Home loan is a really critical and important financial decision in our lives. Before you finalize your bank to secure a home loan, try to get more information on current interest rates from different banks.
First, gather some more information about how much each bank can give you. Find out eligibility for government and private banks. Which interest rate is more flexible and affordable such as fixed rates or floating rates? What is more easy a prepay option or balance transfer? We try to give answers to all such questions, and make this home loan process simple for you.
To find the lender for a 20 year term go through the fine print and save for years to come. A perfect Home loan is a loan which gives you lowest rates throughout the tenure, has part payment options and allows you to balance transfer if you wish to.
Generally, the documents required to process your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirements etc. Following documents are required by financial institutions to process the loan application:
• Income
• Age Proof
• Address Proof
• Income Proof of the applicant & co-applicant
• Last 6 months bank A/C statement
• Passport size photograph of the applicant & co-applicant
• Employment certificate from the employer
• Copies of pay slips for last few months and TDS certificate
• Latest Form 16 issued by employer Bank statements
• Copy of audited financial statements for the last 2 years
• Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
• Profit and loss account for the last few years
• Income tax assessment order.
The borrower's eligibility of getting a housing loan depends upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse's income, age, number of dependents qualifications , assets, liabilities, stability and continuity of occupation and savings history. Eligibility Factors in Housing loan Your Home Loan eligibility is determined by your repayment capacity and the value of the Property
Income
Qualifications
Age
Spouse's income
No. of dependants
Stability and continuity of occupation
Assets/Liabilities.
Savings history.
