Home Loan Checklist
Selecting Loan for House also needs few researches and understanding. Borrower needs to analyse what are offerings from different lenders, who is offering best rate of interest for home loan and several other factor as below -
What is the Rate of Interest for Home loan
- Each lender has ROI which depends on several factors
- Rate starts from 7.35% onwards
- Compare different banks rate of interest, click here
How much Loan Amount are you eligible for
- Bank will not cover total cost for property purchase in full. Maximum 90% of cost is covered
- Few lenders doesn’t include GST and few other expense in cost of property for Loan amount calculation. Know more about Loan Eligibility.
What will be the Processing fee, Pre-payment, Foreclosure and other charges
- Lender charges processing fee to process loan application
- There are several other fees and charges as well
- Evaluate the charges included in housing loan process
Documents check list
- Home Loan processing needs proper verification
- Most verification are done basis the supporting documents
- Documents like KYC, Financials, work profile and other, click here
Loan Approval and Disbursement TAT
- Loan disbursement doesn’t happen immediate
- Processing of application, documents verification, legal and technical and others takes time
- Loan disbursement can take from 4 days to month depending on pendency
EMI and amortization schedule
- Loan taken is repaid by making EMI payments on monthly basis
- EMI = Principal + Interest / loan tenure
- Monthly bifurcation / amortization chart can be calculated here
