Investing in your dream home is the most difficult decision of your life. This is the reason why your research should be done before you get into a long-term repayment commitment. The loan is obtained to purchase a property by offering it as a security. A home loan offers high-value funding at an economical rate for a long period of time. that should be paid through EMIs, after the competition of repayment, the title of the property is transferred to the borrower.
The easy and simple process of claiming a home loan is:
Here are some important benefits of home loans:
Home loan applicants need to provide personal documents like a Pan card and Aadhar card, among other income-related documents, like bank account statements, employment/ business documents, like salary slip or profit and loss statement, and property-related documents.
List of documents required to apply for a home loan in India.
Here are some key factors that you must consider before applying:
• Ensure your credit score must be good.
• Check if you can afford to pay monthly EMIs from your current income level.
• Research each and every loan option available before finalizing an offer.
• Choose a shorter tenure that’s convenient for you.
• Know the pre-payment terms of the loan and for the charges applicable.
• Ask all the quires from the lender for all the additional charges that apply to the loan.
• Lastly, read all the documents properly before signing.
Here are some factors that can help you improve your Credit score:
• You must have to pay all the dues on the time.
• Keep regular checking of your credit report.
• Optimize your loan tenure
• Maintain the right mix of loans
• Avoid too many loans
The moratorium period is the period when you don’t have to pay any EMIs on your loan. This facility is provided by the lender to help you to manage your finance properly and ensure that you don’t get much burden for finance immediately after taking a loan.
Pradhan Mantri Awas Yojana (PMAY) was Launched in 2015. It is a Government of India initiative that goal is to provide affordable housing for certain sections of society. The scheme targets construction of about 20 million houses at an affordable price by 31 March 2022.
Here are the key objectives of this scheme:
• To advertise affordable housing for the weaker sections of society.
• To construct affordable houses in partnership with the public and private sectors.
• To rehabilitate slums with the help of private developers.
• To offer subsidies for beneficiary-led individual house construction.
• Your age is the important factor that determines home loan tenure.
• Your income whether you are a salaried or self-employed individual.
• Higher the CIBIL score, the better the chances of loan approval.
• Your Employment/ Business type is also taken into consideration.