Everyone likes hearing people say "Wow, what a beautiful house you have!" From cave dwelling, we have evolved and now a house provides far more than just shelter...it has also become a source of pride. Buying a home requires large capital and good planning as when you decide to purchase a house you do not feel like compromising on anything but your resources are limited. Now with the various home loan schemes available in the market, you need not get disheartened as home loans can make the dream of an own house turn into reality.
Following are some of the factors used in evaluation of home loan eligibility:
Tips to finance your home loan
Documents are required by all HFIs but vary based on your occupation, employer, qualifications, experience, etc.
Income documents: Proof of income, salary certificate, Income tax returns, bank statement etc.
Personal documents: Proof of identity like PAN Card/ Voters ID/ Passport/ Driving License.
Residence Proof: Proof of residence like recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID /Bank Account statement/passbook for the previous six months.
Business Proof: Proof of business address in respect of businessmen/ industrialists
Age proof:This is required because all banks have different eligibility criterion as per age.
Experience proof: this is another eligibility criterion of banks, according to which the person should have a given amount of experience in the current company.
Legal Documents: there are legal documents that need to be submitted by you to the HFC for mortgaging and these differ from state to state and also depend on your property type. The following form a broad outline of the documents required and a detailed list can be found here.
Every borrower who wants home loan must take care of certain factors.
As most housing finance companies have reduced their interest rates, this is a good time to buy your dream home using a home loan. And with improved technology, the best way to look for home loans is online. You can surf Deal4loans and compare Home Loan Rates, policies and terms of different lenders and then choose the best kind of home loan for yourself. This whole process of searching for home loan online is completely hassle free and will save your time energy and money.