Mr. Suleman Sayeed, a resident of Lucknow, and banking personnel by profession wanted to purchase a home for long, but a shortage of funds was the main issue.
He had heard about the bank staff Housing Loan being made available by leading banks and non-banking finance companies (NBFCs) to help fulfil his dream. Having said that, he lacked the basic idea of availing a Home Loan.
In the same context, let’s provide you some easy-to-follow steps to avail a bank staff Housing Loan. Have a look!
Steps for Bank Staff Housing loan:
Research
If you are planning to buy your dream home with the help of a Home Loan, you will need to research about the Home Loan eligibility and other terms of the lenders. You can also go to a lender’s website and use the eligibility calculator to determine your eligibility free. Also, check Home Loan interest rates offered by different lenders so that you opt for an affordable deal and make it manageable over a longer tenor. Shopping around and comparing various deals on bank staff Housing Loan on third-party websites is another smart way to checkout multiple deals easily.
Opt for Fixed Interest Rate
It would be better if you finalize a Home Loan deal that offers you fixed Home Loan interest rates so that you pay a fixed Home Loan EMIs during the tenor. It is vital to note as opting for a floating one means being dependent on market conditions. As a result, your Home Loan EMI may go up and down. Thus, if you don’t want to take the risk of paying unknown EMI amount each month, opt for fixed Home Loan interest rates.
Check Eligibility and EMI Beforehand
Sometimes it may happen that you may be loan confident, but your Home Loan application gets rejected. Why? It’s because some people don’t check their eligibility and EMI that their income can afford and apply without thinking. Thus, it would be advisable to check your eligibility with Home Loan eligibility calculator available at a lender’s website free. You can also check your loan EMI that you would pay for the desired loan amount by using Home Loan EMI calculator available at a lender’s website free.
Check your CIBIL Score
Since your lender will surely pull out your Credit Score while assessing your Home Loan application, nothing will prove your creditworthiness more than a CIBIL Score. A CIBIL Score that reads 750+ out of 900 is an ideal score that lenders prefer. You can always improve your CIBIL Score by paying your existing loan EMIs, credit card outstanding and more bills on time and in full.
Application and Documentation
Once you are sure of the above-discussed norms, you should apply for a Home Loan online and submit the application form. After submitting the application online, the next thing that you should prepare is a list of some standard documents required for Home Loans. Check with your lender for a final list and furnish it accordingly.
Deal Finalization and Money Disbursement
Once your application is approved and you submit the documents, there will be valuation report prepared by your lender after the verification of the property. If there are no issues with the property, it will be approved, and you will be called to register and sign the loan agreement. Once that happens, the required Home Loan money will be deposited into your bank account.
The Bottom Line
Now that you are clear of the basic steps to availing a bank staff Home Loan, you can quickly follow it if you are all set to purchase a home on a Housing Loan. All the best!
