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Home Loan Research Paper

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HOME LOAN Home loan at a glance By meaning, a house is a construction for habitation while the home is a residence built for one’s family. It a destination where you feel relaxed with your loved ones. Not only it gives you shelter but also a community of people who love you. When it comes to building, the infrastructure called home in instalments, a home loan enters into the picture. It is a product offered by nearly every bank and financial institutions that aid you in the hassle-free building of your home by funding you. In other words, it is an interest-based monetary assistance provided by financial institutions for construction of infrastructure and purchasing land fulfilling the requirements of residence. Nowadays, it has been so popular …show more content…

Hence, it is important to be aware of the terms and conditions before applying for a home loan. You need to gather vital information such as current interest rates, eligibility, etc. You need to choose the kind of interest rates and that suits you the best. At present, you can choose from either fixed rates or floating rates. For paying the loan, you can choose from balance transfer method or prepay method. An ideal home loan is a loan that offers the lowest interest rate during tenure, allows to transfer the balance and has instalment payment …show more content…

Undoubtedly, the home loan is a long-term investment scheme. It takes 20 to 30 years for people to repay the loan and most of them are subscribed to the floating interest rates on home loans. In such long duration, loan rates keep fluctuating. Perhaps, it is not wise to take the home loan on the basis of interest rates. Here are the proper reasons for considering a home loan. • The property deal is too good to be missed. The prices of such exceptional property will rise significantly in near future. • Your monthly budget allows you to easily pay the EMI of a loan. Essential documents for Home loan Usually, all of the banks require similar documents for processing the loan. Nevertheless, depending upon the particular requirement of the institution, they may slightly vary. To process the loan, the following are mandatory documents. • Passport size photo of applicant and co-applicant • Address proof • Age proof • Latest 6 months’ bank account statement • Income certificate There are some additional documents required for salaried and non-salaried applicants. Let’s briefly look at

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