About HomeLoan

About Home Loan

Buying a home is one of the major decisions a person has to take during his life. It is rare to find someone who pays the entire cost of home at one go. A home loan is an essential part of any home buying endeavor. Taking a home loan is a long journey, which involves many stages. The key to getting your home loan in a smooth way is being familiar with the entire home loan process. Beginning the home loan process in India The process of getting a home loan starts with a formal application for the loan. The application form requires certain basic information about you. This will include your personal, residential, income, employment, educational details, details about the property, estimated costs and current means of financing the property. Though the requirements may vary from bank to bank but there certain thing which every bank will ask.
The application form must be supported with valid documents to substantiate the facts. Generally the banks will ask you to submit following documents.
Income proof
Age proof
Identity proof
Address proof
Employment details
Proof of educational qualifications
Details about the property if finalized
Bank statements
The purpose of the entire exercise is to ascertain the suitability of a applicant for a home loan. The income documents and bank statements provide vital clues to the bank regarding your financial health.

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