Posts Tagged ‘home loans india’
Home Loans
Before taking a loan, do some researches about it since this will reduce your trouble about 80%, also your research work will help you to select the best solution for you. The key research issues about a home loan are:
- Do not think bank will provide the entire amount to purchase a home so make an arrangement for extra money.
- Carefully select your property before you buy
- Before purchasing a property, check the eligibility of the property like – age of the building or property, amenities cost etc…
- Select the best bank for your loan. There is no easy way to select your bank. Here you have to make decisions based upon your requirements.
- Loan amount – of course it’s a very basic question – what is the amount I can get? Approved loan amount depend on some factors such as – Your income, your previous re payment record, cost of your property and so on…
Types of home loans, based on the interest calculation it has few classification -
- adjustable interest rate / transparent / floating rate
- reverse mortgage and
- plot loan.
Processing of your loan: the basic process of your home loan is –
- Collect your application form.
- Personal discussion and consultation.
- Field Investigation by the banking or financial organization.
- Your credibility checking by bank.
- After Credibility checking, bank will approve your loan
- You receive an offer letter.
- You have to submit all required documents to the bank.
- Bank will check you property valuation.
- Signing the agreements and post dated cheque.
- Finally – the disbursement.
Document checklist for your loan –
- Your age proof
- Address proof
- Your earning / employment details.
- Tax Submission Details.
- And no objection certificate of your property.
Tax related problem and tax calculation: purchase a house using home loan is a big tax problem issue. Before optimizing your income tax you should go for a few basic things –
- your salary and professional tax
- income from your property
- revenue from your business
- and other income sources
Based on those points GTI (Gross Total Income) will be calculated.
What you have to deduct from your GTI?
- your investment into life insurance policies
- investment on medical claim policies
- payment for any educational loan
- donation to any charitable organization.
Here are some frequent questions regarding home loan –
>Can the bank sell my property if I do not make any re payment?
Yes, the bank can sell your property because bank have “cross -default” clause on their agreement.
>Can I sell my property with loan?
Yes, you can but you need the bank’s consent.
Tags: home loans, home loans in india, home loans india, how to approach for home loan, india home loans