Home loans are taken for a multitude of purposes, such as purchasing a flat or a house, buying a plot of land for construction purposes, repairing, extending, or renovating your existing home. But before you begin applying for a home loan, you should know all that there is to know about the HDFC home loan login.
All About Your Eligibility:
For understanding the extent of your eligibility, you have to calculate what you’re capable of repaying. Repaying capacity is based on the quantity of your surplus income or disposable income per month. Your disposable income or surplus income is based on surplus less monthly expenses, total income per month, and also factors such as liabilities, assets, income stability, spouse’s income, etc. To lend you a home loan, the bank must ensure that you are capable of repaying the loan on time.
The amount that can be loaned to you is directly proportional to your monthly surplus income. The bank assumes that approximately 50 percent of your surplus income per month is available for repayment. Also, the amount that will be loaned to you will be determined by the tenure and rate of interest. Also, the eligibility criteria are fixed by the bank based on one’s age. Banks generally set an upper age limit for applicants of home loans, which could impact one’s eligibility.
Maximum Amount Loaned:
The maximum amount loaned is dependent on the price of the property you want to purchase. Generally, you will be required to pay 10-20 percent of the total cost of the home you want to buy as a down payment. This is referred to as ‘one’s contribution’ by many lenders. The bank finances the rest of the amount. The total amount that is funded by the bank is also inclusive of transfer charges, stamp duty charges, registration, etc.
Even if you are eligible for a certain amount, you don’t necessarily have to borrow that exact amount. You can also acquire an amount lesser than the amount than your eligibility amount through the HDFC home loan login. You should be well aware of how much you are capable of repaying to understand your eligibility for applying for a home loan.
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Documents That You Will Need:
When you are applying for a home loan, the back will provide you with a list of essential documents that you need to attach along with your application form. You will also need to attach a photograph. You will be required to submit legal documents, your identity proof, residence proof, your latest salary slip, which needs to be attested by you as well as authenticated by your employer.
Along with the documents mentioned above, you also have to provide your balance sheets and bank statements for the last six months from your date of application and also your income-tax returns if you are self-employed or a businessman.
Some Additional Information:
Along with everything that has been mentioned regarding home loans, remember that a co-applicant for a home loan is necessary. If the house you want to buy is co-owned by another individual, then he/she is the co-applicant. If you are the only owner, then a close family member can be the co-owner. There you go! All that you need to know about home loans has been provided. So if you are thinking about buying a house, then go to the HDFC home loan login and get a home loan!