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Step by step guide on how to apply for a home loan in India 2018?

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Step by step guide on how to apply for a home loan

Here is the detailed guide to new home loan in India 2018

Home loan banks and NBFCs are a safe lending product to customers. Based on income and existing liabilities, if the customer will pay EMI, the lender will check.

You can easily reach any bank, non-banking financial company or home finance company that seeks a home loan in India.

You can check your eligibility, compare interest rates for different banks and pick the most suitable offer, then submit the details to the bank. If the bank collects the necessary documents from you and sees the order, it accepts the loan.

Checklist before applying for home loans

• Check your eligibility criteria

Housing loans are available for people with good financial history and good repayment credentials and self-employed individuals. Look if you make a cut-> qualification checklist for a home loan!

• Check your credit score with CIBIL

A poor CIBIL score is a lot slim with a chance to get a home loan.

• Customer Profiles Know Bank Banking

Find out when you’re a borrower-> Banks’ Borrowers Hit List: Is This All You?

• Find one of your property or builder banks approved

Yes, your chance to get a home loan will grow significantly.

• Select the right bank

Investigate the Best Debt Partner for Your Home Loan Requirements – How to Choose Your Home Loan Lender?

Next steps:

Submitting a loan application to the bank along with necessary documents

– After examining your application and accepting the loan, the bank must sign the loan agreement

Depending on how much credit you have been given to the customer, the total asset payment is between 10% and 25%. During the loan, a legal report will be submitted on the sale document of asset documents, property and own contribution. The loan is to be done by the own contribution or down payment buyer before distributing the loan.

For example: If the loan amount is 10% for 10 years and 1 crore, your EMI INR will be approximately 1.32 lakh. If you pay this EMI for 10 years, considering that the part is not paid, the interest paid by the lender will be around 58 Lacs.

It is best if you can pay some part of your home loan, especially in the initial tenure of the home loan, because the interest is reduced or computed on the current best balance.

Household loans have substantial tax advantages for any person and they spread in different income tax categories:

Section 80 C to repay the principal amount of Rs. 1,50,000

Section 24 – The interest paid on home loan is 2,00,000

Section 80 EE – Interest on Home Loan up to Rs 50,000 for Homeowners First. This is in addition to Rs.200,000 in section 24

 

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