Home loan information.
The real estate sector has been booming in the last few months due to the need for a bigger house and attractive interest rates in the situation created by Covid-19.
If you also want to get a dream home with a home loan, then this news is for you. In fact, a home loan is a huge financial responsibility.
Therefore, before issuing a home loan, banks need to make sure that the borrower’s assets and documents are fully verified. In that case, if you are going to apply for a home loan, do the following:
Check your home loan eligibility
The first step is to see how much you can afford. It depends on these aspects:
1. Age: The age of the applicant for a home loan is very important. If you are younger, you will have more time to repay the loan and you may get a higher loan amount.
2. Financial status: Your financial status shows how much income you are getting and how much you can repay the loan. Lenders lend you money according to your income. In addition, if you have any other debt, it affects your eligibility.
3. Credit Score and History: If you have a good credit history, you will get a home loan as soon as possible. It shows that you are a reliable borrower. If you have a good credit history and a credit score above 750, you can get a home loan at an attractive interest rate.
Use a home loan calculator
Using a home loan calculator helps you figure out how much EMI you will have to pay on a specific loan amount for a specific period of time. These documents are required
1. KYC Documents: Documents like PAN Card, Passport, Aadhar Card, Voter Identity Card, Driving License, etc.
2. Documents related to income: For the last two-three years for salaried person Form-16, Salary slips up to six months, Bank statement, Income tax return, Documents related to investment.
If you have your own business, you have income tax returns for the last two-three years, balance sheets, company profit or loss (certified by CA), business license, etc.
3. Passport size photo
4. Documents relating to property: Registered sale deed, the allotment letter or builder buyer agreement, occupancy certificate for ready to move property,
Property tax receipt, maintenance bill, and electricity bill, NOC from society or builder, details of construction cost, copy of approved building plan, receipt of payment given to builder or seller or bank statement.