Posted on Friday December 14th, 2018

India’s population is traditionally dwelled in rural areas and because of the fastest growing economy, the country people has been migrating into urban areas for a variety of reasons. This migration has led to a continuously rising demand of housing in the cities. Buying of your own home remains the most important financial goal for most of the individuals. The rapidly rising property prices, the housing loan has witnessed a substantial increase. Finding an attractive home loan is a daunting task to undertake. If you are planning to buy a house in near future, you should find a “Best Home Loan at Lower Interest Rate” at ShubhBank. It’s not all about getting the loan at lower rates but you have to consider other important factors such as documentation process, processing fee, pre-payment and balance transfer. The purpose of loan is to buy a house, plot, under-construction property etc. It is granted maximum up to 75-85% of the property value. We usually visit the property site for valuation before sanctioning home loan. You can choose from numerous options that suit your requirements as we understand that a lot of money is involved in taking a loan which you have saved from hard earnings. You may have a better insight and understanding while investing in any type of financial product.

It is always better to check the loan eligibility before applying for it. The important factors are borrower’s age, financial history, credit score and other financial liabilities. The net salary plays an important role in determining the eligibility as well as loan quantum and tenure. CIBIL score holds lot of importance in loan acceptance/rejection as it depicts your creditworthiness. A good credit rating increases the chance of getting home loan with more flexibility on EMI’s, loan quantum, tenure and interest rates. The loan quantum is often decided on the basis of financial stability of the applicant and the budget you need buy the house. We check your salary slips and audited balance sheets to calculate your income level. The borrower should be in between the age of 21 years to 60 years with a regular source of income and his/her credibility depend lot on the organization he/she works. We have generic EMI calculator present at our website that allows you to calculate the monthly installments on the basis of the total loan amount tenure and applicable interest rate by submitting details like loan amount, loan type and annual income.

We have very simple documentation requirements like loan application form, passport sized photographs, ID proof, residence proof, copy of last 6 months bank statement, statement of personal assets and liabilities etc. The income proof documents may vary in the case of salaried individuals and self-employed people. By ensuring your supporting documents are in order, you can successfully qualify the loan. The more you research on the loan process beforehand; you are at higher chances of getting the best deal. Go through all the available options and zero in on the best deal to avoid any hassles.