home loan
home loan

Everyone’s dream is to have their own house. But due to rising inflation in the country, this dream of many people remains incomplete. Home Loan will help you to fulfill your dreams.

Due to which people are unable to find their home. And the lives of many people in the country go through their own homes. To meet your need of this house, the government has started the home loan facility, by taking advantage of which you can also make your house.

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What is a home loan ?

To solve this problem, if you do not have the money to buy a house. So banks or non-banking finance companies (NBFCs) give you loans to build your own house for a long time. You do not have to repay this loan in installments. The time limit for repaying a home loan is also ten to twenty years, which is a long period to repay any loan.

It provides financial security, income tax relief, emergency support systems, and living according to your choice.

Generally, people take home loans for buying a house / flat, plot, or construction/renovation. So many times a home loan is taken to increase or repair the house.

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Some Important things to take a home loan

  • Before giving a home loan like Indiabulls Home Loan, any bank or financial company takes information from you about how much your income is, then according to that bank gives you a loan.
  • The ability to take a home loan depends on whether you will be able to repay it or not, it also depends on your monthly earnings, expenses and family’s earnings, property, liabilities, income stability.
  • Before giving a loan, any bank or financing company checks whether you will be able to give 50% of the monthly income as a home loan installment.
  • The duration of the home loan and the interest rate for taking a home loan also depends on it. Apart from this, banks also fix the upper age limit for giving the home loan.
  • To fulfill the dream of your own house, you only need to raise 10 or 15 percent of the total value of the house. After that, by making a down payment, you can take a home loan from any bank or financial company to buy or build your house based on the job or the income of your business.

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How much can you take a home loan?

  • You have to make a down payment of 10-20 percent of the price of your own house or flat. This is your contribution.
  • After this, you get a home loan up to 80-90 percent of the price of your property/house / flat. It also includes charges like registration, transfer, and stamp duty.
  • Even if the lending bank or financial institution approves you more in the form of a home loan, even then you do not necessarily take all the money as a loan.
  • You should make maximum payments to them so that the burden of loan on you is minimized. Always keep in mind that the bank or financial institution lending on home loan charges a lot of interest from you in the long term.

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Home loan Eligibility

  • You can get a home loan up to 60 times the total income per month.
  • If you have already taken another loan, such as a Personal loan, a Car loan, Education Loan, Business Loan, Gold Loan etc., whose EMI you are paying now, the bank or financial company giving the loan will consider the amount of the home loan after deducting its monthly installment from your income.
  • If you want to take a home loan but your CIBIL score is not correct, that is, you have made a mistake in repaying any previous loan, then in such a situation the bank can refuse to give you a loan.
  • Nowadays, there are many ways to correct the CIBIL score which you can use to improve your CIBIL score or you can correct your CIBIL score by taking a loan for any long term in any way.
  • If you are a person doing your own business or you are a job person, then the eligibility to get a loan is different for both.
  • Banks consider 40 percent of your total monthly income to be necessary for personal expenses, which is a personal need of every person, after that any bank or financial company gives you a home loan based on the remaining amount.
  • For example, If the monthly income of a person is Rs 60,000, then the bank assumes that your expenses will be at least Rs 25,000 a month.
  • If you have not taken any other loan like a car or personal loan then any bank or financial The institute can give you up to Rs 35-40 lakh as a home loan at the rate of 9% per annum interest for 20 years, which is a huge amount to start any business or build a house.

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Some important documents for taking a home loan

  • It is mandatory to put a photo of the applicant along with the application form.
  • The applicant must also sign the application form (application form) while taking a home loan.
  • While applying for a home loan, you are required to apply a salary slip for the last three months. Many banks also ask for a 6-month salary slip from the applicant.
  • To satisfy banks or financial companies while taking home, you must have Form 16 and / or Income-tax Return.
  • Banks or housing finance institutions require a bank statement of 6 months or more while taking a home loan.
  • The applicant must have an identity card, age certificate, and residence certificate (Aadhar Card, PAN Card, Voter ID Card, Ration Card) while taking a home loan.
  • You also have to pay the processing fee, which is decided based on the amount of your loan.

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Conclusion:

In this article, we have told you what is a home loan, how can you take it? What documents will you need to take this loan. If you liked this article, then you can also tell us by commenting. If you have not understood anything, then you can also ask your questions by commenting on us.

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