Q:Hi, I am looking out for applying for Home Loan.But I am not aware of the rules and regulation and the procedure to be followed while applying for home loan.Please help me with the guidelines
Latest Answer: Before applying for a home loan, you will have to submit all the necessary documents and fill out all the required forms to the bank that is offering you the loan. The general rule is that government banks have some stringent eligibility criteria such as minimum monthly salary, and also your present property info that you possess. Private banks are known to waive off these criteria although, there are some banks who follow. You may have to pay the loan processing fee which is usually 0.5 to 1% of the total loan amount. This charge is for verifying all the documents, estimating the value of your present properties and other personal information of yours.Probably the most important stuff to consider while applying for a home loan is the interest rates and the Tenure. If you choose Floating rate, you will have to pay the EMI based on the current market value. So, if the rates are high, you end up paying more than the usual amount. Here, the loan tenure will also increase proportionately.
