Taking a Home Loan? Points to Remember

Taking a Home Loan? Points to Remember

Everything you need to know before applying for a Home Loan:
Taking a home loan is that one big step which brings you closer to your dream home. Deciding to take a loan could be complicated at times for which you need to prepare yourself before hand and you must be well aware about the terms and conditions. You must understand the loan structure before you apply for the time of action.

Superbanks gives you the opportunity to choose among 40+ edges and NBFCs as you deserve the best. Superbanks provides sets which makes it much more easier to get your loan without wasting much of your time.

You can easily get door step sets while applying for your home loan with minimal paperwork and get your loan approved within 48 hours without any hustle.

additionally, you can also avail top up at home loan rates.

Here are the meaningful points to remember:
1. Can home loans be transferred to another person?
Yes, but at few terms and conditions are applied, mainly within the family members who are within the capacity to pay. For example, Client A has taken a loan and her father is the co-applicant. Now she is getting married and shifting oversea and her father is not in the condition to repay the loan all by himself, in this case, she can move the loan to her brother who is in the capacity to repay the loan keeping their father as the co-applicant.

2. Can home loans be taken jointly?
Yes, it is possible to take home loans jointly but only within the family. For example, Let’s say, there’s one married associate who wants to sanction a loan. Husband earns upto Rs. 50,000/- and wife earns upto 30,000/-

So, now if they wish to apply for a loan they can do so jointly, as by this they can apply for a higher amount of loan and it will get easily sanctioned.

3. Does it require Down Payment?
No, it doesn’t require any down payment. In home loans part payment is done. Let’s say, a person called Aman takes a loan of Rs. 10 Lakh and in the initial year he pays 20% to the bank, then later in the next year he pays 40%, similarly like this he can pay for the loan’s amount in parts.

4. Is character insurance necessary while taking a home loan?
It could not be imposed on an individual, but in few edges it has become mandatory to take a character insurance while taking the loan.

character insurance ensures that your character is safe and could be recovered if any harm caused. As,edges need to be secured of the money that you have taken from the bank and in this case you need to take good care of your character.

Till date few edges or NBFCs have not made it mandatory to take a character insurance but it is advantageous for you to avoid any concern.

5. How does taking a home loan affects the credit score?
Credit score/cibil score is the foremost important factor while applying for a loan. When you apply for a home loan your cibil score improves as you add 100 points into your credit score and it is always good to have a higher credit score. You have to be sure that you are paying your EMI’s on time to continue a healthy credit score as it benefits in taking any other loan if and when required.

6. What are the criteria for getting a home loan?
Here are the few criteria by which you can take home loans easily.

Age Criteria:-

Minimum 21 yrs for applicant
Minimum 18 yrs for co-applicant
Max 60 yrs (Net retirement Age)
Income Criteria:-

Minimum INR 25,000 for Salaried
In case of business, minimum ITR of over 3 Lakh
For rental purpose, minimum INR 20,000.
7. Is it hard to get?
For eligibility:-
No, It’s not hard to get a approval. You just have to be eligible for that.

You must have a good CIBIL score
You must be salaried.
Minimum Salary must be Rs. 25,000/-

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