Apply for a Housing Loan and Buy Your Dream Home

With inflating property prices across the country, affording even a small sized flat/apartment may leave you financially drained. With property prices soaring rocket high, it has become almost impossible for even a middle class man to afford a flat. There are a number of banks as well as financial institutions which are known to provide different types of home loans to provide assistance to such people who are financially in need. Not only do they provide assistance to those people who desire to purchase homes but for a variety of other reasons such as for repairing damaged parts of their home, renovation of the house or even to extend the house.

Housing loans are funds which are provided by a bank or a financial institution so as to help a person in the acquisition of property. These types of loans play an extremely important role in helping people either buy a new home or construct one. There are many other cases where these loans can be used such as for extension, improvement or repair.

Some of the housing loan eligibility conditions that a person needs to meet before applying for these loans includes:

The person needs to be an Indian resident or an NRI

The person has to be above the age of 21 years

The person has to be below the age of 65 years when the loan matures

The person should either be salaried or self-employed

The person should be worthy of credit facility

There are a number of online tools which help a person to determine their eligibility. One of the tools is the Housing Loans eligibility calculator. This calculator helps to provide valuable information about one's loan eligibility.

There are many different types of loans and they may vary from person to person; depending firstly on how much he wants and largely on his ability to repay the loan amount. The loan amount that is given is also dependent on the age of the person as well as his/her income. These loans are available to everyone, with the only exception that they are not provided to minors i.e. people who are below the age of 18 years.

They may be taken by professionals, salaried individuals; NRI's or even self-employed individuals. There are mainly three stages involved in transferring the home loan from the lender to the borrower. These three stages include:

Filled applicant forms along with necessary housing loan documents: The borrower will have to submit a duly filled housing loan application form along with all the necessary documents that are required.

Sanction: This refers to allotting the housing loan to the borrower. This is based on the age of the borrower, his/her repayment capacity as well as the value of the property.

Disbursement: This refers to the process whereby the loan is transferred from the lender to the borrower.

[Source: http://www.sooperarticles.com/finance-articles/loans-articles/apply-housing-loan-buy-your-dream-home-1271021.html?]