This is the task which you will do once in a life then you should very careful while selecting your own house then you have last option to take loan and you have best option to choose but it depends of your requirement.
So we are sharing you to consider these check points while taking Home loan.
1. Market research for loan - Initially you should research of best available loan option in the market. Before taking decision you should check best option which can get from any loan adviser or direct to finance companies or banks.
2. Check rate of interest - Rate of interest should be lower because of its affect your monthly EMI capability. It very company to company or banks to banks. Generally it starts from 8.30% or 8.35% rest depends on NBFCs or Banks. so lower Interest rate then lower EMI.
3. Know about Floating or Fixed interest rates - There are two option to select interest rates one floating & another Fixed rates. Floating rates will depends on market it will change according to market and fixed rates can not be changed but if you are taking long tern loan that you should go with floating rates because of most of the cases with long tern loan gets cheaper rate that fixed.
3. Know about Floating or Fixed interest rates - There are two option to select interest rates one floating & another Fixed rates. Floating rates will depends on market it will change according to market and fixed rates can not be changed but if you are taking long tern loan that you should go with floating rates because of most of the cases with long tern loan gets cheaper rate that fixed.
4. Check processing fees or other charges - You should know about processing fees & other changes if you are taking first time loan or want to transfer his remaining loan fund to other banks.
5. Cibil Score - Cibil score is very crucial part of loan if your score is very lower side it may reject loan application or higher interest rate. If your cibil score is 750 or above then you will receive lower interest rate & chances to get loans approval is higher side.
6. Know foreclosure charges - Recently RBI has made guidelines that no one lenders will receive any amount from customer related to foreclosure penalties so keep in mind that do not pay anything extra while foreclosure loan.
7. Documents Required - You have required your ID & address proof , bank statement of last 6 months or 12 months as lenders required.
For Salaried - 3 months salary slips , Form 16
For Self-Employed - last three years ITR with balance sheet and P & L, Shop & establishment proof/ VAT Return
8. Repayment capacity of EMI - You have to thing about monthly EMI pay capacity. It should not be more then 45-50% of your net monthly income. so take loan according to your monthly repayment capacity.
9. Tax benefit - If you are taking loan and paying loan then you should know about home loan repayment benefit. as per income Tax law section 80C , you will get max. 1.5 lacs benefit income once on repayment of principle of loan.
10. Don't do repetitive loan inquiry - If you are applied for loan then please wait till the decision come to you but if you will aggressively do more inquiry from lenders for loans then it will affect your cibil score so be careful & do very limited inquiry.
5. Cibil Score - Cibil score is very crucial part of loan if your score is very lower side it may reject loan application or higher interest rate. If your cibil score is 750 or above then you will receive lower interest rate & chances to get loans approval is higher side.
6. Know foreclosure charges - Recently RBI has made guidelines that no one lenders will receive any amount from customer related to foreclosure penalties so keep in mind that do not pay anything extra while foreclosure loan.
7. Documents Required - You have required your ID & address proof , bank statement of last 6 months or 12 months as lenders required.
For Salaried - 3 months salary slips , Form 16
For Self-Employed - last three years ITR with balance sheet and P & L, Shop & establishment proof/ VAT Return
8. Repayment capacity of EMI - You have to thing about monthly EMI pay capacity. It should not be more then 45-50% of your net monthly income. so take loan according to your monthly repayment capacity.
9. Tax benefit - If you are taking loan and paying loan then you should know about home loan repayment benefit. as per income Tax law section 80C , you will get max. 1.5 lacs benefit income once on repayment of principle of loan.
10. Don't do repetitive loan inquiry - If you are applied for loan then please wait till the decision come to you but if you will aggressively do more inquiry from lenders for loans then it will affect your cibil score so be careful & do very limited inquiry.
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