Outlook Money
Home loans are cheaper and are considered 'good loan' because with it one acquires a property whose value increases with time
If one is planning to buy a new house, then buying a ready to move house should be considered
The exemption of up to Rs 1.50 lakh on payment of principal amount of home loan is available under Section 80C
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.
Documents like property deeds and No Objection Certificate (NOC) are very important for taking the loan
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
Credit history is the financial report card. It is also important for borrowing the Loan
Compiled by Syed Muskan