Check Eligibility for Home Loan
Every person dreams of owning his or her own house one day. A generation back, the way to do this was to save money diligently for several years, and once enough money was available, then go in for home purchase to get one’s one roof over one’s head. But for the last two to two decades and more, banks have made home ownership very easy by offering a bouquet of home loans.
Home loans can be taken for buying either new houses or pre-owned houses. In case you prefer to construct your own house as per your taste and design, then some banks offer home loans to purchase land as well, provided the location of the land is within the municipal limits of the city. Additionally, the bank could also offer money which would help you meet the cost of construction, which is sometimes referred to as a home construction loan. Some home owners need money to extend or modify an existing house, for which they can take a home improvement loan.
When a home loan is taken, the property that has been purchased is kept with the lending bank as security. The amount of home loan that can be granted would be lesser than the lower of two – the amount calculated according to the repayment capacity of the borrower, and the amount equivalent to the fair market value of the property as valuated by the bank. The bank would also do a legal search on the previous ownership of the property for which home loan is being sought. The bank would also verify the KYC documents submitted by the borrower/applicant. The bank’s website or their executives would inform you about the permissible KYC documents, but the commonly accepted documents for all banks are passport, Aadhaar Card, PAN Card, driving license, utility bill, bank statement etc.
Banks have made it very easy for an applicant to Apply for home loan online. Every bank has its home loan India details displayed on its website, and also permits the applicant to initiate the process online.The applicant could also home loan apply conveniently by using the mobile phone application.