The different banks of India offers people the most convenient and practical home loan plans to suit individual needs. There are so many attractive features offered by these banks that creating the home you always wanted would no longer remain a distant dream. But you have to understand the complete process of this. While applying, you have to know how to go about it and the different eligibility criteria of the same.
Process in India
The one of the initial steps of home loan is to calculate the amount of money which you would require to build your dream home or buy an ideal apartment. Then you have to choose the right bank from where you plan to apply for the loan. Some people prefer to take a loan from nationalized banks like Allahabad Bank, Central Bank of India, State Bank of India while others give priority to private banks like ICICI and Housing Development Finance Corporation (HDFC) etc.
Processing Steps
Other major steps of home loan are fulfilling different eligibility criterion for applying for the same. You have to show proper documentation to show your source of income and hence the repayment of the loan. This applies for both service holders and self-employed people. The repayment capacity of the applicant is determined by the bank on the basis of factors such as income, age, qualifications, number of dependents, spouse?s income, assets, liabilities, stability and continuity of occupation and savings history. The reason for all these calculations is that the banks want to make sure you can comfortably repay the loan amount.
Author is a consultant who loves to write on various topics related to finance. For more details regarding home loan process, you can visit the link home loan process
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