Everything you need to know before applying for a home loan:
Getting a home loan is a big step toward getting you closer to your dream home. Deciding to take out a loan can be complicated at times when you need to prepare in advance and know the terms and conditions well. You must understand the structure of the loan before applying for the process.
Superbanks gives you the opportunity to choose from over 40 banks and NBFC as you deserve the best. Superbanks offers services that make it easy to obtain your loan without wasting a lot of time.
You can easily get door-to-door services while applying for your home loan with minimal paperwork and get your loan approved within 48 hours without any hassle.
In addition, you can also make use of top-up rates on home loans.
These are the key points to remember:
1. Can the mortgage loans be transferred to someone else?
Yes, but few terms and conditions apply, mainly within family members who are within the ability to pay. For example, client A has taken out a loan and his father is the co-applicant. Now she is getting married and moving abroad and her father is unable to pay the loan himself, in this case, she can transfer the loan to her brother, who is able to pay the loan by supporting his parent as the co-applicant.
2. Can you take mortgage loans together?
Yes, it is possible to take home loans together, but only within the family. For example, let’s say there is a married couple that wants to sanction a loan. Husband earns up to Rs. 50,000 / – and wife earns up to 30,000 / –
So now if they want to apply for a loan they can do it jointly, since through this they can request a larger loan amount and it will be easily sanctioned.
3. Do you require a down payment?
No, it does not require any initial payment. In mortgage loans, the partial payment is made. Let’s say a person named Aman takes a loan of Rs. 10 Lakh and in the initial year he pays 20% to the bank, then in the next year he pays 40%, similarly, he can pay the loan amount in parts.
4. Is property insurance necessary when obtaining a mortgage loan?
It cannot be imposed on an individual, but few banks have made it mandatory to take out property insurance while taking the loan.
Property insurance ensures that your property is safe and can be recovered if damage occurs. Like, banks need to be sure of the money you have taken from the bank and in this case you need to take good care of your property.
To date, few banks or NBFCs have not made it mandatory to purchase property insurance, but it is in your interest to avoid any concerns.
5. How does taking a home loan affect my credit score?
Credit score / cibil score is the most important factor when applying for a loan. When you apply for a home loan, your credit score improves as you add 100 points to your credit score, and it is always good to have a higher credit score. You need to be sure that you are paying your EMIs on time to maintain a healthy credit score, as you benefit from taking any other loans when needed.
6. What are the criteria for obtaining a mortgage loan?
These are the few criteria by which you can easily borrow home.
Age criteria: –
Minimum 21 years for the applicant
Minimum 18 years for co-applicant
Max. 60 years (net retirement age)
Income criteria: –
Minimum INR 25,000 for salaried employees
In case of business, minimum ITR of more than 3 Lakh
For rental purposes, minimum INR 20,000.
7. Is it difficult to get?
For eligibility: –
No, it is not difficult to get approval. You just have to be eligible for that.
You must have a good CIBIL score
You must be salaried.
The minimum wage must be 25,000 rupees / –