Home Loan

Financial Bazaar

Home loan is a really essential and important financial decision in our lives. Before finalizing your bank to get a home loan, try to get more information about the current interest rates of different banks. First, gather more information about how much each bank can give you. Discover eligibility for government and private banks. What is interest rate more flexible and affordable, such as fixed or variable rates? What is the advance payment facility or the balance transfer? We try to give answers to all these questions and make this simple home loan process for you. To find the lender for a 20-year term, go to fine print and save for years to come. A perfect home loan is a loan that gives you the lowest rates throughout the term, has partial payment options and allows you to balance the transfer if you wish.


The home loan is a long-term investment plan. Generally, people opt for a mortgage loan of 20 to 30 years. Most clients benefit from a loan on variable interest rates. Rates continue to change and the long-term loan, as for a period of 20 years or more, is impossible to decide. Home loan rates will vary in 20 years, so making a decision to take out a mortgage just at the base of interest rates is not a smart idea. So thinking about starting a loan at a lower rate has no relevance. The right time to take out a home loan is when:

BEST BANK

What is the best bank with the lowest rates?

SPEED LOANS

Should I take Home Loan now or wait?

TRANSFER AT CHEAPER RATE

Have I to transfer my existing home loan at a cheaper rate?

HOW Many loans I GET

Do I need to know what loan home I can get?

HOME LOAN

Simplify how this will take place and what the steps are. The first step involved in the process is to find your property, followed by verification of the ownership documents, indicating that the documents are being reviewed.

KNOW THE HOME LOAN ELIGIBILITY

Banks proposal the loan sum created on your regular pay and the worth of the assets. They will give you a maximum amount in which your mortgage IME and other loans is 50 to 60% of your income. The other factor is the value of this property.

SELECT BEST HOME LOAN AFTER EVALUATION

Comparing the interest rates of mortgage loans from various banks is the main characteristic of the process of selecting home loans. However, you should not forget to compare other fees and expenses, such as registration fees, processing fees, legal fees for different loan offers.

APPLYING FOR THE LOAN :

After selecting your lender, you must complete the application form, in which the lender requires complete information about your financial assets and liabilities; other personal and professional details as well as details of the property and its costs.

DOCUMENTATION & VERIFICATION PROCESS:

You must submit the necessary documents to the bank, which will be verified with the details of the application

CREDIT & DEFAULT CHECK:

The bank checks the eligibility of the borrower’s loan (by the repayment capacity) and the amount of the loan is confirmed. The repayment capacity of the borrower is reached, which is based on income, salary, age, experience, and nature of a business, etc.

BANK APPROVALS LOAN & OFFER LETTER TO THE BORROWER

After the credit assessment of the borrowing bank decides the final amount and sanctions the loan, the bank sends a letter of offer to the borrower, which is the details such as interest rate, loan scheme, and repayment options, etc.

ACCEPTANCE COPY TO THE BANK:

The borrower must send an acceptance copy to the bank after the borrower accepts the terms and conditions in the letter of offer.

SIGNING OF AGREEMENT & THE LOAN DISBURSAL:

The borrower signs the loan agreement and the bank disburses the loan amount.