Skip to main content

Want to get a Home Loan?


If this is your first home loan, there will come so many questions on your mind and there are countless chances that you could lose out these factors. There are some important points that you need to watch out before taking a home loan.

The first and primary thing that you should do is get your credit report. It has become simple ever since RBI has made it mandatory for the credit agencies to provide their customers with 1 free credit report each year. So, acquire your credit report and check your credit score. Any credit score above 750 is measured a good credit score. The reason behind check your credit score at first before doing anything else is because your credit score is like a report card on your credit health, i.e. how reliable you have been in repaying your past loans. With a high credit score you showcase that you are very careful in repaying your loans and viz-a-viz implants confidence in the lender to provide you with a home loan. With a good credit score you can assign with the lender for better terms commercial mortgages for investment properties. 
So obtain you credit report is the most important thing.

Secondly, before taking the loan you have to fulfill the eligibility criteria. Your age, your salary, the company you are working for, your documents. Let’s discuss it briefly.
First of all you need to know that each bank has their own eligibility criteria which need to be fulfilled by the borrower before they approve any loan. The eligibility criteria are 

Age: Any borrower needs to be more than 21 years old and less than 60 years to take the loan end before they retire. Thus, the loan lease will be determined by at what age you are taking a loan. 

Salary: It is based on your income salary that banks will decide on how much loan a person is eligible for. They will take into consideration the loan to income ratio to make sure the borrower has at least 400% to 60% of the monthly income after paying EMI for their daily expenditures. Thus, if you have higher salary, higher will be your loan eligibility. 

Company you are working for: Banks and NBFCs have a list of companies which they feel are good and trustable companies whose employees will have a stable and a secure job. This list is there to defense the lender. If you work in a good company, you have a good chance of getting a better loan offer. 

Documents: Banks and NBFCs will inspect the documents submitted to bank, that can be your personal information or the home documents. Even a small issue or any kind of mismatch will cause the bank to reject your loan application. So, make sure you check carefully all the documents that the lender asks for are in order. 

But, Here comes the big question that will make you tensed is

What Happens When You Cannot Pay off Your Home Loan?

As per rule the bank will not disturb the borrower after the first month default. But after the second month default the bank will send the pledger a reminder letter to pay the loan. Only after the third default that the bank has the right to carry out specialise in finance for land and property “The Securitization and reconstruction of financial assets and Enforcement of Security Interest act’2002” to sale the home.
Again, the bank will send a legal notice asking the pledger to pay the loan amount. If the borrower does not repay even after this they will send another letter detailing how much they have prized the property and when they are going to sale the home, which will be set after 1 month of the notice.
As you can see the bank gives the pledger 6 months before going for sale the property. This time can be utilized by the pledger to meet the bank officials to solve the issue.





Labels:

Comments

Post a Comment

Popular posts from this blog

Easy ideas to clean sandstone tile

In dairy farming a bulk milk cooling tank is often a large storage tank for cooling and holding milk in a cold weather until it could be acquired by way of a milk hauler. The bulk milk cooling tank is a vital little bit of dairy farm equipment. It is usually made of stainless-steel and used each day to keep the raw milk on the farm in good shape. It must be cleaned after each milk collection.Raw milk producers use a range of either open (from 700 to 20000 litres) Bulk cooling tanks. Mothers usually add too much over cleaning as it's vibrant and satisfying on the eyes. Yet, cleaning is stressful and challenging. When the home is neat and tidy, everything seems being perfect and comfy. It's even great since it removes filth and germs that could trigger illnesses such as hypersensitivity, flu viruses and coughing. To refrain from these problems it is very important execute regular cleaning. Regardless of whether you're mother or kid, it could be very nice when you can emplo
1 comment
Read more

Why Would You Want Belly Button Jewelry?

The terms sound proof and acoustic treatment are two entirely different things. Sound proofing is quite expensive and most of times not really linked to recording studios or other types of audio production environments. Acoustic treatment however is what would certainly be aiming to do had you been considering is going to be house for your putting on creating a music recording studio.  This is mainly due to tariff of diamonds which is not easier for buyers to pay for and therefore to acquire just about any diamonds or any jewellery item made out of diamonds they save huge amounts of money to get them. Although there is huge fleet of Diamond Merchants Sydney with everyone claiming to supply authentic diamonds to buyers jewelry store in southern california , but still it is imperative for buyers to conduct proper research in regards to the authentic and reliable Diamond Merchant who may have been in business for long some time to who has succeeded for making his strong presence in in
1 comment
Read more

Professionals Clean The Better Way

Carpets are very important for those organizations, since they provide a presentable look for the entrants, whether it is employees or clients. And, maintaining and cleaning them is really a task that holds paramount importance for those firms, because the aesthetic appeal of the office depends largely with them. No wonder that innumerable companies depend upon Commercial Carpet Cleaning services of reputed contractors on this field. Executing this type of neatening service is a time consuming and expensive process, which is often avoided provided it will become necessary, since having the floor covering cleansed periodically is really a necessity anyways. Domestic cleaning agencies are where you behave as a manager and you also accept board local cleaners to execute the cleaning for you. I think that professional home cleaning companies are the finest with the lot. You do each of the cleaning, advertising and appointment bookings yourself Pro Commercial Cleaning Sydney . But the cl
Post a Comment
Read more