If you want to take home loan then keep these special things in mind.
Today buying your home has become the dream of almost every person and there is a lot of discussion on home loan kaise le . Although elders say that taking a loan is not a good thing, yet if you have thought about taking your home loan, then it will be considered as a matter of wisdom. With this, where you are going to build a property, its value will always increase and you will have your own house to live in. That is why , how to take a home loan, keep these special things in mind for it.
Eligibility for taking home loan
All banks have their own criteria, on which only those who meet are given home loans up to a certain limit. It also depends on the gross salary of the home loan borrower.Generally, a salaried person can be given loan up to four times of his income, while a professional like a chartered accountant and doctor can be given loan up to seven times his annual income. Apart from this, the credit report of the person applying for the home loan is also taken into consideration.
If his old record of repaying the loan is not clear, then it is possible that such a person may not get the loan or get it at a slightly higher interest rate.
Banks decide how much loan to give
If you have thought of taking a home loan, then first of all you should make sure that what is your monthly income, the loan you are going to take, take into account your salary and also calculate your expenses. How much loan you can repay depends on you, before giving the bank money, it is seen whether you will be able to repay their loan or not. The higher your salary or your monthly income, the bigger the loan the bank will give you. Banks decide how much loan to give you by looking at the ups and downs of your income.
All the big banks decide by looking at your monthly earnings whether you will be able to repay 50 percent of the loan taken by them as loan installment or not.
Increase the eligibility to take LOAN like this
The longer the tenure of your loan, the more you can get. The monthly installment per lakh rupees is quite low for a long term loan. In such a situation, banks give him more loan on his income.Another way to increase the eligibility of loan for general knowledge is that you can take a joint loan by mixing your income towards your relatives whom the bank allows. This could include your spouse, children, parents, or siblings.
A married woman can take a joint loan with the income of her mother-in-law or her husband, but cannot take a joint loan with her parents. If you have enough amount to pay the down payment, then you do not need to take a big loan, it will not increase the debt burden on you.
If you have taken a loan earlier, then you can provide proof of repayment of that loan and if you have never taken any loan before and you have a credit card, then you will have to provide the information related to its repatment to the lending institution. . If the bank is convinced of your ability to repay, then your loan eligibility can be increased.
Elderly benefit in HOME LOAN
Generally, senior citizens are not given very long term loans. If a person is 60 years old, then he can only get a home loan with a maximum tenure of up to 5 years, but this problem also goes away by taking a joint home loan. If a senior citizen applies for a loan along with a younger person, he can get a long term loan.cheap loan
Before taking a home loan, get to know about the rates and terms of many banks and housing finance companies, as most of the banks try to offer the best loan rates according to your profile. Especially the people who need a loan immediately, banks offer loans at the best rates on their behalf.Pay off old loan
If you have a credit card and you have not paid its dues for a long time, then it can become a hindrance in getting your loan. Apart from this, if you had taken any personal loan or auto loan etc. and had not paid some of its monthly installments, then you may have trouble getting the loan.If the bank detects any discrepancy in the repayment of your old loan or credit card then your
loan application can be rejected. That is why in order to increase the loan eligibility, it is necessary that you pay the credit card, telephone bill and monthly installment of the loan etc. on time.
APPLY IN THE LAST OF THE MONTH
The bank has a monthly base target for giving loans. If you are applying for a loan after 24th of the month, then you will be more likely to get a discount, because banks try to meet their monthly base target. There is a high chance that the bank will provide you a loan at an affordable rate during this period.Keep your credit rating right
Banks try to make home loans available at affordable rates to their old and trusted customers. If you are also one of the old customers of the bank and you have a good repayment record, then you are more likely to get a loan at a lower rate than other customers, that is why it is important that you keep your credit card bill and other liabilities. Make the payment on time, which will keep your credit rating up and you will also get a cheap home loan.Documents required for taking home loan
When you go to the bank to take a loan, the bank will give you a form which you will have to fill, in which you will have to fill all your information, from salary to what work you do etc. And along with that form there will be a list of documents which you have to give to the bank.The bank will ask you for indetity such as Aadhar card or any of your residence proof, you will have to give your salary slip or the statement of the bank account of the work you do for the last 6 months. The bank can also take information about form 16 or your income tax from you.
When you are going to take a loan, keep all these documents with you and make sure from the bank that how much loan you can get with the help of all these documents. Some banks and lending companies may also ask to pledge your life insurance policy, share papers, mutual fund units, bank deposits, or other investment papers.
Home loan approval information
After all the process of taking home loan is done, you wait for the loan to be passed. The bank asks you for a few days to pass the loan, that is because the bank verifies the correctness of the documents which have been given to its bank.- At the time of taking your loan, on the basis of the documents which have been given to the bank, the bank decides how much loan of Rs.
- If the bank thinks that all your documents are correct, then they will give you a sanction letter to pass the home loan, which will contain information about how much home loan will be passed and how much will be the monthly installment of that loan and how much interest will be charged.
- You cannot take a home loan more than the amount given in the sanction letter because the bank chooses the amount to be given to you after looking at your income and property value.
How to get home loan amount
After the home loan is passed, the bank decides the amount you will get, how to give it to you. The bank will not give you the full amount, it will give you all this amount in installments, this installment can be maximum 3.If you are building your new house and if it is under construction then bank will give you home loan amount only after looking at the progress in construction. Banks do this because they have to see whether the person taking the home loan is actually taking the loan for the construction of the house or for any other work or whether the person taking the loan is not a fraud. That is why the bank gives the loan amount in installments instead of giving it all at once.
how to get home loan fast
After taking the loan, you have to pay the installment every month, in which your principal amount is less and the interest is more. How much loan will have to be returned?If you want to get off your loan quickly, then you give money to the bank 2 or 3 times in a year like 5 lakh loan is for 5 years, then you give 50 or 60 thousand every year to the bank in addition to the installment.
By doing this, the bank will reduce this amount from your original principal by not deducting this amount in installments and if your principal is useful, then the loan installments will have a lot of impact and they will be very useful. That is why if you have money arranged in a year, then you give 1 pearl amount to the bank so that you will be saved from the interest of the loan.