How to select the right bank for home loan
20 Apr, 2009 By:
Owning a house of own is a dream for every person. Lots of people go for any bank loan in the case they can not afford to pay the full price of a house. Banks and other financial institutions offer home loans to people who meet the required eligibility.
Various banks offer home loan with their own terms and conditions. The interest rate, eligibility criteria, documents required, etc, all differ depending on the bank offering the loan. Many banks may be having some fine print or “conditions apply” that need to be carefully looked into. It is better to verify the facts properly before deciding to go for a loan offered by a certain bank. It may also happen that you may qualify for the loan of a certain bank only as it may differ depending on the bank.
It is advisable to do proper research before going for any loan. Ask the people who have opted for a personal loan for their views on what bank offers the best loan. Many a times it happens that you go for a loan offered by a bank and later repent about your decision.
Do proper study of the banks' eligibility criteria. You need to have certain qualifications for getting a home loan. The eligibility criteria are related to your age, income, past repayment history and the cost of the property. It also considers your work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc. Banks normally lend up to 3-4 times the annual gross income as a home loan. Every bank has its own set of eligibility criteria that may differ slightly.
on 10 Mar, 2017
OlÃ¡, CarlosObrigado pela participaÃ§Ã£o, pois Ã© muito importante para direcionar novos posts.Para melhores orientaÃ§Ãµes, consulte o seu mÃ©dico, ok?Fico feliz com todas as participaÃ§Ãµes e passarei a responder as perguntas com atualizaÃ§Ãµes dos posts e pela publicaÃ§Ã£o de novas matÃ©rias; nÃ£o estarei respondendo diretamente as perguntas nos comentÃ¡rios; Assim, evitaremos respostas repetidas e estaremos mais alinhados Ã s orientaÃ§Ãµes do Grande abdo.§aÃLeonarro.
on 15 Jul, 2016
my mortgages loan chaia
on 10 Jun, 2016
mujhe sarkar ke or se kuch loan chahiye pls help loan paas karado na
on 04 Apr, 2016
i want Lon on my house and i am teacher what can i do. sir lic hfl is write solutions? please guide me
on 26 Mar, 2016
I m physically handicaped person . i do a job in Textile compny .I belong from uttar pradesh kanpur.sir i wanna take a Loan for 200000/ for Home purchase .sir Plz give me a Very good Advice...my salary is 17500/pm
on 14 Mar, 2016
pls help me (home loan)
on 18 Dec, 2015
That depends on the value you place on hanvig your vote actually count. In the Greens' favour, they'll actually get into Parliament, and their social policies are solidly left. I expect their anti-science new age hippyness to be restrained by their coalition partners; the moratorium on general release will probably continue, but they won't be running GE scientists out of their labs or cutting funding from FORST. In the Alliance's favour, they're solidly left, and they need the support. Every vote for them is a message telling them to stay in the game rather than quit. Even out of Parliament, they can advocate for the left, but they need a reason to keep doing it rather than just give up and go back to their day jobs. And who knows? Maybe they'll somehow get some media coverage and manage to do a Dunne...
on 18 Dec, 2015
Good day sir/madamI am already doing Master of Public Administration coruse at the National Open University of Nigeria and would be most grateful if I am given a scholarship award. I shall be very grateful if awarded.Thank you sirItimi KalamaweiNational Open University of Nigeria(OFFICE OF THE REGISTRAR)14/16, Ahmadu Bello Way, Victoria Island, Lagos31 WORLU STREET, OFF ELIGBOLO ROAD, RUMUOKORO, PORT HARCOURTITIMI KALAMAWEI08-May-2012Name :Our Reference: ADM/11180493PROVISIONAL OFFER OF ADMISSION [2011 Session]I am pleased to inform you that you have been offered a provisional admission into theNational Open University of Nigeria to pursue a programme leading to the award ofAt the time of registration you are advised to register at:(a) the study centre (Yenagoa) specified in your application form; or(b) the study centre nearest to your place of domicile.You must produce at the time of registration the following documents:i. Originals of bank tellers obtained when you paid for the form online.ii. Original Application Pin Number collected at the Bank.iii. Originals and three (3) photocopies of all the academic certificates specified inyour application form.iv. Original and photocopy of your Birth Certificate or Sworn declaration of age.v. Three (3) recent passport size photographs.The University reserves the right to change your programme if you do not meet the criteriafor admission into the programme for which you have been admitted.The University also reserves the right to withdraw your admission whenever it is discoveredthat you have given false information to the University or falsified any results or records.You are advised to proceed for registration at the study centre indicated above and receivefurther information about your programme and the University.Congratulations.Master of Public Administration (MPA)(700 Level) in the School ofManagement Sciences.___________________________J. O. Akinyemi (Mrs)Registrar
on 26 Oct, 2015
When you apply for a loan there is a 60 - 40 ratio taken into consideration basis of your salary.
Generally, the repayment schedule is worked out in a manner that allows only around 40-50 per cent of your monthly take home income to be repaid as EMI. It is thus restricted keeping the following factors in mind:
Around 20-25 per cent of your income could be deducted by way of statutory deductions and for investment purposes.
Around 25-30 per cent of your income is generally spent to meet your monthly expenses.
This leaves back around 40-50 per cent, which is taken as your repayment capacity for your loan.
on 07 Jul, 2015
I am planing for home loan. how much loan can a bank offer for purchasing a home? How much % of loan could be offered for a salarised employee?
on 15 Apr, 2015
How to write a letter to bank to stop EMI through ECS ..
on 15 Apr, 2015
I have salaried account in TMB bank Sivakasi branch.
I have sanctioned with Housing loan at SBI Trichy.
Where do I get ECS?. SBI told me that I should get ECS from TMB trichy main branch, but TMB trichy tell me they won't. What I have to do?
on 16 Jan, 2015
any body tell me about the eduction loan return process in bank of baroda(bob).
i am a b.tech passout 2014 bach. and i withdraw 3.60 lac rup in 4 yr(90 thousand per yr). from 18sept 2010 to 9 august 2013.
but i dont have got a job.....
so i want to know ,how much the time to pay the education loan.
plz guys suggest me i am very upsat this time so plz send me information in my mail id- email@example.com
on 11 Dec, 2014
BUSINESS KARNE KE LIYE RUPYA KI JAROORAT HAI MY FAMILY IS POOR FAMILY
on 03 Dec, 2014
I am a Bpo employee of tcs kolkata. my monthly income is around 25,000. Can i get a home loan of 20 lacs
on 13 Jan, 2014
I am retired Punjab & Sind Bank Officer. Wish to avail housing loan for Rs.10.00 lac. Currently I am getting pension of Rs.25000/-.Please let me know the eligibility criteria for avail of housing loan for retired PSU officer.
on 15 Jan, 2013
This is rajeev
i follow all these steps
on 11 Dec, 2012
on 27 May, 2011
ya...really good information...
one should always follow all these steps before planning to get a home loan..