loan           seeker in the property.

5. Income Criteria: Simply banks /NBFC decide that monthly instalment should not be higher than 60% of monthly income. I.e if a person earns around 50k per month     and he has not much liabilities and not any existing EMI is paid form his salary than bank my approve loan up to that extent.

6. Co-Borrower: Most Bank and NBFC prefer to have a co-borrower in the loan application. It is not needed that co borrower is also co-owner of proposed property          (for which loan is applied)  If co-borrower is also an earning member and is co-owner in proposed property than obviously loan amount will be higher than single          earning member and must have higher chances for approval of Loan.

 

Our champs at www.paisa360.com  are always available for you to choose the best home loan that suits your need.

 

 

Applying for Home Loan:

Once your property is finalised you should apply for the loan through www.paisa360.com and even you have not yet finalized your property you can apply for loan. Based on your profile bank will principally approve your loan and once your property hunt is finalized. Your loan can be disbursed for purchase of that finalized property.

Documents needed for applying for Home Loan:

  1. Completed loan application

  2. 3 Passport size photographs of applicant and co-applicant.

  3. KYC of borrower and co applicant.

  4. Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/

  5. Statement of Bank Account/ Pass Book for last six months

  6. Signature identification from present bankers

  7. Proof of business address as above

  8. Original Salary Certificate from employer

  9. TDS certificate on Form 16 or copy of IT Returns for last two financial years,

 

Additional documents required for Professionals/self- employed/ other IT assesses:

  1. Acknowledged copies of three years I.T. returns/ Assessment Orders

  2. Photocopies of challans evidencing payment of Advance Income Tax.

 

Hey don’t be confused with the list of documents required our champs at www.paisa360.com   is always available to assist you to get your dream home.

 

Post Application process:

 

Once you apply for home loan your application is verified by bank/NBFC authorities. It may take a day or longer period depends on different circumstances.

 

Prime focus of bank in on

  1. Profile of loan seeker.

  2. Property value and property situation.

 

For profile of loan seeker bank cross check your financial position as per documents provided and they also check your CIBIL.

 

CIBIL score is most important factor for approval of any loan. Applicants with higher CIBIL score have higher chances to loan to be approved. Score of more than 700 is conserved as good and score between 350 to 700 are considered as average and below 350 is considered as low. Besides this

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