Home loans have made home buying in India approachable and manageable. There are many leading compaines that provide customers with easy loans. In the home loan arena, government and well established companies are considered to be the most preferred loan institutions. Known for their unique and compelling propositions, these companies have enabled a hefty number of people achieve their aspirations. There is no point in signing the dotted line of a scheme, which is dripping with heavy interest rates and inconvenient operations of EMI. In simple terms, it is imperative to first understand the do’s and don’t’s of applying for loans.
Loan Application Requisites:
- The usual protocol which banks usually follow, is to keep the loan amount 60 times more than your net monthly income.
- Your monthly income has to look reassuring to repay the amount in future. For example, if you wish to take a loan of Rs. 30 lakhs, it is mandatory to earn Rs. 50,000 every month.
- In case you have taken personal loan or that for buying an automobile, you are not eligible to apply for a home loan.
- There are certain things which are required in documentations like address proof, identity proof, income proof etc. that needs to be submited to the bank or financial institution.
- The features and benefits enjoyed by the loan takers, are voluminous. Although there are many features which are an integral part of the loan scheme, here are some of those mentioned.
Many compaines understand that purchasing your dream nest and doing all the fittings and other essential tasks, would cost you a hefty amount. If you have bought a house and are moving in immediately, these companies give you a separate amount for meeting this requirement as well.
Part Prepayment Facility:
If you have paid your first EMI successfully, you can make prepayments for your loan. Monetary situations might differ from time to time, and most of the people do prefer to make chunk payments, as and when they have funds. kampanye di media sosial Hence, this feature enables them to pay as many EMIs in advance as they like. However, the minimum limit for this is 3 months.
Buying a property with your own money can help you avail this benefit; provide you have bought the property within 12 months. You then become eligible to take loan against property which has been registered.
Prompt Repayment Benefit:
If you are an early bird and always pay your EMIs on time, then you are in for a reward. On clearing the first 12 EMIs on time, you get 0.5 % of the annual interest amount paid back, at the end of 12 months. You get to enjoy this facility for the first 3 years of your loan tenor.
Nil Foreclosure Charges:
Loan can be foreclosed at any time of your home loan tenor. The good news is that you are not subjected to any foreclosure charges.
Online Account Access:
These days, financial companies have their online customer portal that provides details like repayment track, interest certificate, payment schedule and others, regarding your loan. To avail this service, the customer has to make an account on the digital portal.