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

Unsecured Loans- Convenient and easy loan available online
Published by Jacky Smeth on June 25th 2012 | Loans
Whenever you are in need of small money before you got monthly salary, you should go for unsecured l...
 
Reasons to acquire secured online home improvement loan charge
Published by Ian Foster on January 25th 2012 | Finance
Home improvement loan give you a sanction once the customer will be able to get right away begin wo...
 
Long term payday loan- Avail instant money before payday
Published by Freddie Lee on July 10th 2012 | Loans
If you want to use availing money for longer time period then it is better for you to avail long ter...
 
Instant loans no credit check - Avail this loan as per your needs!
Published by Astor Roy on June 20th 2012 | Loans
If you are acquiring instant funds via instant loans no credit check then you will be able to fight ...
 
2000 dollar loan- Wonderful financial solution for borrowers
Published by Kelin Smith on June 22nd 2012 | Loans
By getting quick funds through 2000 dollar loan, you will be able to manage short-term financial nee...
 
Payday loans with debit card- Startling loan facility for you
Published by Nain Seek on January 7th 2012 | Loans
If you have debit card in your name, you can easily obtain small amount of money with the assistance...
 
Qualify for a restaurant loan with Visa/Mastercard
Published by Mathias Scott on May 14th 2012 | Loans
The restaurant business is a tough one considering the kind of competition one has. Being able to ra...
 
Holiday payday loan- Enjoy each and every moment of holiday trip
Published by Kelin Smith on May 15th 2012 | Loans
With the aid of holiday payday loan, you can enjoy happy journey with awesome moments with your fami...
 
Without proper student loan help defaulters might be in a mess
Published by Peter Paul on December 15th 2011 | Finance
Default of student loans might cause immense problems in the life of a student. At times, things mig...
 
Monthly Loans- Ideal financial loan for many borrowers of US
Published by Smith Eldwin on June 11th 2012 | Loans
Apply Monthly Loans now and enjoy life without any financial stress! This is the ultimate fiscal sol...
 
I need a 2000 dollar loan- Grab quick cash up to $2000
Published by Kelin Smith on July 2nd 2012 | Loans
By getting 2000 dollar loan, you could easily achieve financial trauma without any hassle....
 
30 day loans-Useful small loan for you
Published by David Hassia on December 13th 2011 | Loans
In order to get rid of small cash crisis, 30 day loans will be helpful for you. This loan can be ava...
 
Speed loan: Speed matters with quick individual safe loan
Published by Ian Foster on January 10th 2012 | Loans
Speed loan is connected with loans with chief difficulty and lenders assumed a cumbersome process to...
 
Payday installment loan- Flexible way to obtain quick cash
Published by Alesia Ace on May 19th 2012 | Loans
Anyone can avail payday installment loan without any hassle. This loan is the perfect financial solu...
 
One Day Payday Loans- low risk of taking loan
Published by Smith Eldwin on July 16th 2012 | Loans
By taking quick funds via One Day Payday Loans, you have the right option to meet cash worries....
 
Apply for payday loan- Convenient Payday Loans for Small Needs
Published by Jessn Donald on April 14th 2012 | Loans
Do not disturb your savings to pay off sudden expenses. Apply for payday loan and enjoy cash help an...
 
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...
 
Instant loan today- Quick loan available with reasonable interest rates
Published by Aldenn James on July 4th 2012 | Loans
If you are getting quick money via instant loan today, you have the right option to meet cash crunch...
 
90 day loan- Perfect fiscal solution to meet sudden financial needs
Published by Thoms Stuart on July 3rd 2012 | Loans
By availing 90 day loan, it is sure that you can easily get rid of any fiscal worries without any ha...
 
Savings account payday loans- Reliable financial loan for salaried persons
Published by Abish Dalton on June 30th 2012 | Loans
If you got instant funds via savings account payday loans, you can remove all financial emergencies ...