Home Loan Application Process - Things to Consider - Home Loan Stories - Kotak Bank

Getting a home has become one of the important investment decisions today. This has led to the rise in home aspirants turning to avail home loans from banks and financial housing companies. Availing a home loan used to be an arduous task, often time consuming. But such is not the case anymore. For home aspirants, there are plenty of benefits associated with getting a housing loan conveniently at the present age.

There are many banks and financial institutions available today that can help you avail the right home loan and make your aspiration of home a reality. The procedure to get a home loan has become simple nowadays. Though it will vary from bank to bank, the overall procedure is almost similar. We have compiled few of the points which are essential for a smoother housing loan application process.

  • Check home loan eligibility Make sure you qualify for a housing loan. You can also check for it through home loan eligibility calculator and assess your housing loan amount on the basis of your income and repayment capacity
  • Know which types of home loans you can avail There are two main types of loans available: fixed rate and floating rate. The floating rate loans are linked to the bank’s MCLR and actual interest rate charged can change accordingly. Whereas the fixed rate loan comprises of having a fixed rate throughout the loan tenure
  • Proper documentation It is essential to have all the proper documents and proofs that are essential to get your housing loan processed seamlessly. This includes KYC documents, income documents and property documents among others
  • Home loan pre-approval The general advise is to get your home loan pre-approved before you choose your home. It assists you in fixing your budget and helps make your home search more focused
  • Choosing EMIs Banks offer a varied range of EMI options catering to your needs. The bigger the sum of down payment, the lesser the stress of the outstanding amount being converted into EMIs. You can calculate your monthly instalments through the home loan emi calculator
  • Repayment tenure The time you take in paying off the sanctioned loan is considered to be the repayment tenure. Home loan with Kotak Mahindra Bank can be sanctioned for a maximum period of 20 years, subject to your eligibility
     

If you are planning to get a home loan, get a thorough understanding of the things to consider for Home Loan application process to enjoy a fruitful tomorrow in your own home.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.