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Everything you need to know before applying for a home loan:
Taking a home loan is a big step that brings you closer to your dream home. Deciding to avail a loan can be complicated at times for which you need to prepare yourself well in advance and be well aware of the terms and conditions. You must understand the loan structure before applying for the process.
Superbank gives you the opportunity to choose from 40+ banks and NBFCs, because you deserve the best. Superbanks provide services that make it easier for you to get your loan without wasting much time.
You can easily avail doorstep services while applying for your home loan with minimal paperwork and get your loan approved within 48 hours without any hassle.
Apart from this, you can also avail top up on home loan rates.
Here are key points to remember:
1. Can the home loan be transferred to another person?
Yes, but certain terms and conditions apply, mainly for those family members who are within their capacity to pay. For example, Customer A has taken the loan and his father is the co-applicant. Now she is getting married and shifting abroad and her father is not in a position to repay the loan, in this case, she can transfer the loan to her brother, keeping her father as her brother. Has the ability to repay the loan. Co-applicant.
2. Can the home loan be taken jointly?
Yes, home loan can be availed jointly, but only within the family. For example, suppose there is a married couple who want to sanction a loan. The husband earns up to Rs. 50,000/- and wife earns up to 30,000/-
So, now if they want to apply for the loan they can do so jointly, as through this they can apply for a higher amount of loan and it will get approved easily.
3. Does it require down payment?
No, no down payment is required for this. Part payment is made in home loan. Suppose a person named Aman takes a loan of Rs. 10 lakh and in the initial year he pays 20% to the bank, then later in the next year he pays 40%, similarly he can pay in parts for the loan amount.
4. Is property insurance necessary while taking a home loan?
It could not be imposed on any one person, but in some banks it has become mandatory to insure the property while taking a loan.
Property insurance ensures that your property is protected and can be recovered if any damage is done. As, banks need the security of the money you have taken from the bank and in this case you need to take good care of your assets.
Till date some banks or NBFCs have not made it mandatory to take property insurance but it is beneficial for you to avoid any kind of worry.
5. How does taking a home loan affect credit score?
Credit score / CIBIL score is the most important factor while applying for a loan. Your CIBIL score improves when you apply for a home loan as you add 100 points to your credit score and it is always good to have a high credit score. You must ensure that you are paying your EMIs on time to maintain a healthy credit score as this gives you the advantage of taking another loan if required.
6. What are the eligibility criteria for taking a home loan?
Here are some criteria by which you can easily avail a home loan.
Age Criteria:-
Minimum 21 years for the applicant
Minimum 18 years for co-applicant
Maximum 60 Years (Net Retirement Age)
Income Criteria:-
Minimum INR 25,000 for Salaried
In case of business, minimum ITR above 3 lakh
For rental purpose, minimum INR 20,000.
7. Is it hard to get?
For Eligibility:-
No, getting approval is not difficult. You just have to be eligible for that.
You must have a good CIBIL score
You must be salaried.
Minimum salary should be Rs. 25,000/-
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