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

Money loan bad credit- Great fiscal assistance for all!
Published by Kenim Wids on December 10th 2011 | Loans
Anyone who needs urgent cash may easily apply for money loan bad credit scheme without making any hu...
 
No faxing payday loan: Money Approved with Easy Features
Published by Albann James on May 9th 2012 | Loans
No faxing payday loan is the monetary assistance that is approved without collateral and no credit v...
 
60 day loans- Take loan comfortably to meet cash hurdles
Published by Karen Rase on July 3rd 2012 | Loans
If you are availing 60 day loans, you have the right option to fight against financial emergencies. ...
 
Checking account loans- Reliable loan to manage daily expenses
Published by Honard Nork on July 14th 2012 | Loans
No doubt, checking account loans will help you to fight against cash emergencies. So, never miss out...
 
1 month loan- Cash advance for salaried people of UK
Published by Martin Bale on July 3rd 2012 | Loans
If you are obtaining quick funds via 1 month loan, you have the right option to solve unexpected fis...
 
Private school loan for bad credit- Ultimate way to gain valuable money
Published by John Simen on July 11th 2012 | Loans
By availing quick funds through private school loan for bad credit, you can manage financial needs o...
 
Salary advance loan: Instant Access of Money against Coming Salary
Published by Gamin Kils on July 18th 2012 | Loans
salary advance loan is mainly introduced for people having some necessary expenses and looking for a...
 
Useful facts about refused loan
Published by Julia Bennet on June 28th 2012 | Loans
People with bad credit need a loan in order to be able to deal with their expenses but the truth is ...
 
Money loans with bad credit- Feasible loan made for you!
Published by Vikon Nail on June 1st 2012 | Loans
By taking quick cash from money loans with bad credit, you have the provision to utilize money in ma...
 
Debit Card Loans- Ideal choice of loan to fight cash emergencies
Published by Kelvin Lopez on June 29th 2012 | Loans
If you are taking quick funds via Debit Card Loans, you can instantly relieve unexpected fiscal worr...
 
500 fast cash loans- Small loan with easy repayment tenure!
Published by Thomas Symends on January 7th 2012 | Loans
For fulfilling your immediate needs of money, it is better for you to avail 500 fast cash loans so t...
 
Paycheck today- Fast cash loan available online to help borrowers
Published by Abnir Bond on May 15th 2012 | Loans
Paycheck today is a fast cash support available online. With the loan, you can manage monthly financ...
 
Get a loan now- Easy Loans for Those with Poor Credit Score
Published by Ryan Harten on February 27th 2012 | Loans
Get a loan now provides you with a safe route to end the financial crises in your life. Easy applica...
 
Avoid the trap of a defaulted student loan
Published by Michelsmith on December 2nd 2011 | Finance
A defaulted student loan can spoil your career as well as your future family life and hence take the...
 
24 hour loan - Grab money instantly to overcome monetary crunch
Published by Alex Abigil on June 12th 2012 | Loans
By getting quick funds through 24 hour loan, it is quite easy for you to overcome financial woes wit...
 
No teletrack payday loan- Cash assistance for salaried persons
Published by Luck Wright on April 23rd 2012 | Loans
If you have taken instant funds via no teletrack payday loan, you can achieve financial trauma with ...
 
Fast cash loan today- Get cash and overcome instant financial requirements!
Published by Thoms Stuart on January 12th 2012 | Loans
Whenever you are dealing with any financial hardships, you need to apply for fast cash loan today sc...
 
Mobile payday loans- short term cash loan available online
Published by Alesia Ace on June 30th 2012 | Loans
If you are availing mobile payday loans, you can easily acquire instant funds up to $1500. The funds...
 
Money loan bad credit- Quick money loan with easy repayment option
Published by Kenim Wids on December 20th 2011 | Loans
Even if you have bad credit scores, you can now get instant money with the aid of money loan bad cre...
 
1000 loan no credit check-Obtain small fund to overcome financial difficulties
Published by Adam Felix on November 28th 2011 | Loans
In order to fulfill your personal small needs of money, you can apply for 1000 loan no credit check ...