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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.





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