Things to be checked before applying for home loans
Before applying to home loans any individual must look into his income, current expenses and track record from Credit Bureau as these are very much important for availing any home loan.
According to a higher official of HSBC, buyers must opt for floating rate of interest in the current economic scenario while going for any housing loans.
For any home loans, banks check the income, financial obligations and repayment track record.
There is a specific calculation behind availing home loans. And roughly any buyer can get a loan of Rs 20-25 lakh if his salary is around Rs 40,000 and there is no other borrowing.
It is also a true fact that most of the banks, where the buyers have their salary account and good banking relationships, will offer the best rate for purchasing any property in India.
The norms for availing housing loans for the Non Resident Indians are also the same. Bank looks into any previous track record, their income and any financial obligations.
Some banks may insist on having a resident Power of Attorney in India for providing housing loans in India.
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Source: Magic Bricks
floating rate of interest, Home loans, Housing loans, Property in India, repayment track record
