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Banks, on an average, take around ten to fifteen working days to sanction and disburse a home loan, but this time frame might differ from bank to bank depending on their internal policies. Documentation related to the property and income proof also plays a vital role in impacting the total turnaround time. Having all the required documents in order can reduce the disbursal time significantly.
Buying a dream home can be an overwhelming experience, which makes most of the people jump into a home loan agreement without thinking about the post-disbursement services. Choosing a financer with a good track record of after-sales service is important, as only a bank with a solid system can provide regular account statements and on-time interest certificates every year. Not having these documents will surely give you a headache, especially when you are about to file your tax at the end of a financial year.
While finalizing a home loan, property buyers should make an inquiry about how responsive their financer is, particularly when it comes to changing the interest rates in response to repo rate cuts by the Reserve Bank of India. A clarification on the responsiveness of the banker can benefit you to a great extent not just for now, but also in the long run.
Everything you need to know about Home Loan Kolkata
Before making a decision on Home Loans Kolkata, you must know all aspects of it. As the cons of it are nothing (only with a thing, that you must be assured enough to pay EMIs regularly and must know your future plans and source of income), there are many other factors which a person needs to know, before deciding finally on the Loan scheme.
Understand every aspect of Tax Benefits
Understanding on how you save your taxes with the Home Loans is one of the best ways to save quite a good amount. Under the dictates of the Income Tax Act, you can claim benefits under Section 24 on the interest payment you make.
Choose the right Home Loan
Making a decision on right home loan is utmost important just as buying a home for you. Choose the right lender, understand the convenience offered, understand the interest rate component, know about bullet payment, know all details on balance payment and understand your rights regarding pre payment conditions.
Understand what is Home Loan Eligibility
Understanding home eligibility is one important factor, which makes you aware on how can your loan application gets rejected and what are your chances for the loan applications to get approved.
Understanding of CIBIL Score
A CIBIL score is an individual’s financial stability, and helps lenders assess their financial credibility. CIBIL is India’s first credit information bureau, which is a repository of information of repayment track record on your loans and credit cards.
Reasons for disapproval of loan application
There may be several reasons for the disapproval of your loan application which includes not enough income, bad CIBIL Score or ongoing EMIs.