Showing posts with label mortgage loan rates. Show all posts
Showing posts with label mortgage loan rates. Show all posts

Monday, December 24, 2012

Why Home Loan is a Best Product?

Banks have introduced the product home loan and started funding to customers which resulted in fulfilling the dream of people who wants to own a house of their dream. Banks provide home loan on two kinds of rates of Interest one is Fixed and the other one is Floating. The fixed interest rate will be fixed for a limited period of time even if the rates in the market fluctuates and floating interest rates will be increased or decreased according to the rate fluctuations in the market.

To avail home loan from any bank or financial institution one need to submit all his personal and income documents which prove or authenticate his identity and income to the concerned bank where he wants to avail the loan. Along with the personal and income documents the customer need to submit the documents of the property which he is buying. The documents should cover last 15 years transactions over the property. 

Post submission of all the documents banks usually take a min of one week time to conform whether they will fund to the property in the name of customer or not or the application is fit to their policy. Banks will verify the details stated in the application form so it is always suggestible to stated only required and genuine information only for which you have authenticated documents to provide. Banks reserves the right to ask for additional documents if needed. It’s the bank sole discretion on all the loans. Once the application is approved then the Home loan will be disbursed by taking the required documentation like Post dated cheaque’s, signed agreements, sale agreements and disbursement request forms etc. Post disbursement the customer needs to register the property on his name and submit in the bank. The whole process takes just one week and fulfills the dream of a common man of owning a house. 

With the Equated Monthly Installments and longer comfortable tenure to repay without any worries the product Home Loan is considered as the best product in the market.