Online Home Loans Scheme Interest Rates
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Home Loan Application Form, Eligibility Norm
Home is one of the basic needs of every human being on this earth. And buying your own home is a big step in life. It is a sense of accomplishment. But with the increasing property rates, it’s quite difficult to purchase your own house.
Housing Loan Interest Rates
Home loans are very beneficial for people who cannot afford big amount one time for buying a home. If you are applying for home loan you need to ensure about your financial condition. You are going to get into a long term financial commitment.
) Points To take care while taking home loan
There are some important which you have to taken in mind before proceeding towards having home loan for better decision from your side.
) Get your financial documents in order
When you are applying for a Home Loan you need to provide a number of documents to the loaner. Preparing these documents in advance will help to process the loan a bit fast.
) Compare Offers
Compare all the loaner offers as it may be different in interest rate or somewhere else which can make one offer expensive than other one. So compare all the offers carefully and check all the documents as well.
) Documents you need to prepare
- Photo Identity Proof,
- Passport Size Photographs,
- Copy of your PAN Card,
- Address Proof,
- Proof of your Age,
- Last 6 months bank statements,
- Copy of the Property Title Deed,
- Form 16 for the last 3 years (for salaried persons),
- Last 6 months salary slips (for salaried persons),
- Copy of IT Returns of last 3 years (for businesspeople / self employed people),
- Copy of audited Balance Sheet & P&L statements of last 3 years (for businesspeople / self employed people)
) How much EMI you can afford
Take care of how much EMI afford. If you don’t need money than it does not make sense to borrow. Don’t borrow more than you can repay. Take a loan you can easily repay. Home loans should not account more than 15% of your monthly income;.
) Make regular timely payment
It needs to be de disciplined when it comes to paying loan EMIs. Make sure you make payment timely and don not miss any instalment.If you miss an EMI or make delay in payment this that can impact your credit profile and make your chances of taking a loan for other needs in future less.
) Keep Tenure a short as possible
All major landers offers 30 years of maximum tenure. But try to make it as short as possible. The longer tenure, the lower EMI which looks attractive. But it is always good to take a loan of shorter tenure which you can afford. In long time tenure interest rate is very high.
) Decide the interest rate mode
Decide you want to go for fixed rate interest or variable interest rate. Fixed rate of interest will be till the repayment of loan without concerning whether market goes up or down. On other side variable interest rate is the one where the interest rate is going to be decided according to market.
Home loans are one of the biggest boon for those who cannot pay a big amount at one time. Consult some of the financial adviser and check all the financial condition before getting a home loan.