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Home Loan

Buying a house is one of the most important decisions one makes in a lifetime. Once you are sure about the property you want to purchase, it all comes down to the financial aspects of the deal. If you are a salaried person, it is advisable to apply for a home loan, as home loans are tax eductible. House loans are available not only to purchase a readymade apartment or villa but also for those flats or houses under construction. Banks also give loans for extension of existing property, refurbishment of a house and to purchase land.

Home loans are extended to individuals, between a range of Rs.5 Lakhs and Rs.1 Crore. This, however, is determined on the basis of the person's mode of income, continuity of employment, cost of property, repayment capacity and last but not the least, previous credit history. Usually, the bank provides a maximum of 85% of the total cost of the property and 75% of the price of land in case of purchase of land. Some banks also give 100% loans for purchase of a house, but this is at the sole discretion of the bank.

A person's eligibility is calculated on the basis of certain factors such as income or salary (a couple may apply for a loan jointly and their total income shall be considered for eligibility), age of the applicant, number of years left for service, present loans if any, assets, credit history, continuity of employment including the income stability of the joint applicant.

One can apply for a home loan directly with a bank or can do so via the builder. An application form needs to be filled and submitted by the applicant. If there is a co-applicant, his or her details also need to be filled in the form. Depending on the individual's income or the joint income in case of a co-applicant, the bank calculates the range of loan that is permissible. The bank will then carry out its own verification at the property site to ensure that the construction or the existing apartment/ villa is in compliance with the rules of the prevailing rules and regulations of the government. Once the bank has verified all the documents vis-a-vis the property, it will sanction the loan. The original property papers need to be submitted to the bank before the loan agreement is signed. The loan amount is then credited to the applicant's account as the cheque is disbursed.

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