Real Estate Advisor
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Home Loan
It is essential to choose a reputed housing finance company with a good track record which can help step by step in the home buying process. Since a home loan is a long term commitment of 10-20 years, several factors are important ie: Experience of the home loan company, quality and promptness of service, Transparency in dealing, in-depth domain knowledge , level of commitment, the loan procedures and safe retrieval of the title deed .
Before approaching any bank for a Home Loan it helps to keep several factors in mind:
1. Are you serious about buying a property ? Have you zeroed in on a broad location?
2. Banks will normally lend only 80% of the cost of the property (including the cost of the land) and based on the repayment capacity of the customer. Are you ready with at least 20% of the total expected cost including cost of Stamp Duty, registration Fee, Legal Fees, Brokerage etc. ? Apart from this you should also arrange funds for furnishing of your new purchase.
3. Are You Eligible for a Loan ? Make sure that you have a good credit repayment record. The banks will check if you have a clean and stable record regarding past credit card payments, car loans etc. Roughly 40% of monthly income is taken as repayment capacity for EMI. Also important is if you are in the right age bracket. The maximum period of a loan is generally upto 20 years for Resident Indians .Repayment will not normally extend beyond your age of retirement if you are employed or on reaching 70 years of age, whichever is earlier.
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