5 Step Home Loan Easy Process

Unlike buying apparels online, Home Loan requires long term commitment to EMI. Buying a Dream Home can turn into nightmare if due diligence is not given to fine prints. Bank Agents are mainly sales Agents and not really financial advisers.

STEP 1.  Know Your ELIGIBILITY

Different individuals have different loan eligibility, determining one’s eligibility is a crucial and effective way to start the home loan application process. Once you establish the understanding of loan amount eligibility, you can safely arrive at a loan amount you can borrow from the banks.

STEP 2: Compare Across All Banks and Housing Finance Company

There are more than 35 Banks and they are all competing for sales target. It is important to note that ‘Customer’ is king. A Loan Applicant Ends up paying double the principal amount during the loan tenure. Taking a Home Loan of 60 lakhs for 25 Years @ 9.6% you will end up paying 1.3 Cr.

 

Loan Easy portal gives maximum loan data comparison in minimum inputs. Simply Key in 2 details and compare across all Banks in India. Contact chat support to understand Bank comparison data.

STEP 3: Home Loan Documents:

Documentation is a frustrating and time consuming process. 60% of the delay is due to documentation hassles.

Know what all documents will be required and get them ready. Insist on handing over all documents on the same day to the Bank Representative.

STEP 4: Bank Processing Charges:

When you apply for Home Loan to a Bank, various charges are levied for processing the loan. These include documentation, legal and credit check charges. The charges are between 0.25% to 0.5% of loan amount or capped to a maximum value.

 

 

Step 5: Tax Benefits on Home loan

Interest component:

Under Section 24, Interest amount paid to the bank can be claimed for exemption from Income tax. You can claim upto Rs. 2 lakhs or the actual interest paid over the period of that financial year (whichever is lower)

[Source: https://loaneasy.in/5-step-home-loaneasy-process/]