Our ancestors lived in caves, the generations after them in the race of evolution starts living in a manmade structure form a hut to villa. House is not just a place for shelter, now it becomes more than a shelter, we built it with lots of dreams and design it. But the increasing rates of property made tougher day by day to possess own home. For this home loan is a solution. If you are seeking for home loan or not but every one should know some basics of loan.
Following are common the factors used in evaluation of eligibility:
• Nature of the Job: Banks are not giving loan to everyone, they have a list of negative professions. There is a list of every banks in which they categorized some professions as a negative profession and the person engaged in any of those profession will not eligible for the home loan.
• Location of the Property: Like the profession there is also a list of negative areas which not covers for the home loan. So if anyone seeking loan for those areas will not entitled for the home loan.
• Personal Details of individual: Personal details are necessary for any type of loan and this is total a discretionary power of banks to give loan to whom.
Tips to finance your home loan
• Club your income
• Have a good credit history.
Documentations are the necessary part of any home loan, if you have not valid documents then it will be a big hindrance in the process of loan seeking. Following is the list of major document categories needed for loan:
• Income documents
• Personal documents
• Residence Proof
• Business Proof
• Age Proof
• Experience proof
• Legal Documents
Documents format and requirements are different from bank to bank and the terms and conditions of the loan also different form bank to bank.
Home loan is the path to reach your own home, but before signing any document go through all hidden terms and conditions for a better future. The better way to understand the complication of loaning process to take advice of consultant. A finance consultant who is expert in loan will give you best advice and to find the best value of your money. The loanvala, a unit of SRPL is a firm which have experienced experts to give your right advice for home loan.