Getting home loan sanctioned is a must thing as you the aspiring home buyer requires financial funding to buy a abode. But, before getting the loan sanctioned the applicant is required to submit the loan application form which is assessed by the lender and the lending institution is the one who lets you know the exact loan amount that an aspiring home buyer can avail. So, keep in mind the below-mentioned points and increase the chance to avail the maximum amount of a home loan:
Home loan is usually the first thing on mind of almost every home buyer as the amount involved in the home buying procedure is not small that one can deposit. So, be cautious about getting a home loan sanctioned as the minor mistakes made in the loan application process can turn your financial condition upside down. So, go through the below-mentioned points and learn about the mistakes that can hamper your home loan application:
A rejection is not an easy thing to digest. But sometimes we have to face it due to some technical reasons. Yes, here I am talking about specifications. Thus, you must try to keep proper documentation of everything as it helps in timely completion of various procedures.
The procedure and documentation are directly related to the home buying process. So, if you have selected a dream home then congratulations first of all. Secondly, you must apply for a type of home loan that suits your budget. But, a major trouble may obstruct your smooth drive to home. It is because of incomplete paperwork or your age, etc. In fact, there are many reasons for a home loan rejection. Thus, don’t get disappointed as you still remain eligible for a home loan post rejection also.
A home loan is something that gives Goosebumps to almost every one of us. Thus, you must assure yourself with a proper repayment plan while applying for the same. As this is a perfect way to deposit the home loan amount in a short span of time. But, apart from drawing a proper payment plan you should also keep the dos and don’ts of the home loan repayment in mind.
Remember every loan comes with little uncertainty. This is mainly because of the three below-mentioned reasons.
Owning property is a dream we all cherish. In fact, people push themselves to the limit for being in a great financial position. As it is the only way to turn the dream house into reality. Unfortunately, everyone is not so lucky to have their pockets full of money. But, this won’t mean that you are not eligible to buy home. Yes, don’t get disheartened as the Investors Clinic helps you know everything necessary to be a homeowner.
The first thing to buy a home is money. Therefore, you must know all types of home loans available in India. Today, everything has become costlier, thus buying and maintenance of property have become difficult. Thus people have different home loan requirements. But, not many of you have the idea about the types of home loans available in the country. So, take a look at various types of home loans available in India today. [Read more…]
Home Loans are typically given on 80-85% of the entire property value. The rest of the amount (15-20%) which is to be paid to buy the property is called the Margin Money or the Down Payment. The banks require the property buyer to pay this Down Payment amount from his/her own pocket. To pay such a corpus which can range in tens of lakhs of rupees, it is crucial for you to gather your down payment amount in such a manner that it doesn’t burden you financially when the time comes to disburse the same. For this to happen, it would be beneficial for you to be aware of thebelow planning methods which can help you pay your Down Payment:
Save then Spend: If you plan to buy a home, then save for your home systematically. A well-planned saving which is spread-out in phases can help you in paying the down payment amount without causing much concern. Savings of this corpus can be done through initiatives like Recurring Deposits and Mutual Fund Systematic Investment Plans. It is vital for you to pay your EMIs on-time to keep your credit score up and that can only happen if you save for the down payment and pay it in the initial stage so that later you can timely pay the home-loan EMIs. Moreover, be careful if you plan to borrow from other sources to pay the down payment amount as such borrowing can lead to you paying two sets of EMIs-one for down payment loan amount and other for home loan payment amount. Additionally, if you are taking a loan for paying the down payment, then the bank may become uninterested to lend you a loan as the bank may stringently re-evaluate your capability to repay. Hence, ideally pay for your down payment through your savings rather than borrowing from a bank. Furthermore, if borrowing is the only option, you can consider borrowing from a friend or your employer or a relative too.