This article lists Top Rules while applying for the home loans. This article intend to list the top rules important for the home loan buyers. Remember these rules if you are planning to get the new home loans. There may be some important factors which I missed it here, if you have anything in mind please post it in the comments sections.
Documents and Processing Fees
kaikki vipit before apply for the home loans, good idea to list the required documents and eligibility criteria in the banks. It is not the same for all the banks, the requirement will be different depend on the banks. Government banks will have more strict eligibility criteria like higher monthly income and the current residential property details. Whereas private banks dont have that many requirements as with public banks. However you have to consult the banks and get ready with all the documents. Insufficient documents may lead to rejection of your loan application.
Documents required for Home Loans
When you are applying for a home loan, the bank will charge you certain amount as the processing fees. That will be included in the total home loans amount. Normally the processing fees differs from each bank like 0.5% 1.0%. Banks will use the processing fees to verify your documents and all the formalities to complete the loan processing.
Interest Rates and Tenure
Interest rate is another important factor determining your tenure of the loan. If the rates are high, you will be forced to extend more EMIs and the loan duration also will be increased. Be knowledgeable on the different types of interest rates like Flat Rate, Floating Rate,etc. The interest rates play the important role in closing the loans easily. For example, if you have chosen the floating rate(EMI will be calculated basis on the current market rate), if the rates are going up then your actual EMIs also will be extended. It will end up paying for longer than usual.