Accumulating finances for our home was a tough task. I come from a family that went from being lower middle class to being middle class in a span of 23 years all because of the hard work put in by my mother. She dedicated herself to us and our upbringing so that we could do something better in life. So there we were 3 children of a single mother struggling to find out how home loan works. We wanted to purchase this 2BHK flat in Delhi so that at least now we can have a house which we can call OUR HOME.
This is my personal experience and I hope it helps you figure out how do home loans work.
- We started the market research and spent some time understanding which bank had the best home loan offers and interest rates. It is important to indulge in this research as even 0.1% difference in interest rates and other payments makes a huge difference.
- Then we started exploring home loan eligibility options. Since all of us are working we checked our home loan eligibility amount. In fact, we contacted the bank to understand terms and conditions to apply for a joint home loan.
- In the whole process, we were aware that credit scores are one of the key factors that impact our eligibility so we made sure all the credit card bills, EMIs, etc. were paid off timely
- Since we had been planning this for a really long time, we made some investments and savings to make the down payment. Once we finalized the property we didn’t wait for too long.
- We submitted KYC documents, property address, Form 16, Bank statements, latest salary slips, other income proof, etc. The bank then verified all these documents and decided on the quantum of loan which we could expect.
- Once that was decided we sat to understand all the terms and conditions, repayment structure, interest rates, other charges, etc. We also enquired about a few housing schemes, unfortunately we couldn’t avail benefits from them but that was okay, we took our chances.
- Finally after all the technical, legal and other verifications, the home loan was sanctioned, documentation completed and a home loan account was created and the amount got disbursed.
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You might find these helpful: What is a good CIBIL score for home loan How much home loan can I get on 25000 salary Is property insurance mandatory for home loan How do I get tax benefit on joint home loanYour Feedback Matters! How was this Answer?
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How home loan works?
Nakul
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4 Year
2021-10-06T13:20:43+00:00 2021-10-06T16:19:32+00:00Comment
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