An owned residence is a dream for most in India. You can make this dream a reality with sound financial planning. People do save a lot to build homes, but due to inflation and other factors, they may be unable to secure the necessary funds for the same. Home loans serve as a saviour in such situations as they bridge the gap between finances needed for the home and the funds in hand. It is necessary to learn how home loans work to understand the process of getting a loan to build your dream home.
Knowing your eligibility:
Once you have finalised your financial partner, you can use the eligibility calculator of the bank/NBFC to know about the loan amount that you can avail. You can typically use the calculators of various financial partners to browse through multiple options and choose the best-sanctioned amount. Your credit score also serves as a critical factor in the quick approval of a home loan. You can also plan your tax returns by knowing your home loan tax benefit.
Knowing about associated charges:
Banks & NBFCs would ask to pay processing fees, EMI bounce penalty charges, foreclosure charges, prepayment charges etc. and hence it is important to know about these charges before applying for the loan. Your financial institution would also require you to pay around 10%-15% as a down-payment loan amount.
Keeping all relevant documents ready:
A duly completed loan application form, photograph, proof of identity, proof of residency, proof of age, proof of educational qualification, proof of income, property documents are some of the critical documents needed for the application of a home loan.
Once you have finalised your financial partner, you can use the eligibility calculator of the bank/NBFC to know about the loan amount that you can avail. You can typically use the calculators of various financial partners to browse through multiple options and choose the best-sanctioned amount. Your credit score also serves as a critical factor in the quick approval of a home loan. You can also plan your tax returns by knowing your home loan tax benefit.
Knowing about associated charges:
Banks & NBFCs would ask to pay processing fees, EMI bounce penalty charges, foreclosure charges, prepayment charges etc. and hence it is important to know about these charges before applying for the loan. Your financial institution would also require you to pay around 10%-15% as a down-payment loan amount.
Keeping all relevant documents ready:
A duly completed loan application form, photograph, proof of identity, proof of residency, proof of age, proof of educational qualification, proof of income, property documents are some of the critical documents needed for the application of a home loan.
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