Want home loan? You will get it without a problem if you do this

Home loan is one of the major factors that decide the fate of the real estate sector as majority of the developers' design their sales plan keeping the home loan in mind. In fact, now the real estate developers are collaborating with the bankers to make the lengthy home loan easy for their prospective home buyers. But, still, some people feel it difficult while proceeding their home loan file, especially when it comes to the percentage of the net price being approved as a home loan. People don't want to spend their savings and want more amount sanctioned as their home loan. However, there is another way through which they can buy a home without spending a single penny from their pocket. 

Speaking on the matter Ankur Dhawan, Chief Investment Officer at PropTiger said, "While applying for a home loan, people believe it's a collateral-free loan, which is not correct because the property registration papers are mortgaged by the loaning bank till the loan tenure is not complete." So, while deciding the loan amount to be sanctioned, bankers make an assessment of the property and depreciate around 20-30 per cent from them as sanctioned amount asking the home loan applicant to pay that 20-30 per cent as a down payment of the residential property they are going to buy. This varies on the repayment capacity of the applicant, if the loan applicant's income is high, then there are chances of the loan amount of more than 70 per cent of the home price getting sanctioned.  

But, there are instances when the home loan application gets rejected. On home loan rejection Ankur Dhawan said, "This can happen either due to the problem in documentation or inability of the home buyer to repay the home loan they want." Dhawan said that rejection generally happens when the applicant is not a salaried person but it doesn't mean salaried person's loan application is always selected."

On documents required while applying for home loan application SEBI registered Jitendra Solanki told Zee Business, "For salaried/self employed person last three years ITR, fully filled home loan application, Aadhar Card, PAN Card, address proof, last six month bank statement and salary slip are the documents that a home loan applicant must ensure he or she has submitted to his or her banker while applying for the home loan." Apart from this, one needs to submit a loan statement if he or she has taken any loan which is still not closed.