Want to get a hassle-free home loan? Here are 5 things to keep in mind

By: | Published: March 6, 2017 3:18 PM

Getting a call from banks regarding the sanction of a pre-approved home loan has become a very common thing these days. However, availing a home loan is not that easy. Most people think that getting a loan is an easy task, but once they visit a bank for getting a loan, they find it difficult because of many reasons – one being poor credit history.

If you are planning to buy a house in the future, then you must maintain your credit score well by repaying all your loan amount on a regular basis or paying credit card dues, if any.

Getting a call from banks regarding the sanction of a pre-approved home loan has become a very common thing these days. However, availing a home loan is not that easy. Most people think that getting a loan is an easy task, but once they visit a bank for getting a loan, they find it difficult because of many reasons – one being poor credit history.

Therefore, in a bid to avail a hassle-free home loan, one should prepare in advance and also keep certain things in mind. Here they go:

Credit History

If you are planning to buy a house in the future, then you must maintain your credit score well by repaying all your loan amount on a regular basis or paying credit card dues, if any. Banks nowadays pays a special attention on those applying for a new loan. All the housing finance companies acquire from CIBIL the details of each and every customer who is applying for a loan. CIBIL maintains all the financial history of an individual. Therefore, if you have applied for a loan earlier which got rejected due to any reason, CIBIL maintains that record for further references.

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NOC Documents

One must hold all the clearing documents whether related to the ownership of property. Moreover, if someone has paid all the due amount of the previous loan, then with respect to that one should get the no objection certificate issued by the loan-giving company itself.

Financial Health

If you have enough money in your bank account, then the chance of getting an easy loan is high. Moreover, if you have a stable job, then also you can avail a home loan easily from a bank. However, if you do not have proper savings in your bank account or are not maintaining your CIBIL score, then you might find it difficult to get a loan from a bank or any financial institution.

Financial Stability

To get a home loan, you need to give details and proof of your annual income and expenses to the bank. If you already have a bigger loan going on, then in such a case the bank may not give you the loan looking at your overall liability and monthly expenses. It is always good to have a life insurance policy and a fixed deposit paper which can act as a security against the loan and in turn can help you in getting the loan sanctioned without any hassle.

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Age Factor

The early you take a loan, the more is the possibility of a bigger amount getting sanctioned to you by the bank compared to taking a loan in late 40s or 50s when you may find it difficult to avail a loan of higher amount as repayment of the loan will get affected once you get retired. During such conditions, banks generally provide a short-term loan.

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