Common queries that home loan applicants have
Oct 04, 2017 Home Loan
The entire home loan process is quite complicated and harassing. People often get confused and tensed, looking at the huge documentation and multiple approvals during the process. So here are some common questions that usually comes to the borrower's mind that we have tried to answer.
1) Why I have to go through so much documentation when I have a good credibility?
Applying for a home loan is a tedious and detailed task that requires carefully reviewing all the documents. These are done to check the financial condition of the applicants to determine the loan amount and the loan tenure. Also, a good credit score can help you in escaping loads of paperwork.
Although the paperwork largely depends on the borrower. He or she should be well aware of the bank’s home loan process and documents required for it so that the borrower can arrange everything beforehand.
2) If my family members have already applied for a home loan, do I need to present more documents?
Home loan depends on several factors which in support require several documents. The factors include profession: salaried professionals, self employed professionals like a businessman, traders, and self employed non professionals like freelancers or consultants, pensioners or exceptional parties like trusts etc.
The documents also depends on the type of loan the borrower looking at, as the process differs for each kind of loan. The different kinds of loans are the loan for a plot, loan for construction, home extension loan, loan against property, loan to buy property, loan for renovation and loan for balance transfer.
Your past payment record also plays a crucial role in documentation. If your past record is clean and you have good cibil score then you need to deal with less paperwork. You should maintain you cibil score more than 700. The past record is determined by your payment schedule that us whether you do your payments on time or not or if you have any left over amount etc.
So try to keep track of all these to avoid the huge pile of documentation.
3) Are there any specific guidelines for home loan documentation that needs to be followed based on a certain type of profession?
To some extent, certain documents remain same like the application form, KYC documents - PAN card, passport, voter I card or adhaar card, driving license duly self attested, proof of income, Form 16, income tax returns, processing fee cheque or could be more. But there might be different documents required for the different profession. So it is better to ask the bank from where you are applying for the home loan.
1) Why I have to go through so much documentation when I have a good credibility?
Applying for a home loan is a tedious and detailed task that requires carefully reviewing all the documents. These are done to check the financial condition of the applicants to determine the loan amount and the loan tenure. Also, a good credit score can help you in escaping loads of paperwork.
Although the paperwork largely depends on the borrower. He or she should be well aware of the bank’s home loan process and documents required for it so that the borrower can arrange everything beforehand.
2) If my family members have already applied for a home loan, do I need to present more documents?
Home loan depends on several factors which in support require several documents. The factors include profession: salaried professionals, self employed professionals like a businessman, traders, and self employed non professionals like freelancers or consultants, pensioners or exceptional parties like trusts etc.
The documents also depends on the type of loan the borrower looking at, as the process differs for each kind of loan. The different kinds of loans are the loan for a plot, loan for construction, home extension loan, loan against property, loan to buy property, loan for renovation and loan for balance transfer.
Your past payment record also plays a crucial role in documentation. If your past record is clean and you have good cibil score then you need to deal with less paperwork. You should maintain you cibil score more than 700. The past record is determined by your payment schedule that us whether you do your payments on time or not or if you have any left over amount etc.
So try to keep track of all these to avoid the huge pile of documentation.
3) Are there any specific guidelines for home loan documentation that needs to be followed based on a certain type of profession?
To some extent, certain documents remain same like the application form, KYC documents - PAN card, passport, voter I card or adhaar card, driving license duly self attested, proof of income, Form 16, income tax returns, processing fee cheque or could be more. But there might be different documents required for the different profession. So it is better to ask the bank from where you are applying for the home loan.
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Manoj chauhan
2017-11-09 01:49:43Plz hlp me ...mere sapno ko pura karne ke liye
