Own house is everyone’s dream. They do all hard work and search for a right home. At the same time the highest investment in life is also home. So we have to do some research before buying this important thing. Most importantly when you buying it with loan.
There is no need of full amount in hands to buy a home like it does in past. Now there are banks and agencies available to give home loans. You need to know about how much loan can be given? How banks and loan agencies will estimate you? How they verify your application?
Before giving loan the first thing they observe is documents of home you want to buy and they also check whether that house is built according to all permissions? After checking all other details banks will check the details of your income. For this they need 6months salary details, past 3years income tax returns. Other documents like date of birth proof, present address, permanent address, pan card, bank account.
Income and debts…
Present it is natural that taking vehicle and personal loans. You need to give these details when you are taking home loan. It’s better to mention how much amount you are paying monthly for those loans.
Credit score is also important…
To get the latest loan you should have good credit score, loan history and income. We can’t sure only with this details. Loans should be less compared to income. Then only you’ll get desired loan. Banks examine loan history, credit score when giving the loans and credit cards. The persons who have good loan history will get loan easily.
When you are planning to take loan, you need to check CIBIL Trans union score, loan history should be good. Don’t forget to clear EMI, credit card bill if you have any. Credit score will get down if don’t pay the bills in time. This leads trouble when you need an urgent loan.
When you are thinking about home loan get the CIBIL Trans union score, loan history available with you and check is there any mistakes and clear them.