Mortgage loan: You need to calculate your income before applying for a home loan. This is necessary because banks offer home loans based on your income. Your chances of getting a loan also depend on your repayment.
Indeed, the bank first checks if you can repay the mortgage. The more income you have, the more willing the bank is to lend you for loans. The duration and interest rate of the home loan also depend on the amount of the loan.
The candidate is essential: You need an applicant for a home loan. In most cases, it is mandatory to have a candidate. If your home is owned by one owner, then any member of your family can become an applicant.
How to get the loan amount: The amount of the mortgage is returned to you in capital or in several installments. It can have a maximum of 3 installments. In the event that the property is not ready, you can make an agreement with the lending bank where the amount of the mortgage will be returned to the builder depending on the construction. In the case of a “move-to-move” property, the loan amount can be received as a lump sum.
The repayment of the mortgage can be closed before the time: You can also close the mortgage account well in advance of its maturity. If you have taken out a floating Internet rate loan, you will not be charged any supplement. But if it is a fixed rate, the bank may charge you accordingly.
Interest rate options on loans: The interest rate on a home loan can be both fixed or flexible. Fixed interest rates are set in advance, while flexible interest rates are constantly changing.
Required documents: The home loan form comes with a complete checklist of documents. You have to put a photo with your application. For the purchase of real estate, the bank will ask you to provide proof of identity and residence, a pay slip, a 16 form or an income statement with a bank statement for the last 6 months. Some mortgage lenders also ask for life insurance policies, equity papers, NSCs, mutual fund units, bank deposits or other investment papers like mortgages.