Get Better Deal on Home Loan with Shubham
Posted by Sarita Yadav on January 20th, 2022
Before starting the process of home loans, assess how much you earn and how much loan banks can give according to that. Your ability to take a home loan depends on your ability to repay it. It depends on your monthly income, expenses and family\'s income, assets, liabilities, stability in income.
What is the maximum home loan you can take?
Is it necessary to apply for a home loan?
Yes, co-applicant is necessary in most cases. If the property is in the name of two people, then in that case it is necessary for both of them to participate in the home loan as well. If you are the owner of the property, then any person from your family can be the applicant.
What are the documents required for home loan approval?
A checklist of documents to be attached is included in the home loan application form itself. Along with this, you have to put a photo. From legal documents to buy the house, the bank has to give you the salary slip (office attested and self-attested) along with the identity and residence proof and the bank statement for the last six months along with Form 16 or Income Tax Return.
Some home loans institutions also ask for life insurance policies, share papers, NSCs, mutual fund units, bank deposits, or other investment papers as pledges.
What is Home Loan Sanction and Issuance?
How will the home loan amount come into your hands?
A home loans is given to you in a lump sum or in instalment. There can be a maximum of three instalments in this. In the case of indoor construction property, the loan amount is given according to the progress of construction.
In case of such a property, you can enter into this agreement with the lending bank where the home loan amount will be given to the builder as per the construction. In the case of ready-to-move properties, the loan amount can be availed in a lump sum.
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About the AuthorSarita Yadav
Joined: August 25th, 2020
Articles Posted: 52
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