6 Steps to get a Home Loan in India

Buying a new home is not a hectic task anymore. With so many new flats in Nashik, people of Nashik now have a wide range of options. Besides selecting a property from a reputed builder, there are some aspects which the home buyers must not skip. For instance the matter of home loan. Getting a successful home loan can be troublesome, but there are certain steps which you need to follow. Below are the steps to take to get the best deal:

• Carefully calculate the loan amount and look for the best deals: After selecting the home, when you already know how much the home cost and the additional costs associated with the property, it’s time to make a list.

First check how much money you have on your own by liquidating your savings and assets. Then carefully calculate the required loan amount. As soon as you get the result, start scanning the market for the best home loan deal.

Research on the internet, keeping in mind factors like tenure, interest rates, pre-closure, etc. Approach the bank, try negotiating to reduce the interest rates and extend the tenure. Shortlist the banks and don’t hesitate to talk to the bank personnel freely.

• Read and understand the complexities of the home loan: Reading the documentation and understanding loan agreement and clauses is essential for you. You must carefully read the papers to know about the interest rates, maximum loan quantum, loan tenure, pre-closure charges and other terms and conditions.

• Arrive at a comfortable EMI: There are certain parameters to consider for arriving at an EMI, factors like your current salary, projected salary income for next 20 years, project overhead expenses for the next 20 years, single and multiple sources of income and ability to sustain the EMI load.

• Needed document for a loan application: Arrange last 3 month’s salary statement. Last 3 month’s bank statements, copy of your pan card, address proof and income tax returns. Remember, same goes for the co-applicant, if any. Besides, these you also need sale agreement and no objection certificate from the developer.

• Keep track of bank’s processing charges: Be prepared for the consultation service charge. This overhead expense come at a nominal percentage of the loan amount, not exceeding Rs 10,000/-

• Receive the sanction letter and celebrate: As you complete all the level, you will get the sanction letter.

While searching for 1 or 2 BHK flats in Nashik for sale, carefully study the builders credibility as well.Getting a home loan will not be difficult if you follow these simple steps and gather all the documents on time.