Few key points to consider while taking up a Home Loan

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Phone - 080 40155666, 8494 9301 72 Email -
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Few key points to consider while taking up a Home
Loan
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2
Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com
Important Points to be Considered
Although it may seem that the banks are offering
huge credits and the financial institutions may
be a little liberal. It is also true that once
you take a loan the banks will keep a good
customer relation with you for ten or twenty
years. But in spite of all these factors getting
a home loan sanctioned is not so easy as some may
think. There are many a sips between the cup and
the lip.   For the customer it is even more
important to know more about the home loan just
like any other financial product or insurance
lest you are surprised later with something or
the other that may pop up.
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Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com

• This of course involves you to provide the
  documentation to the representative of the bank
  who would process your loan application and would
  assess your eligibility.
• After the shortlisting of the property is over
  you can contact a bank or a financial institution
  to avail a home loan product suiting your needs.
• Alongside, you should also know your eligibility
  and the amount you are eligible for and then look
  for a suitable property. The experts suggest
  these important points which are good to be
  considered by the customers before they go ahead
  and sign the dotted line.

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Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com

• The documents generally required by the salaried
  customers would be the KYC (Know Your Customer)
  documents, your last three months of pay slips,
  six months of bank statements, proof of present
  residence, PAN card, form 16 stating your income
  and the documents relating to the property if you
  have shortlisted the property.  
• If you are a self-employed person you would need
  the Income Tax return statements for the last
  three years along with the business particulars
  and income statements.
• You need to understand that you can opt for a
  fixed rate of interest or a floating one. In case
  of a fixed rate of interest the home loan
  interest rate wont change whatever may be the
  case.

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Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com

• In case of floating rate of interest the rate of
  interest on the home loan would change as per the
  current rates of the market which is now lowering
  down.
• As and when the rates of interest come down the
  benefits of it is also passed to the customers.
  Most of the banking firms and financial
  institutions are offering competitive interest
  rates starting at 9.55 percent.  
• But if in any case you feel that the rate of
  interest is more or other banks are offering more
  lucrative offers or you may need an additional
  amount you can switch to another bank also.  

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Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com

• There are certain banks where they provide the
  loans for affordable housing projects at a faster
  rate and the government has also lowered the
  (Loan to Value) LTV amount and the customer can
  avail 90 percent of the property value.
• It is good if you apply for a joint loan
  especially with a lady as there are higher tax
  exemptions and facilities for paying stamp duty
  and other payments for ladies.
• You should also keep reserve finance for other
  expenses after you buy the house. Property
  insurance is optional but it may be that your
  financial institution may make it mandatory to
  keep it secure from natural calamities.

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Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com

• If you are a self-employed person you would need
  the Income Tax return statements for the last
  three years along with the business particulars
  and income statements.
• Alongside, you should also know your eligibility
  and the amount you are eligible for and then look
  for a suitable property. In case of floating rate
  of interest the rate of interest on the home loan
  would change as per the current rates of the
  market which is now lowering down.
• The experts suggest these important points which
  are good to be considered by the customers before
  they go ahead and sign the dotted line.This is
  also a state level subsidiary authority under the
  ministry of environment of forests.

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Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com
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