THINKING HOME LOANS? READ THIS FIRST

You have had your dream house in your head for years, but never could find the right neighbourhood or nobody could ever put it to paper. But, just when you your finances have gone haywire, you FOUND the one. Imagine it is in Noida, totally random. But that city is pretty good, come to think of it - tagged the new Electronics hub of the country, IT companies moving in and  big developers rushing in to build houses for the millennials. With so many options, you can get pretty confused, a property hunter can slim down the options for you; if you are thinking about Noida, you can try BOP – the best real estate solution provider in NCR. Anyway coming back to house loans. No more digressions – Promise.

Now, you amble towards the bank to borrow some cash, but life isn’t that simple! Read the following points you should keep as a reckoner of sorts before walking up to your bank for that loan.

•  LOAN ELIGIBILITY AND AMOUNT

 Well, first the bank sees whether you are capable of paying off the bank or not, they scrutinize your bank account balance and other collaterals and see if you are aiming too high or the house sits well within your budget. Generally the bank gives you 80-85% of the property value, also RBI sanctions upto 90% of the money required if the house you want is below 30 Lakh. Keep all your paperwork ready and go for it.

• INTEREST RATE

Banks charge processing fee for processing the loan. This is approximately 0.25%-2% of the loan amount. There are pre-payment guidelines too which are different for different lenders.

• DOCUMENTATION

Generally similar documents are sought by the lenders - age, income proof, address proof; there might be slight variation. But all documents should be attested and verified.

• TURN AROUND TIME

This is the time taken to sanction and disburse loans.

If you people have any more queries regarding real estate. Feel free to use the comment section below and we will get back to you. Till the next post take care.

Read More - Noida powers up for take off with the Jewar Airport Project.

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