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 your dream home. 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 provide 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 the top-up on mortgage 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 father is the co-applicant. Now she is getting married and moving abroad and her father is not able to pay the loan by himself, in this case, he can transfer the loan to his brother who is able to pay the loan keeping his father as the co-applicant.

2. Can mortgage loans be taken jointly?

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

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

3. Do you require an Initial Payment?

No, it does not require any initial payment. In housing loans, part of the payment is made. 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 property insurance necessary when taking out a mortgage loan?

It could not be imposed on an individual, but in some banks it has become compulsory to take out property 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 need to be sure of the money you have taken from the bank and in this case you need to 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 in your best interest to avoid any worries.

5. How does the credit score affect taking a mortgage loan?

Credit score/liable score is the most important factor when applying for a loan. When you apply for a home loan, your credit 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 out any other loans when needed.

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 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 hard 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/-