Borrowing Criteria For Home Loan In India
Home loan in India is available in different subcategorized versions, such as home purchase loan, home improvement, home renovation, home refinance and home construction loans including hybrid and bridge housing finances. In whatever version you take the finance, you are surely to have sufficient solutions for your needs. The loan is dedicated to alleviate expenses related to housing needs.
Home loan can be obtained in India through official procedures of banks like documentation, paper works and credit history consideration. Different banks have their respective terms and conditions as well as procedures for borrowers to obtain the finance. Moreover the banks do have their parameters taken to evaluate credit worthiness of borrowers in regard with obtaining the finance. The eventual approval of the finance is how the entire documentation and credit consideration was processed by the lender. Hence there are many things that a borrower has to follow in this regard.
One of the criteria involves credit history consideration of borrower to establish their credit worthiness. This means that if a borrower incurs outstanding loan of previous concern or bank then the borrower either should disburse the outstanding finance or will have to take the loan at a very higher interest rate. Thus it is very crucial for a borrower to take account this factor before applying for the finance.
One of the other criteria involved in borrowing housing finance is to follow documentation of the bank you have chosen for the finance. If you are salaried individual or self-employed person or NRI, the rules for documentation for each applicant has been preset by the bank. Hence you need to follow different documentation to obtain the finance. For Indian applicants, documents like proof of age, income and residential proof are necessary to submit at the time of giving application for the housing finance.
Home loan eligibility for borrower involves age and income consideration of borrowers. Generally the age should be 23 years old at the time of applying for the finance. Income should not be less than Rs 15000 for the finance. Both, age and income considerations differ from bank to bank. So you should better study housing loan offers of few lenders and compare theme to churn out what’s best for your need.
Processing fees, prepayment and late payment fees and other charges are also involved in the context of borrowing housing finance from a bank in India. Apply for ICICI bank home loan or IDBI bank home loan
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