Things to Consider When Acquiring A Home Loan
Among a lot of things that demand contemplative approach, home loan eligibility is one of the most important of them. In fact, the eligibility criteria of different banks have made the process of borrowing the loan a bit more interesting and worth knowing for any prospective customers. Here in the article, we mention some of the crucial points that you should understand about acquisition of housing loan in India.
Under the category of eligibility criteria, borrowers are required to have some of the most important virtues such as good credit score and income along with repayment capacity in order to impress the concerned bank. It is quite important to consider that repayment capacity is determined on the ground of your current income that you are earning from job or from your self started business. Make sure that the income you are earning should not be below than Rs 150000. This is the lowest income standard set for applicants, who are looking for housing finance in India.
Other than income, the credit history of yours also matters most. It is essential to have a clean credit history. If you incur outstanding loans from other bank or if you still have unpaid credit card bills, then you should settle down the unpaid bills before you make a decision to apply for the loan. In addition, it is also essential to consider paying those electricity bills and telephone bills which you are not paid off till now. They collectively interpret your credit rating negatively thus creating a reason for rejection of your home loan application.
During the procedure of acquiring home loan, it is vital to take care of things related to documentation. For this, a customer is asked to submit different types of financial and personal documents showing full details about the customer. It is vital to consider that if the documents are not original, there is fat chance that you will avail the loan. The documents once submitted are subsequently verified by the field agent of the concerned bank. Hence, don’t submit fake documents.
One of the most important things is that you should choose a property first before applying for the loan. Remember, it is the property that the bank will have collateral. Make sure that the property selected has no litigation at all. Also makes sure whether the property selected is fully built up, under construction. They are very essential to think about.
Acquiring home loan is a system of time consuming process. But it is also very delicate and involves a lot of care before you select a good home loan. Before choosing your home loan, make sure that you are quite cognisant with all the procedures involved in acquisition of the loan.
Under the category of eligibility criteria, borrowers are required to have some of the most important virtues such as good credit score and income along with repayment capacity in order to impress the concerned bank. It is quite important to consider that repayment capacity is determined on the ground of your current income that you are earning from job or from your self started business. Make sure that the income you are earning should not be below than Rs 150000. This is the lowest income standard set for applicants, who are looking for housing finance in India.
Other than income, the credit history of yours also matters most. It is essential to have a clean credit history. If you incur outstanding loans from other bank or if you still have unpaid credit card bills, then you should settle down the unpaid bills before you make a decision to apply for the loan. In addition, it is also essential to consider paying those electricity bills and telephone bills which you are not paid off till now. They collectively interpret your credit rating negatively thus creating a reason for rejection of your home loan application.
During the procedure of acquiring home loan, it is vital to take care of things related to documentation. For this, a customer is asked to submit different types of financial and personal documents showing full details about the customer. It is vital to consider that if the documents are not original, there is fat chance that you will avail the loan. The documents once submitted are subsequently verified by the field agent of the concerned bank. Hence, don’t submit fake documents.
One of the most important things is that you should choose a property first before applying for the loan. Remember, it is the property that the bank will have collateral. Make sure that the property selected has no litigation at all. Also makes sure whether the property selected is fully built up, under construction. They are very essential to think about.
Acquiring home loan is a system of time consuming process. But it is also very delicate and involves a lot of care before you select a good home loan. Before choosing your home loan, make sure that you are quite cognisant with all the procedures involved in acquisition of the loan.
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