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During the process of home buying, finding the correct home loan is always a challenging job. Based on your needs, we have the right advice. To get the best home loan assistance for properties in gurgaon. In the market with the lowest interest rates, we will work with you.
Enjoy the hassle-free method of loan approval. Get home loans as soon as you pick your home, with fast processing.
Enjoy flexibility in the procedures for home loans. Flexi home loans are available and large sums cost less interest.
Get the best collection of doorstep documents facilitated by all major banks.
The whole mechanism is hassle free. By keeping you away from different fees, including documentation, legal, and much more, we save your money.
Get multiple banks' home loan offers. We have the best range of home loans that suit your requirements from different banks. Compare the loans and use the best loans that suit your needs.
Mega Realty efficient and experienced team will help you with eligibility, duration of loans, interest rates, and the best schemes to apply for.
To cover the costs of buying a property, taking a home loan is important for most aspiring homeowners. As home loans require large amounts of money, however, their applications are only accepted after a lot of thought. This is to ensure that no bad loans occur and the loan sum is repaid on time by the borrower.
A simple error or a minor miss, however will result in the denial of a home loan application. The denial of a home loan will impact the borrower's credit score and may also raise a red flag for other lenders.
Take a careful look at whether you have the finances to pay back the loan comfortably. Clearing your EMIs on time is one of the key conditions of using a home loan. There would be a minimum wage requirement for certain lenders, which varies from city to city.
For instance, we have a minimum wage requirement of Rs. 50,000 p.m. if you live in Delhi or Mumbai. But the salary requirement is Rs. 45,000 p.m. if you live in Pune or Bangalore.
It is incredibly important to know your repayment capacity to ensure that your application gets accepted.
Try to pay at least 20% of that amount as a down payment until you know the cost of the property you intend to buy. The less cash you borrow, the less cash you need to pay for it. It could also get you a lower interest rate and make you treated by lenders as a client who presents a low risk to their finances.
There are ways to improve your eligibility for your home loan. Before approving your home loan, most lenders will review your CIBIL score. Your CIBIL score indicates how good you are with your savings, your past loans owing, and how much new credit you will repay.
You need to have a clean financial record in order to retain a decent CIBIL score on a home loan. Make sure that your credit cards are not unpaid and clear any of your outstanding debt. Submitting several home loan applications will, if they are denied, affect your credit score. Carefully pick your lender and make sure that you only apply an application if you are sure that it is accepted.
Try to get a parent or partner to be a co-applicant, if you can. This can dramatically improve the chances of having your application accepted, especially if your co-applicant earns a substantial income as well. Banks allow you to classify your parent or spouse's net income when applying for a loan. This lets them know that even though your income alone does not qualify you as a qualified borrower, you are still capable of paying their loan back in time.
An incomplete application form is one of the worst reasons for getting a home loan application denied. When filling out the form, be extremely careful. Being diligent with the form would also make sure that no secret clauses are available that could later catch you off-guard. Avoid making errors with the numbers and wage data of your account.
Any error or inconsistency in your credit report can limit your request for e home loans to proceed further. It is therefore advisable to review your credit report in advance and rectify those errors before submitting.
If the error occurs from a loan you have received from them, you may contact the financial institution. To get such inaccuracies removed, you can also contact CIBIL or check with the lenders if there are bugs on their side.
Be sure to respond to your lender's requests at the earliest. Not being prompt will postpone the disbursement of the loan further and may even influence the financial institution to refuse the offer. If you have already made an advance payment to purchase your new home, rejection of the application could be even more troublesome.