Dev Singhraha
Relocation Expert
We all wish to buy our own home at some point in our life. We all aspire to acquire one such peaceful place filled with serenity and auspiciousness that has the capacity to heal all our daily hardships. However, to accomplish this dream of buying the most suitable home comes at a cost. The most significant part of this task is to arrange funds for buying a property. Although due to large scale competition in banking and especially housing finance sector, it has become quite easy to procure a home loan, it is not always the case. Statistics suggest most of the times lending institutions reject applications of the potential loan seekers due to a host of reasons. One should hence plan a roadmap before applying for the loan in order to avoid rejections from the lenders at a later stage.

Most of the times banks reject your loan application because you do not fit into the bank’s income criteria. All the lending institutions have certain standard regulations to analyse your loan repayment capacity. This significantly depends on your net income. Banks assume that people with low income will have low repayment capacity which is entirely logical. There are various ways in which you can try to fit into this income criteria. For starters, you can apply with a co-applicant for a loan. Having a co-applicant will split your risk between you and him and will offer you with a greater chance of procuring the home loan from the bank.

Lately, various financial institutions have introduced lending schemes especially focussing on people with relatively low income. Many people with bare income have benefited with schemes such as New Home Loan Scheme.

So let us discuss more about this scheme:
 
  • Any Indian, whether he/she is an employee for some firm or self employed, is eligible to apply for a home loan under this scheme.
  • The scheme boasts an easy documentation process. One doesn’t need to come up with structured income documents. Aadhar Card coupled with income proofs are enough to apply for the loan.
  • Under this scheme, one can apply for loan amount for a maximum of 20 lakh INR. Also, it is necessary to apply on a co-applicant basis.
Points to consider while applying for a Home Loan:
 
  • Always try to keep existing liabilities as minimum as you can.
  • Do not add up any loan during and after the mortgage financing process.
  • Always grab the opportunity to enhance your credit score. This may include taking measures such paying EMIs on time.
  • Keep the amount to be paid as down payment ready before applying for a loan.
  • Do not change jobs very frequently, stable jobs will boost your chances of procuring a home loan.
  • Apply for a loan with a co-applicant to increase the repayment capacity.
     
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Comments
Bablu yadav
2017-01-30 21:36:38

Mujhe home loan chahiye meri salary 10000 h agar aap de sakte ho to call me

Bablu yadav
2017-01-30 21:37:52

Nice

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