Loan against home is
provided when you are looking forward to invest in real estate. Home loan is
provided at a certain percentage based on the market value of your existing
property. Ideally the percentage falls between 40% - 60%.
It is not a hard and fast rule that you have to buy a home
against a home loan for a property. There are companies and banks that provide
personal loan. But, if you are unaware then loan interest is something which
can make or break your deal. Personal loans offer higher interest rates and
they vary between 16% - 21%. But taking home loan against home means you will
have to pay interest at the rate of close to 15%. These statistics may vary.
But there is a huge difference for sure between these interest rates
whatsoever. Though, the preferred option can be Home loan against property.
If you are applying for a loan against home through Bank,
below is the process involved in its application:
•If your property has owners more than one, then it is
viable that you apply for the loan together.
•Bank checks all the documents related to your property and
verifies electricity, telephone and residence proof. Identity proof such as
Pan Card, Passport, Aadhar card or a Voter ID card have become a must submission
at a bank. (Any one or any of the combinations are must submission for a loan
at a bank).
•Not just this, if you are employed or self-employed bank
requires bank statement for the past 6 months and 2 years respectively.
•The minimum age for borrowing a loan is 24 years and
maximum is 60. For a self-employed individual the age limit is 65.
Bank reviews your credit limit by going through your timely
payment track of other bills etc, before giving an OK for any Property loans.
Based on the information collated, bank decides whether to give consideration
to your loan or no.
The general rule for buying a property and for applying a
loan request depends on solid reasons and assurance of your repayment for that
loan. Hence, suggested; Do your study well. Get in touch with the bank or the
financial company and be prepared with the documents asked for to avoid delay
in the process of home loan for buying a new property.
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