Taking a Home Loan? Points to Remember
Everything you need to know before applying for a Home Loan:
Taking a home loan is one big step that brings you closer to your dream home. Deciding to take a loan could be complicated at times for which you need to prepare yourself beforehand and you must be well aware of the terms and conditions. You must understand the loan structure before you apply for the process.
Superbanks allow you to choose among 40+ Banks and NBFCs as you deserve the best. Superbanks provide services that make it much easier to get your loan without wasting much of your time.
You can easily get doorstep services while applying for your home loan with minimal paperwork and get your loan approved within 48 hours without any hustle.
Moreover, you can also avail of top-up at-home loan rates.
Here are the key points to remember:
1. Can home loans be transferred to another person?
Yes, but a few terms and conditions are applied, mainly within the family members who are within the capacity to pay. For example, Client A has taken a loan and her father is the co-applicant. Now she is getting married and shifting abroad and her father is not in the condition to repay the loan all by himself, in this case, she can transfer the loan to her brother who is in the capacity to repay the loan keeping their father as the co-applicant.
2. Can home loans be taken jointly?
Yes, it is possible to take home loans jointly but only within the family. For example, Let’s say, there’s one married couple who wants to sanction a loan. Husband earns upto Rs. 50,000/- and wife earns upto 30,000/-
So, now if they wish to apply for a loan they can do so jointly, as through this they can apply for a higher amount of loan and it will get easily sanctioned.
3. Does it require Down Payment?
No, it doesn’t require any down payment. In home loans part payment is done. Let’s say, a person called 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 like this he can pay for the loan’s amount in parts.
4. Is property insurance necessary while taking a home loan?
It could not be imposed on an individual, but in a few banks, it has become mandatory to take property insurance while taking a loan.
Property insurance ensures that your property is safe and could be recovered if any harm is caused. As banks need to be secure of the money that you have taken from the bank and in this case, you need to take good care of your property.
To date, few banks or NBFCs have not made it mandatory to take property insurance but it is beneficial for you to avoid any concern.
5. How does taking a home loan affects the credit score?
Credit score/cibil score is the foremost important factor while applying for a loan. When you apply for a home loan your cibil score improves as you add 100 points to your credit score and it is always good to have a higher credit score. You have to be sure that you are paying your EMI’s on time to maintain a healthy credit score as it benefits taking any other loan if and when required.
6. What are the criteria for getting a home loan?
Here are a few criteria by which you can take home loans easily.
Age Criteria:-
Minimum 21 yrs for the applicant
Minimum 18 yrs for co-applicant
Max 60 yrs (Net Retirement Age)
Income Criteria:-
Minimum INR 25,000 for Salaried
In the case of business, a minimum ITR of over 3 Lakh
For rental purposes, a minimum of INR 20,000.
7. Is it hard to get?
For eligibility:-
No, It’s not hard to get an approval. You just have to be eligible for that.
You must have a good CIBIL score
You must be salaried.
The minimum Salary must be Rs. 25,000/-
