Buying building a house, apartment, buying a resale property or even renovating your existing home, you can obtain the loans you want without any hassles. While applying for a home loans the borrower needs to meet the following criteria of any bank/housing finance company : Knowing the eligibility for his/her home loans Loan offer Filling up the application form online Home Loan Eligibility Online: When you apply for a home loans, eligibility criteria is the first thing which becomes essential to be assessed. The eligibility criteria are solely dependent upon your income and repayment capacity. The factors which determine your home loans eligibility consists of your age, financial position, credit history, credit score and other financial liabilities etc. The home loans eligibility online is tested through the eligibility calculator. An applicant is required to enter the details in the calculator : Net Monthly Income Existing EMI Rate of Interest Loan Tenure As per the standard rule, higher the capacity of the applicant for repaying the loan, higher would be the amount that would clearly describe an applicant’s eligibility. However, the loans value will be higher for higher tenures and have lower interest rates. Home Loan EMI Calculator: When you take a loan, you need to repay it back – by paying EMIs consistently. EMI stands for Equated Monthly Instalments payable by a borrower against the sanctioned loan amount. Ideally, banks tend to assume the savings of the borrowers which comprise of 40%-50% of the net salary intake that is used as a monthly repayment for serving the home loans better. An applicant needs to fill the following details in the home loan EMI calculator to ascertain his/her EMI: Loan Amount Loan Tenure Interest Rate As soon as the above details are submitted by an applicant after pressing the ‘calculate’ button, the home loan EMI calculator foretell you the loan EMI, interest payable and total amount to be paid. In this way, you will get a fair idea about the ratio of the principal amount to the interest due, subject to the effect of the Home Loan tenure and interest rates.
Documents required for Home Loan: The following are the mandatory documents which are required by an applicant to submit: Age & Identity Proof Residence Address proof Income Proof i.e. salary slips, form 16, income tax return Compulsory details with statement of accounts Property Documents, if the property becomes finalized i.e. Allotment letter of agreement of sale & previous property chain associated documents if the property is being resold Home Loan SBI: In order to apply for home loan SBI, visit SBI home loan website and go through the following steps : Describe your exisiting relationship with SBI i.e. home loan, salaried account or other deposit or loan account holder. If you are a fresh applicant, then choose the option ‘No’. For justifying it, an applicant is required to furnish the property details such as the purpose of loan(purchase/repair/balance transfer/pre-approved loan) in addition to details such as date of birth, gender, resident type(Indian/NRI), also mentioning the details of income and suitable location for obtaining the loan. An applicant can also add a co-applicant(if required) while applying for home loans. If you are already a member of SBI, then give the account number and mobile number with ISD code. Once the applicant’s details are in accordance with SBI standards, the website will start displaying the home loan offers in front of you to select. Once it is over, then an applicant is required to fill the details of the application form in order to fulfill the entire process of home loan application. HDFC Home Loan Login: In order to apply for HDFC home loan, an applicant needs to go through the following steps: Name of Applicant Date of Birth Office & Home contact details Income details, describing the details of employment such as whether salaried, self-employed business, self-employed professional, student, retired and homemaker An applicant needs to mention clearly whether he/she is a new account holder with HDFC or an existing one. An applicant needs to give the proof of holding the property. He/she needs to provide the details of property value and property location. After filling the above details online and submitting it to HDFC portal, a representative would evaluate the eligibility criteria of an applicant with the bank. When the applicant meets the criteria of the bank, documents will be collected. Post fulfilment of the documentation norms, the loan eligibility of an applicant is ascertained. Eventually, the loan would be sanctioned after getting the confirmation of the loan tenure and interest rate with the applicant.