8 Things To Know Before Applying For Home Loans

Syed Muskan

Home loans

Home loans are cheaper and are considered 'good loan' because with it one acquires a property whose value increases with time

Loans

Buying a house

If one is planning to buy a new house, then buying a ready to move house should be considered

Buying

Interest Exemption

The exemption of up to Rs 1.50 lakh on payment of principal amount of home loan is available under Section 80C

Interest

Personal profile

Personal profile is very important for home loan approval. This includes the person's education, profession, number of dependents, current assets, savings, insurance policies, etc.

Profile

Documents

Documents like property deeds and No Objection Certificate (NOC) are very important for taking the loan

Documents

Age

Age plays an important role in rejection or acceptance of loan applications. If the age of the applicant is near retirement then banks give only short term loans

Loan

Credit History

Credit history is the financial report card. It is also important for borrowing the Loan

Compiled by Syed Muskan

Home Loan