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How To Get Your Paperwork In Place In Advance To Ensure A Smooth Housing Loan Application Process

By Author: Aishwarya Mahurkar
Total Articles: 291

The documents submitted decides approvals. One negligence can make all the difference in one’s loan taking experience. Remember rejected loan application are subject to detailed scrutiny and possible rejection at the submission time itself. It is advisable to double check all papers and prepare them well. Checklist of the Documents required for home loan application can be easily found at the financial institution or online, but what is important is how well does one comply with them.

1. Check your property papers

One must submit the property papers having done a thorough background check with regards to any dispute or possible disputes. The financial institution shall offer you the housing loan once they are satisfied with the legal aspect of the property and its papers.

2. Property valuation documents

The loan amount is subject to the value of the property, thus one must ensure to get the legal property valuation document prepared to avail maximum loan amount. The ratio in which the loan amount is sanctioned against the property value is 2:8; in layman’s language 80% of the total value of the property is subject to approval for a home loan.

3. Ensure joint letter from all owners of the property

The property may be owned one or many individuals. One is required to submit a letter with the signatures of all joint owners to the financial institutions stating their consent for the loan. Lapse of submitting this document in case of jointly owned property shall act as a rejection criteria for the home loan application.

4. Compile six months bank statement

The other main document required for your loan approval is the income statement, salary slips are accepted as well. The income statement provides the financial institutions a basis to approve home loans. The income of the person has to be as per the financial institution’s requirements to avail the loan amount as applied for.

The individual may apply with a co-applicant having a stable income source so as to leave no room for any to uncalled reason for rejection of the loan application.

Credit score, personal detail documentation such as identity proof, address proof, and others are other very important documents. No negligence should be made in the documents requires for home loan so as to ensure a smooth housing loan application process.

Conclusion: Right documentation shall ensure your home loans approval.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the Document required for home loan and the home loans.

Total Views: 37Word Count: 415See All articles From Author

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