{"id":29028,"date":"2014-04-08T11:00:56","date_gmt":"2014-04-08T05:30:56","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=29028"},"modified":"2020-06-15T03:16:46","modified_gmt":"2020-06-14T21:46:46","slug":"aware-essential-matters-applying-home-loan","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/aware-essential-matters-applying-home-loan\/","title":{"rendered":"Be Aware of Essential Matters before Applying for Home Loan"},"content":{"rendered":"

\"home<\/a>Your dream seem to take the shape of reality, the moment when you see an alluring advertisement of a bank in newspaper, presenting an attractive home loan offer. Home loan, certainly is a lifeline for all those homebuyers who find it difficult to pay heavy amount for buying their dream home. There is an assortment of banks which come up with exceptional home loan offers like low EMI, better interest rate etc. You may feel that you are fully prepared for taking a home loan and you will easily get one but wait, there are few concerns which may shatter your dream before turning into reality. Mostly borrowers face few problems before their home loan gets sanctioned. Hence to avoid such issues and easily get availed with home loan<\/a>, you need to be aware of the issues and get fully prepared.Rejection of home loan application:<\/strong>Your home loan may get rejected at the initial stage itself. There are numerous reasons for your home loan getting rejected by the bank. Every bank has their own set of rules and regulations for accepting the application and providing loan to the borrowers. For example, if your profession, income criteria or geographical location doesn\u2019t match the guidelines presented by bank then this financial institution may reject your application. It is also important that you check your credit status with CIBIL before applying for loan as this is also, one of the major problems due to which your application may get rejected. If you have a poor past record of repaying the loans, then you might be at risk.Processing cost is not refundable:<\/strong>If the lender verbally assures you to refund the processing fees, never believe him. You are not guaranteed with processing fee remuneration, until and unless it is in legal writing. Usually, the borrower has to pay around 0-1. 12 % of the loan amount as loan application fees which also includes service tax. It is the cost of processing the home loan. In case if the lender declines the loan application or the borrower does not accept the loan after getting sanctioned, then it is said the processing fee will be refunded. It is mostly assumed, in case of borrowers who look for pre-approved loan and decline to finalize the home within the specified timeframe.Valuation of property:<\/strong>The loan lenders get the property valued independently and provide loan on the basis of that value, in case of resale property. But sometimes the value estimated is much less than that of the amount present on purchase agreement. In such situations your valuable down payment increases.Loan tenure:<\/strong>If you are looking for home loans with floating rate of interest then you should select for longer tenure of the loan. This way you are able to maintain the flexibility of low EMI and you can also pay the loan in advance without the penalty rate. When you have sufficient fund for prepayment of loan then the penalty amount automatically gets eliminated under the floating rate of interest provided by the lender.Essential documents:<\/strong>Financial documentation<\/a> is very important for the home loan or else you may face problems. Do not go for home loans without documentation as it may lead to delay or rejection of home loan. No lender will ever provide you funds without detail documents and original title deeds. Before applying for the loan, ensure that you have all the necessary documents related to the loan processing. Also get NOC from the builder or society before applying for the loan.Getting home loan is a difficult task, but if you are fully prepared before applying for home loan, your dream of owning home will come true. No bank or housing financial company can decline your application.\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a>\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Your dream seem to take the shape of reality, the moment when you see an alluring advertisement of a bank in newspaper, presenting an attractive home loan offer. Home loan, certainly is a lifeline for all those homebuyers who find it difficult to pay heavy amount for buying their dream home. There is an assortment […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[445,447,433],"tags":[],"class_list":["post-29028","post","type-post","status-publish","format-standard","hentry","category-legal","category-realty-guide","category-tips"],"blocksy_meta":[],"yoast_head":"\nBe Aware of Essential Matters before Applying for Home Loan -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bharatestates.com\/blog\/aware-essential-matters-applying-home-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Be Aware of Essential Matters before Applying for Home Loan -\" \/>\n<meta property=\"og:description\" content=\"Your dream seem to take the shape of reality, the moment when you see an alluring advertisement of a bank in newspaper, presenting an attractive home loan offer. Home loan, certainly is a lifeline for all those homebuyers who find it difficult to pay heavy amount for buying their dream home. 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