Below mentioned are the different factors that determine your home loan availability.
For identity verification, you will require any of the mentioned documents - Bank Passbook, Employee id, Voter’s ID card, Pan card, Passport, Driving License.
Apart from income proof, you will need to show investment proofs – which can be fixed deposits, investments in shares or mutual funds.
Last 3 years profit & loss balance sheet duly signed by a Chartered Accountant.
Other than these documents, there are also few factors that affect the sanctioning of home loan.
Your CIBIL scoreA higher CIBIL score enhances your possibility to get a home loan and having one before applying for the loan adds weight to your loan application process.
So, it becomes necessary to repay all your debts, including credit cards or any previous loans on time to have a good credit score. Any outstanding debts or delay in payments affects the CIBIL score negatively leading to the cancellation of home loan.
Adding a co-applicantThe co-applicant can be your financially independent spouse or any of your children. A co-applicant with a higher CIBIL value can help you increase your chances of getting a home loan; this will help you to get a higher loan amount and will also reduce the EMI outflows. You can also reap higher tax benefits as compared to a single applicant.
Before you leap for a home loan, it is necessary first to analyse your repayment capacity, that depends upon your income and your investments so that it doesn’t end up to be a costly affair.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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