A home loan is a very important financial decision. If you’re looking to buy your own home, or if you are simply looking for a way to invest in property and have some cash flow coming in from it, then this article will provide the information that you need. Read on below for the top 5 things you need to know about applying for a home loan!
The best time to start the home loan process was yesterday and the next best time is today. The reason for this is that knowing your loan eligibility, the expected EMI for the home you would want to buy, and the time it will take to get the loan processed will help you plan your purchase or construction better. Ideally, the right time is once you have saved enough money and are sure about wanting to buy a home. This will help make your application successful with minimal or no delays.
The mistake that some people end up making when applying for a home loan is that they wait to finalize a deal for a plot or a house or an apartment, and only after giving the down payment or token payment for the property, do they start the home loan process. This causes several challenges in terms of timelines and sometimes they borderline miss the deal altogether.
Always remember that your home loan process can take anywhere between 1 week to 3 months, depending on how ready you are with the property documentation, with income documentation, for both you and your co-applicant. The speed of the home loan process is usually dependent on the home loan applicant, i.e. you.
The process for applying for a home loan with Shubham Housing Finance is a very simple one. Just connect with us in any of the 6 possible ways to connect with Shubham, and let us move the process forward from there. How the process works typically is as follows:
Basis the above information, the Shubham Loan Officer will pre-check your loan eligibility and then visit your home for a personal discussion.
Once this is done, your loan application is logged in for further processing. Subsequently, our team verifies them before uploading these on the system for final approval. When the file is ready it gets reviewed by senior executives who approve or decline a home loan application based on their experience & expertise in underwriting business along with regulatory guidelines binding each type of home loan.
Once approved, funds are disbursed into the applicant’s or sellers bank account through NEFT/RTGS. The EMI amount is also communicated and the deduction of the same starts from the first month itself.
Like any government-registered housing finance company, Shubham undertakes a detailed credit check, including the various credit scores such as CRIF, etc. to determine every loan applicant’s income, expense, current, and future financial responsibilities, etc. Basis the profile and the risk assessment, Shubham then provides the loan linked to the appropriate interest rate for the given risk profile. What this implies is that while some customers may get a low-interest rate, as they have a good credit profile, some others who don’t have a good credit profile or don’t have any credit profile at all, may get a higher interest rate.
However, while customers tend to consider only the interest rate as a benchmark of the desirability of a home loan, there are several other factors to be considered. For example:
What is important to consider, however, are the following points:
BEST TIPS TO GET LOWEST HOME LOAN INTEREST RATES
THINGS TO REMEMBER BEFORE TAKING A LOAN AGAINST PROPERTY
TOP 10 THINGS YOU SHOULD KNOW WHEN TAKING A HOME LOAN
HOME LOANS – MYTHS VS FACTS
TOP 5 THINGS YOU NEED TO KNOW ABOUT YOUR HOME LOAN EMI
COMMON PROBLEMS FACED BY HOME LOAN BORROWERS IN GETTING A HOME LOAN
SHOULD YOU GET A LOAN AGAINST THE PROPERTY FOR MEDICAL EXPENSES?
ARE YOU READY TO BUY A HOME THIS YEAR?
TIPS FOR A HIGHER LOAN AMOUNT