Loans - The key to your dreams come true.
through the pages of an interiors magazine is always a pleasure as
for some time we are transported into a world of beautiful homes and
interiors. Owning a home that you would be proud of and love to spend
the rest of your life in and one which your friends and relatives
cannot resist complimenting is definitely a cherished dream of each
one of us.
first and foremost thing that comes to our mind when we think of
owning a home is the cost involved , the availability of funds and
whether we would be able to afford it. This seems to be made easy
in the present market conditions where the customer is king and
all the companies are making irresistible offers to woo the prospective
customer. The picture in the case of home loans seems no different
with a number of banks and other financial institutions making very
good offers making the worry regarding financing the house not so
newspapers, magazines, television and even our inbox has advertisements
from various financial institutions offering home loans at very
attractive rates and terms. Each one shouting at the top of their
voice regarding their offer being the best -the best service at
the most affordable cost. The ball is in our court now regarding
the decision of which company to approach for the Home
On conducting a detailed survey and weighing the pros and cons of
each company well and only then deciding on the loan, the amount
and the financial institution is a wise move and you would definitely
stand to gain. The offer made by the various companies are more
or less the same as no one person can charge a very high interest
rate due to the stiff competition existing in the market. Thus,
we are assured of a very good and competitive rate as customers.
The terms of loan -the repayment schedule ,the collateral required
or the amount of down payment may vary from company to company.
Generally the followed norm seems to be that of the customer making
a down payment of 10-15% of the amount of loan and the rest being
paid by the bank or financial institution concerned. Some banks
require the property papers to be provided as collateral security
time involved for processing of home loans has come down remarkably
as compared to earlier days. Only a few working days are required
for processing of the loan if all the required documents are provided
properly and on time. After checking all the required details regarding
the property, confirming the repayment ability of the customer and
checking on his credit history the home loan is passed and the amount
sanctioned which the bank or financial institution makes payment
at various stages of construction or a lumpsum payment in case of
a readymade flat or house.
are made available not only for construction or purchase of a
readymade home but also for renovating the existing house or making
some extended constructions to an already existing house. Some banks
and financial firms even provide loans for buying things required
to start up a house such as the furniture and other articles required.
Things are a lot more simpler nowadays as compared to the situation
a few years back wherein the firms would hesitate in giving loans
and at the slightest pretext put a spoke in your plans. Nowadays,
the companies are going all out by making very irresistible and
attractive offers which makes it very easy for the client to turn
his/her long cherished dreams into reality.
procedure of applying for a Home
is also made very simple by doing away with a lot of unwanted paper
work and formalities involved thus making the whole procedure very
customer-friendly. The bank or financial institution would be glad
to send a representative to your house to help you fill up the form.
The only thing required to be done by you is to make all the required
documents ready and the rest is looked after by them with you not
even having to move out of the comfort of your home in order to
avail of a home loan. Alternatively, you could also go over to the
branch with the required documents and the staff would only be too
glad to help you with the formalities involved.The new age of computers
and internet has added to the convenience provided to the customer
as it provides you the facility of sitting in the convenience and
comfort of your home and filling the application form online. Thus,
the whole procedure of applying for a home loan has come to be a
very easy and simple task rather than the very cumbersome and time-consuming
procedure it used to be. The new age banks and financial institutions
are making every effort possible in that direction.
bank or the financial institution involved ensures that you have
the ability to repay the loan as per the repayment schedule agreed
upon. The amount of loan sanctioned would depend on your repayment
ability that is your present and expected future income and the
age of the person involved on whose name the loan is taken. On being
satisfied regaring all the pre-requisites the loan is sanctioned.
The bank releases the amount of the loan (in case of a house under
construction) at various stages of construction as agreed upon on
verifying and being satisfied regarding the progress of the construction
the procedure of applying for a Home
and owning a home of your own is no longer a distant dream that
is difficult to attain. The home loans offered provide the best
possible resources for turning your dreams into reality. A thorough
survey of the available options and a proper scrutiny of the documents
and the terms and conditions offered are all that stands between
you and your dream home.
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