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Finance > Insurance > Home InsuranceSteps for Home Loan Easy Process...
Posted by shreekantrao89 in Finance on February 15th Vegas Golden Knights Throwback Jersey , 2017


Unlike purchasing apparels or gadgets, the home loan requires a long-term commitment with the bank or finance company you take a loan from. Buying your dream house could turn into a nightmare if you don’t follow the fine prints carefully. The agents who sell the loan products are the sales agents and not the actual financial advisors.


Choosing the best home loan deal for first-time applicants will always be a difficult task. You can’t just visit any random bank or website, check the interest rate and think it’s the best home loan policy for you.


It is important that before applying with any bank or finance company you consult with your parents and friends, ask them what to watch out for Washington Capitals Throwback Jersey , their lessons learned.


The article has simplified the process of availing housing loan in few easy steps:


Check Eligibility


Different individual will have different loan eligible amount. Determining one’s eligibility is a crucial point and effective way to start the housing loan application process. Ideally, your income source, risk appetite, credit history Winnipeg Jets Throwback Jersey , place and nature of work or business, are some factors that will help you determine your home loan eligibility. Your loan EMIs should not exceed 70% of your take home salary else, it will be difficult to manage expenses with almost empty wallets at the end of the month.


Compare


Most people think the first bank or finance company they visit seems to be the best. Because they are in a hurry to buy their house, however Vancouver Canucks Throwback Jersey , it’s a wrong approach. There are many banks and non-banking finance companies who compete for sales target. So, it's better to compare them well for your benefits.


They will always entertain potential customer with best interest rates, optimum processing fee and better loan amount on your income source. There a comparison portal that gives maximum loan data comparison in minimum inputs.


Home loan Documents


Arranging documents is quite tedious and time-consuming job. Almost 50% of the process gets delayed in timely collection of your documents. It is better to visit the websites and list down all the documents carefully before the application process. Before a month prior arrange and place all your documents along with a softcopy in place. Fill-up the form and upload all the documents online at the time of application process. It will avoid to and fro later and also speed up the process.


Processing Charges


When you apply for a housing loan to the bank or private finance companies, some charges are levied for processing the loan. These include documentation Toronto Maple Leafs Throwback Jersey , stamp duty, registration, legal and credit check charges. The charge might vary anywhere from 0.25 to 1.5% of the loan amount or cap to a maximum value. They charge the amount irrespective of loan application is sanctioned or not.


Tax Benefits


Under section 24, interest amount paid to the bank can be claimed for tax exemption as well. You can claim up to rs lakhs or the interest rate paid over the period of that financial year. Such savings help you stabilize your finances and make the monthly payments go rather easy and smooth.


Principal Amount Tax Exempt


The principal amount paid to the bank as repayment towards Tampa Bay Lightning Throwback Jersey , housing loan will also come under the ambit of tax exempt. Under section 80C, you can claim up to Rs 1.5 lakh for income tax exempt.


Internet facilities have cut down the hassles of visiting banks or finance companies, fill up length forms, submit forms with relevant documents and wait for a month to know about loan approvals. Your loan application is done at the touch of your button right from home or offices. You can also visit comparison sites to compare loans with the best of the interest rates St. Louis Blues Throwback Jersey , low processing fee, monthly installment and flexible repayment option. Some banks and finance companies have taken a step ahead and introduced smart apps on phone to hand your housing loan monthly payments, track outstanding balance or check the interest rate applicable on your home loan.

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