Tips to Avail Easy Home Loans To Realize Your Dream

If you’re looking to buy or build a home in Kannur, you may need some extra funds. Today several financial institutions in India offer easy home loans at low rates. However, you need to take care and make sure that you submit your application in such a manner that it won’t get rejected.

Most people are not aware how to go about it, so here we present some tips to remember:

• Assess your financial situation: list your assets, combined family revenue per month as well as per year, existing loans, recurring expenses, projected down payment and so on. Put yourself in the shoes of the lender, and make a frank evaluation of the things they would consider most important like income, credit history and debt service ratio – the part of your income that will go towards loan repayment.Review your credit history: Don’t ever be under the mistaken impression that unpaid bills of long ago will be ignored. They will come back to haunt you, and how! All financial institutions share information about unpaid and defaulted loans. Go through your records, and make sure that you pay all unpaid bills, especially loan installments, credit card bills and so on. A good place to start is by checking your CIBIL score. The range is from 300 to 900; the closer your score is to 900, the quicker will your application be processed. Anything over 700 is good for a housing loan. If you have a low score, check what bills are unpaid, and clear everything before you apply for a loan.
• Maintain stability: Any lender would like to avoid potentially risky clients so you need to be careful, and maintain a stable cash flow. Keep debts to minimum, don’t apply for any new loans – like for buying a car – and don’t change jobs unless you’re being offered a higher salary!
• Budget: Check how much you can spend on your new home, regardless of whether you’re buying a readymade house or going to construct one. Be realistic – your dream home in Kannur has to be something that you can afford too.
• Savings: Apart from paying off all old bills and loans, also make sure that you have a sufficiently large balance in your savings account. The quickest way to drive away lenders is to approach them with a near zero balance savings account. After all, they need to know that you have the resources to lay down the down payment, and pay the installments as well.
• Documentation: Any lender who provides finance at easy rates will want comprehensive documentation; make sure you have all your documents with you, with sufficient photocopies: Aadhar card, PAN, (absolute must) and whatever Government issued IDs you have, bank passbook or statement, income proof, IT returns, documents provided by the builder or property developer in Kannur mentioning the cost (or an agreement or contract with them) and so on.
• Prompt communication: your lender may want some extra documentation, or have some other queries for you. Make sure that you respond to emails and messages promptly so that your loan can be processed without delays. If you delay in responding, the lender may just toss your application to the side.

Looking to build your dream residence in Kannur? We at KMG Developers can build it quickly, at affordable cost and without compromising on quality. Don’t believe us, see for yourself! Visit any of our completed or ongoing projects. You can also check out our website: http://kmgconstructions.com/ for more information.

To avail quick and easy home loans from leading banks or housing finance institutions give us a call on +91 989 5151 440 and we will take care of the rest.