Buying a dream home is an achievement and a big aspiration for many. It is difficult to buy a home through your savings entirely. A home loan, when managed well, is the best way to fulfill your dream of owning a home. It is a reflection of yourself and secures your future both financially and offers societal status. Almost every home buyer focuses on buying a home with the help of a home loan. Buying a home is one of the biggest financial investments you may make in your lifetime, and that is not just because of the emotional value. Everyone, at some point in time, affords a home, and that is always the highest investment made by any individual. A home is a dream, and you need a home loan to fulfill it. With Clix Capital, it is just a click away. The entire process is digitally enabled and paperless without any branch visits. If this is your first time borrowing, you must know everything before you borrow a home loan:
What are the aspects of a home loan?
A home loan is an installment loan that helps you to purchase a home in a short period of time. It is a specific loan taken for the purpose of buying a property. A home loan is one of the most valued loans as it includes a huge amount of principal. It is a long-term loan and can extend up to 30 years of tenure. Home loans are subject to tax benefits and homebuyers can enjoy the deductions annually.
It is definitely one of the perks that make a home loan an all-time favorite among home buyers. The home loan eligibility is high because of the high value, although it is a secured form of a loan. Individuals must meet the eligibility criteria to get a low rate and also easy approval. Here’s some more information about the eligibility, rate of interest, and the documentation part of the home loan or house repair loan process.
Documentation of home loan
- PAN Card
- Aadhaar Card
- Voter’s ID Card
- Driving License
- Birth Certificate
- 10th Class Mark sheet
- Bank Passbook
- Driving License
- Bank Passbook
- Voter’s ID
- Ration Card
- Payslip of the last 2 months
- Certified letter from employer
- Increment or Promotion letter
- IT returns of the past 3 years
- Utility bills
- LIC Policy Receipt
- Form 16
- Income Tax Returns (ITR) for the last 3 years
- The Balance Sheet and Profit & Loss Account Statement of the Company
- Business License Details
- NOC from Society/Builder
- A detailed estimate of the cost of construction of the house
How to get an easy home loan?
Maintain a good credit score: The credit score requirement for a home loan is high and beyond 750. It is a high-value loan that can include a principal amount of crores. The credit score needs to be updated and you definitely need to improve it to get easy approval as well as a low rate of interest. To get a good credit score, you need to make timely payments, keep credit accounts open, pay full bills without any outstanding or overdue, and avoid applying for multiple loans or credit options. This way, you will get a good credit score.
High income: A home is a huge investment. You can not afford to buy a home or take a home loan without a high income. It is important for you to have a good income. Only then can you commit a good part of your income to pay the EMI on your home loan. To manage your home loan with all other expenses, you will definitely need the right amount of income every month. The loan providers will pay close attention to income at the time of screening the application for a loan or credit.
Make a down payment: A down payment needs to be made by the homebuyers. It is recommended that the down payment be a high amount of money so that the debt burden is low. When you make a good down payment, your EMI will be quite reduced. Always arrange prior funds to manage a high down payment so that your principal loan amount does not exceed your repayment capacity.
Buy a good property: A reputed builder and a good location help you with easy approval. The loan providers show investment interest only when the property is a good one so that it is easy to recover in case of any undesirable situation.
If you need an online home loan, you can get it from Clix Capital with minimal documentation. The process of getting a house repair loan is minimal and paperless with Clix Capital. You need to meet the eligibility criteria and you will fulfill your dream in just one click.
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