Documents Required Before Applying for a Home Loan

Buying a home will be one of the biggest purchases that you will make in life. For this purchase, you may require financial aid. Such aid is provided by banks and NBFCs in the form of home loan. Home finance is provided to applicants who are eager to purchase a property.

The price of real-estate is on an all-time high and so is the demand for home loans.  It is practically impossible for a regular salaried person to gather such a humongous amount to buy their dream house. In such situations, home loans come extremely handy.

There are different types of home loans, whose repayment procedures, terms, and interest rates will vary. Depending on the type of loan you plan to avail, the eligibility criteria and clauses will change.  Moreover, eligibility is also based on the principal amount of loan, the tenure for which the loan is availed, expected interest rate, and the repayment procedure selected.

To understand the eligibility criteria, you will require help of loan officer. Still, to give you an intimation of the document mandates, we have shared the following housing finance eligibility criteria sanctioned by leading banks and NBFCs for most of their offerings.

Individuals who are eligible

Any Individual or Proprietor, Partner or Partnership Entity, or any other Corporate-entity is eligible to apply for a housing loan.

Individuals who develop Residential projects/ Townships.

Documents required

• All the borrowers should have valid KYC documents under their name.
• Proof of continuous income with assurance of stability
• The banking and loan payment history should be clear
• Technical and legal clearance for the property to be held as collateral
• Checks and references should be positive

Segments that are eligible

• Individuals who are manufacturers
• Individuals who provide service
• Traders & Retailers
• Professionals who are self-employed
• Entrepreneurs

The Technology of Online Banking

Technology is advancing each day opening up avenues of comfort and style. With banking becoming an active and indispensable part of our lives, online banking has come to the fore and is making lives easier around the globe. Online transactions induce a fear of fraud. Though the online securities are massive and efficient, cyber-crime sometimes find a way to circumvent them. A few precautions during transactions can make online banking exceedingly safe, comfortable and easy. To avoid the risk of loss or fraud, few steps below hold the capability of guiding the masses through the digits of online banking.

1) Building a strong password: All online banking transactions are secured by the user password, in the absence of which the transaction cannot take place. Creating a password with the combination of numbers, alphabets, and special characters is advisable, since the risk of hacking is minimized. Also, longer the password, better is the protection.

2) Use a secure computer with a strong antivirus: Irrespective of the type or function of the computer, safety software is essential. Avoid the usage of computers at shady corners of the city, since safety of the account can be compromised either by using the SMS facility or an email. So, don’t forget to ask your bank for notifications. Thus, in case of any kind of an “uncalled for” transaction, you would immediately be notified and a quick action will be made possible.

3) Keep a close tab on your account: With online banking accessible anytime-any-day, it is easy to keep a check on your account. This helps in detecting any unwanted changes and dealing with the same accordingly. Online banking is nothing to fear from if little things mentioned above are taken care of. So yes, learn to go a bit tech-savvy with your banking too.