Home loan and step for getting home loan

Home loan or mortgage it is a loan which is given by the banks, The Mortgage institution or company or other financial Institution to buy primary or investment residence 

Home loan is a protected loan that borrowers take to buy a land since house is the biggest and the toppest purchase a lot of person take it many of the borrowers make use of home loans to help with their home acquire. 

In a home mortgage the possessor of the property  move the name to the lender on the state that the title will be move back to the owner When the owner makes the payment and meet the mortgage needs. 

A home loan always have two (2) that is fixed or floating interest rate that is paid monthly with the principal loan amount. If the owner pays the principal overtime than the interest that many banks , institutions calculate is on the smaller base so that upcoming mortgage costs apply more towards principal decline or cutback as conflicting to just paying the interest charges. 

Many of the people have a question of will i get home loan or not, will they pay the amount that they need, lots of questions appear in their minds. 

You all know that a finance companies always go through application which is the most important

So you will come to know how much are your chances and how much loan you will get. You must know what a company or banks look for and when you are qualified for a loan. 

The financial institution etc will give you loan only when you meet their criteria

1.       Location always matter 

Company will where you stay address matters the most. This is the thing the first thing they look

They give loans only in some places not all over the country. 

Citibank Home Loans are given only to the person who stay in Mumbai, Pune, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Coimbatore, Vadodara and Ahmedabad. 

Different banks give loans according to the residence you must keep this in mind. 

2.       Age matters

When a company, banks giving loan they ask you how old are you since some finance company don’t give loan less than 23 years old while others give u loan even if you are 21. 

Vijaya Bank give loans for the age of 18 to 70 years so different finance company have different rules and it depend upon age.

Tenure

If you are 25 years it doesnot mean you will be able to take loan for 30 years there are maximum numbers of years for which you can take a loan It usually extends to 25 years  though ICICI Bank present even 30 years.

Banks like HDFC and Vijaya Bank stop at 20 (Twenty) years.

 3.       Amount sanctioned

When a finance company choose to permit or grant a loan amount it will contain the cost of the home as well as the stamp duty and registration fees.

There are two aspects to this: 

1. The minimum and maximum amount.

HSBC need the annual net income of a salaried applicant to be top than Rs 150,000.

 

2. The second is the percentage of the cost of the home.

When you take loan you have to pay it through EMIS. The EMI that they confirm will usually not go beyond 35 percent to 40% of your gross income. While Citibank is keen to go up to 60 per cent of the total family income.

4.       Dependents 

Is your income you get you are supporting your mom dad and children since the more dependants you have the less home loan amount you will get. unless your income is so high that the number of dependents makes no dent in your way of life. the more you earn and the less you hold the more point you score with your finance company. 

5.       Employment

Good qualifications are not a criteria but it is a benefit. They show better likelihood of landing yourself another job should your present one be hit.

Majority adequate work experience helps. 

6.       Liabilities

If you are paying back too many loans, the home loan company will certainly frown. Since you now have less money with which you can pay finance this loan.

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