We get it; most of us have at least once dreamt of owning our own house and reside peacefully in it. Hence most of such dreamers opt for a housing loan to make that happen in real life. But not everyone is such a fan or the loan process as it involves tedious documentation and rounds of negotiation. Indeed home loan is an intricate product and also has a possibility of disapproving a loan proposal. So if you have such inhibition then following loan process might make that task little bit easier to wrap up.
Check your financial credibility!
Most of the things in the application process would be easier if just knows how much loan money you could borrow from housing loan lender. Besides collateral security, your loan credibility will be judged by the how well you earn at the time of applying for the loan and how is your credit history. Of course, working in a reputed company and designated at a good position would add some weight to your application. Or a self-employed person with a well-functioning business would be an ideal factor.
Such factors represent an individual’ an assurance factor personal is well capable to follow the EMI cycle and will eventually repay the borrowed housing loan amount. Plus, most loan lender also offers an option to add your spouse as co-borrower to increase loan credibility while applying for the process.
Also, mind your credit score!
Your credit score aka CIBIL score can make you qualified for many benefits! Most loan lenders offer reduced interest rate option on a housing loan product and also let borrow more if you have a good credit score. Your current income tells the lender how stable your financial status is! Whereas a credit score greater than 750 will define that you have been following your installment regularly, without any miss. Plus, it also sets your impression right and your loan proposition might move quickly. We’d suggest your CIBIL score updated to the current state before getting into loan applying race.
Negotiate with loan lender!
We assume, till this time you must have figured out which housing loan product is ideal for you after thoroughly studying the description. But it is always advisable to read even fine print in the product documents, calculate every possibility, and discuss what loan quotes are ideal for you. Because studying a product is one thing but signing on the dotted lines mean you are agreeing with the terms mentioned. Hence it is wise to discuss even miscellaneous query you could have. Tenure for home loans usually last for at least a decade or two and it would be wise to start off customer-lender relationship with clear transparency. Isn’t it!
Note down the whole process!
One smart way to make this stress-inducing process hassle-free is to gather all the required set of documents needed for a Apnapaisa housing loan product. The set of the documents asked by most loan providers is the same but a lender might ask some extra documents for further verification. The lender is more likely to suggest what other documents you would need.
Most private banks and Non-Bank Financial Companies (NBFC) appoint direct sales officers to look after the application process. These executives will explain you terms of the housing loan and undertake documents for the further process.