Your guide to getting a home loan in India
Home loans in India are available for both salaried and self-employed people, given that they meet the eligibility criteria. Sometimes, despite being eligible for a home loan, people find their application has been rejected by the bank.
Home loans in India are available for both salaried and self-employed people, given that they meet the eligibility criteria. Sometimes, despite being eligible for a home loan, people find their application has been rejected by the bank.
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<strong>Your</strong> <strong>guide</strong> <strong>to</strong> <strong>gett<strong>in</strong>g</strong> a <strong>home</strong> <strong>loan</strong> <strong>in</strong> <strong>India</strong><br />
Gett<strong>in</strong>g a <strong>home</strong> <strong>loan</strong> <strong>in</strong> <strong>India</strong><br />
With chang<strong>in</strong>g times, property prices <strong>in</strong> <strong>India</strong> are cont<strong>in</strong>uously ris<strong>in</strong>g <strong>to</strong>o. Steeply ris<strong>in</strong>g prices<br />
have made it difficult for <strong>home</strong>buyers <strong>to</strong> acquire a house of their choice. For people with low<br />
budgets and big dreams, a <strong>home</strong> <strong>loan</strong> seems like the way out for purchas<strong>in</strong>g a property of their<br />
own.<br />
Home <strong>loan</strong>s <strong>in</strong> <strong>India</strong> are available for both salaried and self-employed people, given that they<br />
meet the eligibility criteria. Sometimes, despite be<strong>in</strong>g eligible for a <strong>home</strong> <strong>loan</strong>, people f<strong>in</strong>d their<br />
application has been rejected by the bank.<br />
Aga<strong>in</strong>, when it comes <strong>to</strong> <strong>home</strong> <strong>loan</strong>s, people do not always get the desired amount on <strong>loan</strong>, as it<br />
is fixed by the bank after evaluat<strong>in</strong>g the borrower’s capacity for repayment.
Steps that you must follow <strong>to</strong> get a <strong>home</strong> <strong>loan</strong><br />
There are numerous steps <strong>in</strong>volved between apply<strong>in</strong>g for a <strong>home</strong> <strong>loan</strong> <strong>in</strong> <strong>India</strong> and actually<br />
receiv<strong>in</strong>g the money. The application process itself is a lengthy one, as a part of which the<br />
applicant has <strong>to</strong> furnish various documents, like identity proof, age proof, address proof,<br />
educational and professional details, bank statements, and so on. Next, <strong>in</strong>dividuals need <strong>to</strong> pay<br />
the process<strong>in</strong>g fee, follow<strong>in</strong>g which the bank will evaluate their case and their repayment<br />
capacity.<br />
Once that is done, the bank next drafts an offer letter, which is <strong>to</strong> be duly signed and returned by<br />
the borrower. Next is the property verification, which is carried out by officials from the bank. It<br />
is only when the bank f<strong>in</strong>ds everyth<strong>in</strong>g <strong>in</strong> place that they go forward with disburs<strong>in</strong>g the <strong>loan</strong><br />
amount.<br />
What do mortgage guarantee backed <strong>loan</strong>s do?<br />
Mortgage guarantee backed <strong>home</strong> <strong>loan</strong>s have proved <strong>to</strong> be an effective <strong>to</strong>ol <strong>in</strong> simplify<strong>in</strong>g the<br />
hassles related <strong>to</strong> borrow<strong>in</strong>g and moneylend<strong>in</strong>g. By help<strong>in</strong>g manage the credit risks on <strong>home</strong><br />
<strong>loan</strong> contracts, it encourages lenders <strong>to</strong> offer higher <strong>loan</strong>-<strong>to</strong>-value and longer repayment periods<br />
<strong>to</strong> borrowers.<br />
So, irrespective of the hous<strong>in</strong>g <strong>loan</strong> <strong>in</strong>terest rate <strong>in</strong> <strong>India</strong>, with a mortgage guarantee backed<br />
<strong>home</strong> <strong>loan</strong> from IMGC, borrowers can conveniently buy a house of their preference.<br />
IMGC<br />
Address: - 9A, DLF Cyber City,<br />
DLF Phase 2, Sec<strong>to</strong>r 24,<br />
Gurugram, Haryana 122002<br />
Contact: - 0124 465 4900<br />
Website: - http://www.imgc.com/
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