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09 January 2011

Can I Apply for Home Loans?

The concept of home loans is understood as taking a loan byt he borrower froma reputed financial institution that lends money for home loans. On selection of a home and area where the flat is being purcahsed one must also consider the legality of the building. Not all loan lending institutions give loans on all buildings, and not all individuals are eligible for taking a home loan.
Every financial loan lending institution has certain rules and regulations. They also have categories for individuals that can be offered loans. Some give only to salaried class, some give self professionals , and some consider the monthly income of the individual for lending a loan amount as home laon. Some of the loans lending insitutions offer on fixed interest but only a certain amount whereas some have increased amount of loan but on a higher rate of interest. There are also some lending institutions that have special offers for selected professionals like doctors and teachers, retired personnel, army officers and other categories. Here they have a set format of procedures and documents required for the processign of home loans. It becomes easier for the borrower to avail such offers as there are also special discounts offered on such offers.
The very important criteria any financial loan lending institution will consider is your repaying capacity. Either salaried then how much money can you keep aside for repauyment of the loan, and if bussinessmen and self professionals then their income proof and bank account slips indicates their repayment capacity. Also owning a property that has more value than the amount applied for loan is considered as mortgaging the property for loan is also a option for applying for a home loan. Fresh qualified professionals who have just joined job also can apply for a home loan depending upon their monthly income and their position in the company.

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