We at ClickHomez are working constantly to get you the BEST Home Loans
We as a Real Estate Consultant in Bangalore help you get Home Loans with unbeatable benefits to ensure that you get the best deal without any hassles. No matter what the requirement, we will find an appropriate plan for you. There are some basic guidelines about taking home loans that you must be aware of. Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.
Most banks have similar Home Loan Criteria as described below:
The borrower’s eligibility of getting a housing loan depend upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse’s income, age, number of dependents qualifications , assets, liabilities, stability and continuity of occupation and savings history.
Your Home Loan eligibility is determined by your repayment capacity, taking into consideration, factors such as:
- Your Income
- Spouse’s income
- of dependents
- Stability and continuity of occupation
- Savings history
The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:
- Age Proof
- Address Proof
- Income Proof of the applicant & co-applicant
- Last 6 months bank A/C statement
- Passport size photograph of the applicant & co-applicant
If you are Salaried Salaried:
- Employment certificate from the employer,
- Copies of pay slips for last few months and TDS certificate
- Latest Form 16 issued by employer Bank statements
If you are Self-employed:
- Copy of audited financial statements for the last 2 years
- Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
- Profit and loss account for the last few years
- Income tax assessment order
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Detailed Home Loan Application Process:
There are various steps involved in getting a Home Loan from selecting your property to filling up the loan application. Following are the various stages in Home Loan:
- Find out the Home Loan Eligibility: Banks offer the loan amount only after checking your profile & based on various eligibility criteria’s like age, income & salary banks lend you the money.
- Choose the Best Home Loan after evaluation: Comparing home loan interest rates is the primary feature in the home loan selection, however other fees & charges like Application fees, processing fees, legal charges should not be neglected when comparing various loan offers.
- Application for the Loan: After you have selected your lender, you have to fill in the application form wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.
- Documentation & Verification:You are required to submit the necessary documents to the bank which will be verified together with the details in the application.
- Credit & default check: Bank checks out the borrower’s loan eligibility (through repayment capacity) & the amount of loan is confirmed. The borrower’s repayment capacity is reached which is based on the income, salary, age, experience & nature of business etc. Bank also checks credit history through the Cibil Score which plays a critical role in deciding & approving your loan application. Low Credit Score implies that the bank upfront rejects your application on the basis of earlier credit defaults; on the other hand high credit score gives a green signal to your application.
- Bank sanctions Loan & Offer letter to the borrower:After the credit appraisal of the borrower bank decides the final amount & sanctions the loan, the bank further sends an offer letter to the borrower which constitutes the details like rate of interest, loan tenure & repayment options etc.
- Acceptance Copy to the Bank: The borrower needs to send an acceptance copy to the bank after the borrower agrees with the terms & conditions in the offer letter.
- Bank checks the legal documents:The bank further asks the legal documents of property from the borrower to check its authenticity so as to keep them as a security for the loan amount given. The next step involved is the valuation of the property by the bank which determines the loan amount sanctioned by the bank.
- Signing of agreement & the loan disbursal: The borrower signs the loan agreement & the bank disburses the loan amount.