Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Checklists for getting Housing Loan

By Axisbank Subscribe to RSS | June 14th 2012 | Views:
loading
 
  



Buying a house can surely turn out to be a financial burden both for citizens of India as well as for non-resident Indians (NRI’s) had housing finance companies and banks not come into existence. There are many government and private organizations that are always ready to help the individuals to obtain the housing loans at cheaper interest rates.

These housing finance companies work towards the main objective of providing housing finance loans to the individuals. However, a lot many things go into the process of providing a housing loan one of them being interest rates variability and their computation method.

One of it is checking out on how the calculation of housing loan interest rates. While EMI (equated monthly installment which is a mode of loan repayment) has to be mandatorily being paid on the housing loan taken, the way the housing loan EMI is calculated is also important.

There are two ways in which EMI on a housing loan can be calculated – (1) monthly reducing basis (2) Annual reducing basis.

The logic of differentiating them is fairly simple. While the base EMI calculation is the same, it differs the way in which you pay-off the EMI whether monthly reducing or annually reducing basis. When calculating on the monthly basis, one ends up paying less since the calculation is done on lower principal as against the annual reducing basis.

One can also utilize home loan emi calculator which gives instant results.

Along with the interest rates which need to be checked out, one also needs to validate certain applicable eligibility factors which are as under:

Income:

Housing finance companies more often than not finance 85% of the value of the property but this varies from banks to banks. Apart from this, the banks also check the individual financial strength of the person which checks the loan repayment capacity of the person.

Credit History:

While financial strength of the borrower is important, his financial credit history is equally important. This housing loan eligibility check helps gauge a bank whether the borrower will pay back the housing loan on time or not.

Personal Profile:

This is also important as it indicates personal traits of the person, the number of dependents, and the qualification which indicates the source of income of the person. All of these factors act as a checklist for the banks to gauge the credentials of the housing loan borrower.

Age:

Age of the applicant and the co-applicant is also one of the factors to decide how capable he or she is in returning the loan. For example if the housing loan borrower is 45 years old and would retire at the age of the 65 years of age, he may get 15 years loan only.

Demographics of the property:

Along with the demographics of the person, that of the property is equally important for the housing finance companies. Factors like the age of property, the total size of the flat, the carpet area form the checklist points for the housing finance companies.

Upon qualification of these factors, one can easily qualify for the housing loan from a good company and can purchase his or her own dream house.

Axisbank - About Author:
The author is a seasoned professional in the financial sector and through his writings guides people in securing good housing Loan. He recommends opting for the emi calculator for home loan to calculate your monthly EMI before buying a Home Loan.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/checklists-for-getting-housing-loan.htm

Related Loans Articles Subscribe to RSS

Installment loans for bad credit- Offers the flexibility of getting loan
Published by Ross Futher on May 19th 2012 | Loans
To overcome quick fiscal worries, you have the right option to avail installment loans for bad credi...
 
5000 Loan for Bad Credit - at this point is 5 impressive as loan
Published by Alan Poly on February 22nd 2012 | Finance
1500 loan for bad credit is tailor completed for you, if your requirements are in the range of 5000 ...
 
Small payday loan- Impeccable fiscal solution for salaried people
Published by Abell Bush on April 13th 2012 | Loans
By acquiring quick cash through small payday loan, you can combat unforeseen financial trauma with e...
 
Short term loans bad credit- Special loan for bad credit people
Published by Alex Abigil on June 7th 2012 | Loans
In fact, short term loans bad credit is a great fiscal plan especially designed for bad credit peopl...
 
Online Payday loans Georgia-Attractive loan scheme for everyone!
Published by Denis Deny on December 6th 2011 | Loans
With Online Payday loans Georgia, one can easily overcome cash crisis that you meet in your daily li...
 
Long Term Cash Loans for Bad Credit- Best deal of loan for American
Published by Jaker Kmith on March 23rd 2012 | Loans
If you want to use money for longer period, it is better for you to apply Long Term Cash Loans for B...
 
Ez pay loan- Obtain quick money as per your personal needs
Published by Freedy Cort on June 25th 2012 | Loans
If you are taking ez pay loan, you can easily grab quick funds of up to $1500. The amount is so usef...
 
Internet loans- Avail quick cash with comfort of your home
Published by Karen Rase on July 10th 2012 | Loans
By acquiring quick cash from internet loans, you can overcome unexpected financial needs without any...
 
Salary advance loan: Rewarding Option of Money
Published by Gamin Kils on June 15th 2012 | Loans
Salary advance loan is really an amazing cash support for you, which can be enjoyed without any toug...
 
Teletrack payday loans- Easy cash loan available online
Published by Malen Cheks on May 10th 2012 | Loans
By acquiring quick cash via teletrack payday loans, you have the right option to fulfill unexpected ...
 
Personal Instalment loan Bad Credit – Availing Cash with Bad Credit is Possible
Published by Astor Roy on November 26th 2011 | Loans
This personal instalment loan bad credit scheme is only offered for the USA people who stay in USA a...
 
500 cash payday loan- Useful loan with easy repayment option
Published by Georgia Bart on December 6th 2011 | Loans
With 500 cash payday loan, you can obtain fund of $500 to overcome small cash crisis with ease....
 
Check into cash payday loans- the best loan deal for tough times
Published by Riyt Leson on July 24th 2012 | Loans
By taking quick funds via check into cash payday loans, you can easily get rid of any kind of financ...
 
2000 dollar loan with bad credit - Withdraw those past fiscal worries now!
Published by Kelin Smith on May 24th 2012 | Loans
In order to get rid of any fiscal woes, it is better for you to apply 2000 dollar loan with bad cred...
 
Payday loans Canada- Get quick cash in the form of loan now!
Published by Joen Henry on May 23rd 2012 | Loans
By taking quick cash from payday loans Canada, you have the facility to fulfill unexpected credit wo...
 
I Need 100 Dollars Now - Small loan with valuable offers for you!
Published by Jacob Madox on June 12th 2012 | Loans
If you want to borrow small funds, it is better for you to seek about 100 dollar loans available onl...
 
Most excellent home mortgage calculator plus home buying tips
Published by Andrew Watson on December 30th 2011 | Finance
For a number of people it certainly is very much common to look around for best mortgage calculator....
 
Personal Unsecured Loans: Security gratis loan with passive charge
Published by Steve Matthew on February 15th 2012 | Loans
Personal Unsecured Loan present online lenders at spirited charge secondly and if you pertain to ban...
 
Quick cash loan- Quick money during financial catastrophes
Published by Jared Kripps on April 5th 2012 | Loans
Quick cash loans tender you small sum just within minutes once you apply online for it. The eligibil...
 
90 day loan: Convenient Loan Assistance
Published by Zerif Berson on July 24th 2012 | Loans
90 day loan is an effective and small term loan deal where you can arrange required money to deal wi...