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Home Loan - Important Points to Remember

A dream everyone envisage within themselves, is to have their own “home sweet home”! Buying a house is perhaps the biggest aspiration for most people. Today, making this dream a reality has become really easy,thanks to the variety of Home loans available in the market.Whether it is a first home that you are looking at or the second, whether it is for your family to live in or to simply make an investment, Home Loans make it possible. So what exactly is a home loan? A home loan is a where the consumer borrows money from a lender (typically be a Bank, an NBFC or a housing finance company), to purchase a residential property and offers the same property as a security.

Select Bank Before Applying :-Most bank have various product and their own policies. You must be aware about all these before submiting your loan application. Because you are not aware about the final result, wheather your loan will be approved, downsized or rejected. It is very much required to get your documents checked as per bank policy. This will save loan processing time and you will have a clear idea about how much and when you can get your Personal loan amount. Check Your Cibil Score :- Cibil Score play a vital role in getting you desired loan amount. If you have any loan reflecting in your cibil report as written off or settled Know About Your Loan Eligibility :- Your loan eligibility will be calculated on your current income. It is always better to know your loan eligibility while planning a expense.

Documentation / Tax Returns :- Applicant must have property income documents like, Salary slips, Form 16 and Latest ITR to support 3yrs job continuity. In lieu of these, Bank has right to reject your application. Check your Affordablility :- You may be eligible for a higher amount on your current income, but you must check your affordability and must also consider your others family and household expenses before taking a EMI commitment. A delay in Loan repayment can spoil your cibil report.

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