Loading…

Welcome To Mount Housing

Mount housing is amongst Coimbatore's most smashing real estate amalgamation.
Start exploring

All you need to know about Housing Loan

There is good news. The housing loan interest has dropped to its lowest in a decade and driven up the spirits of people who want to invest in real estate. However with an investment of a life time here and a financial commitment required for at least a time span of 20 years, the research and development regarding a home loan is definitely mammoth and if you are newbie, the weight is huge. So in order simplify things here, we have summarized some essential key points, on everything about a housing loan.

Housing Loan

housing loan

Know your documents

Document submission and verification is the initial process before even you start thinking about a housing loan. Whether you are profession, non professional, salaried, self employed, the list of documents to be submitted differ with banks, but the basic requirement remains the same.

(i) For salaried professionals:

Application form with photograph, duly signed

Identity, residence and age proof

Last 6 months bank statements

Last 3 months Salary-slips

Processing fee cheque

Form 16 / Income Tax Returns

 

(ii) For Self Employed Professionals :

 

Application form with photograph duly signed

Identity, residence and age proof

Last 6 months bank statements

Last 3 months Salary-slips

Processing fee cheque

Form 16 / Income Tax Returns

Education qualification certificate and proof of business existence

Last 3 years Income Tax Returns with computation of Income

Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

 

(iii) For Self Employed Non Professionals :

Both, the documents are required in case of salaried professionals and self employed professionals.

Your Eligibility of Loan

Now based on your capability/ repayment, which depends on the source of income, an eligibility is arrived to sanction the loan. And this eligibility again differs from bank to bank along with other criterias as well. Depending on the eligibility, calculate the monthly EMI cost and regularize the repayment along with other expenditures that you may have to incur every month.

Down Payment

Though you may be eligible for a loan from the bank based on your income, every bank would expect you to put in a down payment which again depends on the amount of loan avail or based on your salary. This may vary from 15% to 30% depending on the bank that you avail the loan. However, go for a down payment with lower margin, as it might be help you for any other expenses.

There are various other factors, regarding housing loan. However, document submission and verification is something that reduces the burden to very large extent, especially for a person who is new to availing loans.

Leave a Reply