To arrive at the budget for your home, all you need to do is tell us your current savings (i.e., the amount of money, you could invest for buying a new house), as also the monthly EMI (Equated Monthly Instalments), you feel you would be able to pay every month. Using this data, our budget calculator will give you the value of home that you will most certainly be able to buy. Conversely, if you have a dream home already in mind, you can play around with various parameters to arrive at how you can buy your dream home.
In today's comparative market a number of loan providers are offering additional facilities to customers. Before finalising the provider, you should examine the additional facilities being provided, which could take the form of discounts free accident protection insurance, waiver of processing fee, waiver of late payment penalty, etc. Most leading institutions are willing to sanction a loan without having a property being identified by you. Thus, you can simultaneously search for a property and request the institution to process your papers for a sanction of a loan. This would help you save time and needless anxiety at a later date. However, the disbursal would happen only after the property stands identified and approved by the institution concerned.
Some aspects :
(a) Typically, housing loan companies and institutions analyse your income, age, number of dependents, monthly outgoings, etc. to determine your repayment capacity and hence the quantum of loan to be sanctioned. It is therefore important to present a very clear picture.
(b) Normally a property purchased becomes the security for the loan sanctioned and is mortgaged to the lending institution. In some cases to assist you in taking a larger quantum of loan, the lending institution may insist on additional security and / or guarantors.
(c) Normally if you have given all the papers an institution does not take more than 5 to 10 days to process your application and sanction your loan.
(d) Most institutions are willing to consider joint incomes of applications in the case of joint application for deciding the loan amounts. Some institutions do not charge a co-application for paying co-owners of the property being purchased.
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