How long have you been thinking of purchasing a home but could not come finally come to a decision? Well, your waits end in 2018 with the property prices lying at the bottom and are expected to surface up as soon as the developers get adapted to the conditions of RERA (Real Estate Regulatory Act.
RERA has already brought an end to the uncertainty regarding the delay of property possession. Besides, the market is going to get rid of those fly-by-night developers who won’t be able to sustain without having registered their projects. As a result, only those properties will be made available to you that are in compliance with RERA thereby, securing your rights.
So, instead of sitting on the fence, make use of the upcoming quarters when the market is going to act as per your choice. But, before coming to a decision you need to get prepared in the following ways:
First and foremost, you have to obtain an assessment of your present financial position that is essential for taking a home loan. An individual with only a credit score above 700, is eligible for a home loan. Your loan application will be quickly approved by the banks if the score lies anywhere between 750 and 900. Thus, you need to get a credit report from Credit Information Bureau India Limited or any such authorized agency by submitting an application on its website.
Credit ratings also get improved through a flawless past record of your loan payments if any. The closing of auto or personal loans is necessary before you apply for a home loan, especially if it is the biggest amount you have ever borrowed as a loan. For the easy management of payments, bring down the number of credit cards used by you and don’t buy a new one. The credit card payment is also taken into account by the agency for preparing the report.
Other than the identity and address proofs, you will have to furnish your PAN card, salary slips and bank statement of the previous 3 months and 6 months respectively. Income tax returns for the last 3 financial years will also be asked for by the bank during your home loan application. Make sure that you have all of these ready at hand and in a perfect state.
The amount of down payment within 10 to 20 % has to be arranged and kept ready while the home loan will finance the rest of the amount. Another thing you need to know is that the chances of negotiating with the seller become high if your home loan is pre-approved.
Hope, this information will help all the buyers out there. For closing a smooth deal, you may contact Transventor Property Management Services Pvt Ltd. We offer end-to-end solutions for the rent, sale or purchase of a property so as to leave a smile on your face.