Everything you need to know before applying for a Home Loan:

Taking out a home loan is that big step that gets you closer to the home of your dreams. Deciding to take out a loan can be complicated at times for which you need to prepare in advance and be familiar with the terms and conditions. You must understand the structure of the loan before applying for the process.

Superbanks gives you the opportunity to choose from more than 40 banks and NBFCs as you deserve the best. Superbanks provides services that make it much easier to get your loan without wasting a lot of time.

You can easily get in-home services while applying for your home loan with minimal paperwork and get your loan approved within 48 hours without any rush.

In addition, you can also take advantage of recharge at home loan rates.

Here are the key points to remember:

1. Can home loans be transferred to another person?

Yes, but few terms and conditions apply, mainly within family members who are able to pay. For example, client A has taken out a loan and his parent is the co-applicant. Now she gets married and moves abroad and her father is not able to repay the loan by himself, in this case, she can transfer the loan to her brother who is able to repay the loan by keeping her father as the co-applicant.

2. Can mortgage loans be taken jointly?

Yes, it is possible to take home loans jointly, but only within the family. For example, let’s say there is a married couple who wants to sanction a loan. The husband earns up to Rs 50,000/- and the wife earns up to Rs 30,000/-

So, now, if you want to apply for a loan, you can do it jointly, since through this you can request a larger loan and it will be easily sanctioned.

3. Does it require Initial Payment?

No, it does not require any down payment. In housing loans, part of the payment is made. Let’s say a person named Aman takes a loan of Rs 10 lakh and in the initial year he pays 20% to the bank, then in the next year he pays 40%, similarly he can repay the loan amount on Share.

4. Is homeowners insurance necessary when taking out a mortgage loan?

It could not be imposed on an individual, but in some banks it has become mandatory to take homeowners insurance while taking out the loan.

Property insurance ensures that your property is safe and could be recovered if any damage is caused. Like, banks should be sure of the money you have taken from the bank and in this case you should take good care of your property.

To date, few banks or NBFCs have not made it mandatory to take out property insurance, but it is to your advantage to avoid any worries.

5. How does taking a home loan affect my credit score?

Your credit score/cibil score is the most important factor when 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’s always good to have a higher credit score. You need to be sure that you are paying your EMI on time to maintain a healthy credit score, as you benefit from taking any other loan when necessary.

6. What are the criteria to obtain a mortgage loan?

These are the few criteria by which you can easily take home loans.

Age criteria: –

Minimum 21 years old for the applicant

Minimum 18 years for co-applicant

Max 60 years (net retirement age)

Income criteria: –

Minimum INR 25,000 for Employee

In case of business, minimum ITR of more than 3 Lakh

For rental purposes, minimum INR 20,000.

7. Is it difficult to get?

For eligibility:-

No, it is not difficult to get an approval. You just have to be eligible for it.

You must have a good CIBIL score

You must be salaried.

The minimum wage should be Rs 25,000/-