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What is home loan and its process

The loan application has a list of documents that needs to be attached with it, along with a photograph. The bank will ask you to submit your legal documents like your identity, proof of residence, salary slip and 6 month bank statement.

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What is home loan and its process

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  1. What Is Home Loan And Its Process? Home loan is some amount of money that is taken from a bank to make a home or buying a plot for making a home. Before taking a loan from the bank you have to be eligible for the terms and conditions to take loan from them. Eligibility for Home Loan Before applying for Home Loans in any bank, you should determine your eligibility which mainly depends upon your repaying capacity. And your repaying capacity depends upon your monthly income. It depends upon the factors like your monthly income, expenses, liability and your assets. You have to show them all so as to make them sure that you are able to repay the loan on time. The higher your monthly income is the higher will be the loan amount you will be eligible for. Normally, bank gives loan when they consider your 50% income is available for repayment of loan. Moreover they have set an upper age limit for home loan applicants’ which could impact ones eligibility. Documentation for Home Loan Approvals The loan application has a list of documents that needs to be attached with it, along with a photograph. The bank will ask you to submit your legal documents like your identity, proof of residence, salary slip and 6 month bank statement. What Is Sanctioning And Disbursement Of Loan? On the basis of your proof of documents, the bank decided whether the loan can be provided to you or not. Most of the loans that can be sanctioned depend on this. Once they sanction your home loan the bank will give you a sanction letter stating your loan amount, interest rate along with other terms of the home loan. The avowed terms in the letter will be valid till the date stated in that letter.

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