Showing posts with label home loan calculator. Show all posts
Showing posts with label home loan calculator. Show all posts

Saturday, February 22, 2014

Why calculation of home loan eligibility prior to applying is important?

Home loan a product which banks provide to the customers to buy a home by repaying the loan amount availed in Equated Monthly Installments (EMI’s) to the bank. All the customers are provided this product who likes to go for a property purchase depending on their repaying capacity and Banks calculate customer’s eligibility to pay before sanctioning any loan on the basis of his/her monthly income. But we have seen more customers who suffered by the false promises of executives who promised to give more loan amount above the customer eligibility.

Calculation home loan eligibility with the help of home loan eligibility calculator always makes it easy to the customers to process their home loan application with the bank without any issues. These calculators calculate and provide approximate amount of your home loan eligibility by consider your monthly earnings, liabilities and annual variable components.

All the customers need to have a check about their eligibility as it is the factor which decides how much EMI that you will pay on monthly basis towards bank for the repayment period selected. Looking at different options available in terms of repayment is always suggested and one need to follow the below points stated to make sure they get the loan without any hassles.

  •          Calculate home loan eligibility prior to applying with any bank
  •          Know your product and its terms and conditions
  •          Decide on how much loan amount you want to avail
  •          Never go for maximum loan eligibility
  •          Maker higher self-contribution towards the property purchase
  •          Keep an eye on fluctuating home loan interest rates
  •          Never take the executive words as final
All the customers are advised to look at different options of home loan as the market was poured with full of options and cross check the product with other banks. Banks reserves the right to ask for additional documents and clarifications if needed in regard of your home loan application and never try to misguide the bank with false information. Always have a set of photocopies of documents submitted to the bank for future reference purposes.

Saturday, December 15, 2012

Make the most of Mortgage loan

Banks have different products for different needs of customers at different levels. Mortgage loan is one such product which will be of great help to customers who wants to avail loan for their personal, official or business needs. This product was designed by keeping all the customers in mind who has a property on their name and who wants to give it as security to raise funds from the market.

Mortgage loans ore provides to all income category persons who are salaried or self employed. The only condition to avail this loan is the applicants should have repaying capacity with a property which is clear in title and constructed or approved by the competent authorities.

Banks will fund up to a maximum of 60% of property cost by taking market value into consideration. Customers need to submit their income documents and all property related documents for this process. Banks will do all the required verifications over the customer profile and the property and disburse the loan after receiving satisfactory verification reports. This loan will be provided at a maximum tenure of 10 years with a min of 2% higher interest rates when compared to the home loan. 

Tax exemptions under section 80(c) are not applicable to any sort of mortgage loans. Customer can opt for loan linked life insurance even if it is a mortgage loan. It is not mandatory that the applicant should have a property registered on his name only, he/she can mortgage property which is registered on parents or wife’s name. They have to be the co-applicants in the mortgage loan who are equally liable to repay the loan if the applicant fail to pay in any case.