Home loan for your dream house

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Home loan for your dream house The home loans
are the amount of money one borrows from a
financial institute or bank for purchasing a
house. It consists of an adjustable or fixed
interest rate and payment terms. To have a dream
house is every established persons desire. The
yawning gap between reality and aspirations is a
tremendous opportunity for the lending
organizations. They promise low rates, offer
quick disbursals and easy processes to satisfy
their customers, and help them buy their own home.
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Being financially independent is of utmost
priority of an individual. Once that, is
accomplished the next major step in ones life is
to purchase ones own home. A responsible
individual whos not into job hopping and is
settled enough in his job, with good CIBIL score
and with sufficient salary to pay the EMI for
repayment then he can go for home loan. It is
advised, the borrower should use the home loan
calculator to have the blue print of the loan
payment amounts in EMI form. Banks provide 60-90
of the applied amount of home loan, balance
payment towards purchase of the property is paid
by the borrower as down-payment. Balance money is
10-40 of the loan amount. The rate of interest
varies from 8.7 to 9.2, there are organizations
that give loan at as low as 8.65-9.15 to women
borrowers.
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Housing loan is given by the financial
organizations in buying the properties like
properties that are already constructed,
under-construction property, properties that are
to be constructed over pre-owned plots and
existing properties to which changes are
required. The housing loan amount includes the
interest payments, processing fees,
administrative charges, prepayment penalties,
etc., ideally the pre-payment charges for home
loan on adjustable/floating rate interest should
be zero. But most banks charge1-2 on the
remaining amount plus taxes as pre-payment
charges. The interests levied by the lending
organizations on the loan amount are floating or
fixed in nature. Some organization punches fixed
rate of interest in the initial years, that is,
2/3rd of the years and later on changes the rate
to an adjustable rate.
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KYC documents, income documents and the property
documents are required to be submitted to the
banks. The property documents include the
agreement to sell, the title deeds, etc. The loan
eligibility of the borrower is enhanced by adding
an earning family member as co-applicant. The
bank keeps the agreement with itself and returns
it to the borrower after full payment of the loan
amount including the interest amount and other
charges. The aspirants are suggested to do
proper research about the area where they want to
invest, the location also matters in getting the
loan. Only after being thorough about the
procedure and charges in getting the loan and the
best rate then move ahead to accomplish the
mammoth mission of the home loans.
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