VIEWS: 29 PAGES: 1 CATEGORY: Investments POSTED ON: 12/24/2012
Buying an own house is nothing less than a lifetime achievement for almost every common man in India, except a fortunate few off course.
Things to Consider Before Buying a Home Loan Buying an own house is nothing less than a lifetime achievement for almost every common man in India, except a fortunate few off course. Many married couple dream of owning a house of their own and it takes years to bring this dream to reality, that too after many sacrifices and compromises throughout the period. It is true that it is not always easy to buy own home for a common office goer who does not already own a parental property, has own money or has not got enough money as marriage gift from the in-laws. However, if someone has got a good job or occupation and has developed the repayment capacity, he / she can avail home loan from any reputed banks or financial institutions in India. The housing loan facilities have made it easier to acquire own house for someone who has got repayment capacity. But, again, it is not always easy to get a home loan Panchkula. It involves a lot of exercise, paper work, and investigations before you are handed over a cheque for final amount. Here are some points which can help you get a home loan in easier terms: Income Tax Returns – You should keep your IT returns filing every year on time and keep them in record. As this is the first thing you will be asked for when you apply for a housing loan. Usually banks or financial institutions ask for 3 years income tax return for the purpose, but you may be asked for the same for longer period if required. Besides, it is always good to make your income tax file strong. It is better plan early and do pay some income tax progressively every year. This makes your file strong and your home loan approval prospects stronger. Property Papers – Once you have got your income tax papers ready, you need to make sure that the property you are going to buy values equal to your repayment capacity. Your repayment capacity will be assessed from your income tax file. There is a fix percent of your annual income that a bank might decide to offer you as home loan. Your prospective property should value in equal proportion. If property is costing beyond your repayment capacity, banks will either ask you to first arrange for the difference amount, or will reject your application. So a right combination of both income tax statements and property value is necessary. Home Loan Agents – You might not know how much formalities it may involve to get your home loan approved. You might be required to make several rounds to the bank before it really gets approved. You might be required to wait out of bank manager’s cabin for hours to be able to have a word about your project. And it is also a possibility that you have taken all this trouble only to learn that your case has been rejected at the end. This is where a home loan patiala agent can be of much help. A professional home loan agent knows all the requirements and prepares your case accordingly. Besides the agent has the right approach to get your home loan approved with the best deal available. Off course the agent will charge you some fees for all this exercise, but it is worth paying.
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