How to get Housing Loan for Government Employees ?
Owning a house is a dream of every person in India. By the way, It creates sense of accomplishment and ownership. Creation of asset makes everyone happy in the family. Mainly, It stands for generation as identity of family. Most people take housing loan for purchasing a home. As buying a home involves huge amount due to high real estate price. S & P Bank Loan Services offers the Best Personal Loan Consultation for Government Employees.
Creating asset
Housing loan helps you to buy the house and pay the loan amount in EMIs for many years. With the advantage of creating asset, it offers lot of benefits too. Let’s discuss the advantage of housing loan for Government Employees
Advantage of Housing Loan for Government Employees
Capital Appreciation:
Over the last few decades, property prices keeps appreciating. Investing in house is the smartest move considering capital appreciation. Likewise, Rent also keeps increasing year after year. Therefore, buying property and paying EMI saves the rent in monthly budget.
Tax Benefits:
Housing loan also helps in saving income tax. It allows deduction on both interest on housing loan and installment on housing loan. There are deductions available for buying second house also in some cases. We help you in calculating correct deduction available for your housing loan.
Improves Credit Score:
Paying EMI of housing on or before due dates helps you to improve credit score. You can also apply for car loan, personal loan or another housing loan based on your eligibility.
Easy to buy dream home:
It is not easy to buy a home with huge amount of cash in hand. Bank loan comes to rescue to buy a home with only 10%-15% down payment. It allows to pay the loan amount with highest repayment tenure. Repayment tenure generally more than 20 years.
No Prepayment charges:
Generally other loans have prepayment charges when prepaid before tenure. No prepayment/foreclosure charges when you pay few/ all installments before actual tenure.
Different Products of Housing Loan:
Lenders also offer different types of housing loans. .Lenders offer loan for land buy first. After certain time, you can construct a house in the purchased land. This type of loan is loan for buy of land. Lenders offer loan to buy a new or per-owned home which is loan for Home purchase.
Loan for house renovation or house extension or for house repairs
Lenders offer loan to build a house as per your wish than buying already built house. This type of loan is loan for house construction. Lenders offer separate products for buying residential flats too. In Fact, Lenders also offer loan for house renovation or house extension or for house repairs. Of Course, Lenders offer various housing loan products. Choose the right product based on your need. We are there to support with best suited product for you.
Documents required for housing loan of Government Employees:
Duly filled in loan application, passport size photograph, identity and address and income proofs and bank statements. Identity proof includes PAN, driving license, Voter id , rent agreement and passport. It also requires property papers. Income proof includes Form 16, Income tax proof and last 6 months bank statements. It also includes loan statement availed if any.
Find the Best Personal Loan Consultants for Employees working in Govt Sectors
Most of the bank need NOC from government organization for applying housing loans. Many government organization have tie-up with banks for housing loan of its employees. Those tie-ups will have better interest rates and offers. Find the Best Personal Loan Consultants for Government Employees.
Eligibility Criteria for Home Loan:
CIBIL Score:
As you are aware like any other loan, banks takes CIBIL report and check for your credit health. Banks take application generally when the CIBIL score is above 700. By all means, Please visit our article on CIBIL score to know more about the credit score and tips on improving it. Once CIBIL score is satisfactory, bank proceeds further for other parameters.
Other Parameters:
Other parameters are Age, Income, Repayment Capacity and Property Papers. Generally, minimum age for applying loan is 23 years. Based on your monthly income, monthly expenses and other loan EMIs, if any bank decides loan amount. Bank verify Property papers. This includes sale agreement, construction agreement, previous year title deeds and Encumbrance Certificate.
Bank officials visit the property before approving the loan. Once the loan is approved, bank keeps the sale deed under their custody. They hand over the sale deed only after closure of housing loan. Always housing loan is a secured loan.
Consider all the points discussed before taking housing loan. Most of all, We are always there to help you with all support for approving your housing loan for Government Employees.