Posted on Monday October 8th, 2018

Buying a home is a dream that everyone harbors at some point throughout the course of their lives. It can certainly be a hard decision, especially from a financial point of view. Nowadays it’s common to take out a home loan in order to buy a home or a plot and seeking loans has become easier with online applications and quick disbursals. You get a lot of thoughts while choosing the right loan scheme. ShubhBank helps you as “Your Guide to Take a Home Loan“. This loan will saves you from paying rent and tip toeing around grouchy landlords. Our scheme will be enough to help you buy the house of your dreams. To grab this offer, you must get all important nod of approval from your lender. The home loan is a secured loan that means you’ll have to pledge security to the bank. The security can be any of your asset, existing home or your fixed deposits and don’t worry; bank won’t take away your asset unless you skip your EMIs. This loan comes with multiple choices like a land-purchase home loan that is issued for the purpose of purchasing land alone, home construction loan is taken foe constructing a house, home expansion loan is available to add another story or build few more rooms and home improvement loan is to refurnish your house.

The purpose of this financial product is to power you with sustainable financial strength to make a home purchase. It is the biggest investment of your life as it offers you shelter and long term security. In the growing era of real estate business, property value appreciates at the speed of light, so it can give you fantastic returns more often. While making a choice, it’s important to look at the offerings and interest rates. The loan quantum or money should be borrowed will depend on your income, repayment capacity and the value of your other assets on your name. It comes up with two types of interest rate and during loan tenure, you can switch from a fixed rate to floating rate of interest. As the tenure plays the critical role in determining your EMI, so decide it as per factors in your salary and other expenses. We usually offer a loan worth 70-80% of the property price, so make sure you are prepared with savings to pay the rest as a down payment. The key factor that determines the loan amount is the financial records of the applicant. We refer to the credit score of the customer to understand his/her repayment habits.

The eligibility checklist is important before submitting button online application process. Our checklist comprises of your monthly income, existing loan, CIBIL score, educational qualification, profession, property chosen and your repayment capacity. If you wish to get a home loan, meeting the eligibility requirements should be your goal. The list of documents required to process an application is ID proof, residence proof, property papers, salary slip/Form 16, audited balance sheet etc. that varies from bank to bank. It is easy once you have all your documents and meet your expectations. You can also go online to avoid the hassle of paperwork and apply easily through your smartphone.