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Know The Requirements To Get Housing Loan In India
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Most borrowers believe that getting the best home loan rates is the toughest part of housing finance industry in India. However, home loans are more complicated than that. Your home loan process can come to a stumbling halt at any stage. Lower credit score, insufficient documentation can really cause trouble. So, smart housing finance borrowers prepare for predictable stumbling blocks ahead of time. Here are the most basic requirements of housing finance in India. If you prepare well for them, it can be an easier way to get a home loan approval.
Home loan eligibility criteria:
While seeking the best home loan India, it is important to go beyond the interest rates. It does seem like most important detail. However, without meeting loan criteria, it won’t be useful. So, once you finalise the housing finance organization, meet the relationship manager. Ask for specific criteria. This information will allow you to verify if you can avail this house loan.
Housing loan seekers must know their credit history and credit score well enough. It is used to verify your repayment ability and financial habits. So, loan rejections, defaults and unpaid bills lower your chances of housing loan approval. So, smart borrowers verify their credit history themselves. This ensures that it supports your house loan application.
You will need to organise all documents required for home loan. Gather documents like appraisal letter and increment letter. They are used to scrutinise your value to respective field of employment. Here are most typical documents required:
• Proof of residence and identity: passport, PAN card, ration card, voter ID card, etc
• Income details:
For businessmen: Company details, business lines, main customers, number of offices, number of employees, turnover, profit, etc.
For salaried person: Letter from your employer, increment or promotion letters, IT returns for last three years, form A16, etc.
• Financial details: Salary slips of last few months, salary certificate, bank statement for last six months, current loan details, proof of investments, etc.
• Property documents
This documentation seems extensive. However, you do not need all these documents simultaneously. Most housing finance companies prefer to accept the documents in phases. You can submit the initial documents with application. Then, the housing finance companies ask for more specifics as and when required.
These details are the best way to understand the requirements of a house loan. Then, you can prepare your application accordingly. Though, it seems time consuming, it is worthwhile effort to get the best home loan in India.
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