How to get Home Loans Easy: It is a difficult thing to get their own house. We face many problems from the searching for the place and saving some money for our own home. Now several banks and economical organizations are giving bank loans. We must choose to commit one to get the home loan easily.
Which type of home we want: In our market, there is a number of home loan schemes. In that home loan, house repair loan, women home loan Non-residence loan, step up EMI, league rental finance schemes are available.
Who takes the loan: The cooperative and corporate organizations take the home loans rarely. The personal loans mostly taken by the employees, Business mans and job experts.
How much loan we get: The banks observe our age, qualification and the dependents of the family. It there is one or more employees in a home they get the home loan easily.
Time Limit for the House Loan: (The main thing is time limit to give the bank loans) The time limit is an important thing for customers and banks. Generally, banks are giving home loans with 20 years time limit some banks are giving with 25 to 30 years time limit for the employees they giving 60 years and to the Businessman, they give 65 years time limit.
Which are needed for the home loan: Documents are important when we are applying for the home loan.(The voter card and the residence of the house given by us by the conditions of KYC.) We must give the residence and voter card by the conditions of KYC. If we are employees we must give a salary slip of six months. Appointment order, form 16 and the statement of the bank.
Paying Capacity: This was based on the true living life of the customer. Who are having the responsibilities of a family he must choose the 40% IMI we do not have a family he chooses 60% IMI in the beginning. IMI is based on the time limit and lending money.
Fixed or Floating: Several banks offering floating and fixed rates. We go for floating when the usurers were maximum and go to the fixed rates when the usurers were minimum. In the year 1983 banks gave the home loans with 75 percentage.
At that time the customers choose the fixed rates. After that the usurers were increased and the IMI was decreased. The banks are offering special usurer rates to the villages.
Banks are studying these below things when they want to give the home loan: After applying for the loan the banks studied about particulars of the customer. They studied mainly two things. That is the paying capacity of the Borrows and the assets of the customers. They search whether the asset of the customers is in the dispute or not. If the banks are impressed by these two things the customers get the loan easily.
Insurance is the need for the loan: Every customer must have insurance to get the home loan. Now the home loan is giving group insurance. It a person died after taking the home loan the bank pays the backlogs of the customer.