Everybody nourishes the wish to build or purchase own house. In order to give shape to that dream different banks offer various kinds of home loans. It is a secured loan. The loan is offered against the security of the property, personal or commercial, funded by the loan. This means if the borrower fails to repay the loan, the lender can retrieve the money by selling out the property. Home loans are generally provided on the basis of the market value estimation provided by the respective bank or the registration value of the property itself.However, there are different eligibility criteria for accruing a secured home loan. The factors should be kept in mind before you are going to borrow a home loan. The factors are, the interest rates has to best suited to your borrowing criteria, whether the loan has fixed interest rate or floating, other costs associated with the loan, the particular documents required for the loan and penalties of the loan. There are different types of home loan available in the market to cater to the particular need of the borrower. Home Purchase Loan is a type of loan granted for the purpose of purchasing a new house. On the other hand, Home Improvement Loan is offered for the renovation of an already purchased home. Another kind of bank home loan which exists in the market is Home Extension Loan. This type of loan is for the borrowers who are planning to extend their existing home.
Besides these kinds of loans, Home Conversion Loan is also available in the market. It is offered when the borrower has taken loan to finance his current home, but recently planning for relocation. This type of loan enables the borrower to transfer the existing loan to the new home. Bridge Loan is generally for financing the new home of the borrower in case he or she is planning to sell the existing home. This is normally a short term loan which helps the borrower during the interim period between selling the old home and buying the new one. These kinds of loans come into use for purchasing new homes. However, different bank home loans are also available in the market for building new home. Home Construction Loan is the best option in this case. Land Purchase Loan is also provided to the borrower while purchasing the land for construction.Find A Foreign Husband Serious Men Seek Indonesian Ladies For Dating and Marriage. Join Free AsianDating.com/Indonesian
Everybody nourishes the wish to build or purchase own house. In order to give shape to that dream different banks offer various kinds of home loans. It is a secured loan. The loan is offered against the security of the property, personal or commercial, funded by the loan. This means if the borrower fails to repay the loan, the lender can retrieve the money by selling out the property. Home loans are generally provided on the basis of the market value estimation provided by the respective bank or the registration value of the property itself.
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However, there are different eligibility criteria for accruing a secured home loan. The factors should be kept in mind before you are going to borrow a home loan. The factors are, the interest rates has to best suited to your borrowing criteria, whether the loan has fixed interest rate or floating, other costs associated with the loan, the particular documents required for the loan and penalties of the loan. There are different types of home loan available in the market to cater to the particular need of the borrower. Home Purchase Loan is a type of loan granted for the purpose of purchasing a new house. On the other hand, Home Improvement Loan is offered for the renovation of an already purchased home. Another kind of bank home loan which exists in the market is Home Extension Loan. This type of loan is for the borrowers who are planning to extend their existing home.
Besides these kinds of loans, Home Conversion Loan is also available in the market. It is offered when the borrower has taken loan to finance his current home, but recently planning for relocation. This type of loan enables the borrower to transfer the existing loan to the new home. Bridge Loan is generally for financing the new home of the borrower in case he or she is planning to sell the existing home. This is normally a short term loan which helps the borrower during the interim period between selling the old home and buying the new one. These kinds of loans come into use for purchasing new homes. However, different bank home loans are also available in the market for building new home. Home Construction Loan is the best option in this case. Land Purchase Loan is also provided to the borrower while purchasing the land for construction.
However, while borrowing home loan, every mortgage holder looks for cheapest home loan available in the market. It can be a low interest rate and low fee loan. A basic home loan generally offers the borrower the lowest interest rates with lower application rate and no ongoing fees. In all cases, before lending a home loan, the bank requires the borrower to produce some original documents which are needed for processing loan applications. The documents are age proof, proof of address, income proof of the applicant, passport size photograph and last six months bank account statement.
In case of salaried borrower, the employment certificate from the employer is required. TDS certificate and copies of last six months pay slips along with latest form16 issued by employer bank statements need to be produced. If the borrower is self employed, copies of audited financial statements of last two years, profit-loss account of last two years and income tax assessment order are required to be produced.
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