It’s a dream come true to have your own house. After the economic liberalization and the market being open to financial institutions to compete, it has only become easier to get a home loan. However, there are a few criteria that you must fulfil before you can apply for housing loan as there is a limit to the loan you can get for your home, irrespective of your income.
Once you have met with all the eligibility criteria, the next step is furnishing the relevant supporting documents. These have to be valid, verified and updated as once presented, these documents are considered as final and binding. In a case where any of these documents are found to be untrue or forged, the immediate consequence is a rejection in the granting of your loan. Though the documentation requirement varies from one institution to another, the below listed ones are primarily the ones that need to be produced when applying for a home loan.
While completing the process of documentation, one should be very careful to make sure that you always ask for a letter on home loan provider’s letterhead mentioning the particulars like exact rate of interest, processing fees, payment charges along with interest-schedule. The benefit to be gained out of the given competition in the market is by making the most out of the different interest rates at which every institution offers a house loan to you. If you already have a home loan with one provider, you have an option to transfer your existing home loan to another provider, thereby saving a certain sum on this transfer. This process is termed as ‘home loan balance transfer’. However, you need to ensure that you have carefully read all the terms and conditions of home loan balance transfer, before initiating the process.
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