Planning on getting a home loan? We can assist you. Ensure that you have the following documents ready.
Income Documents
Income documents like your salary slips are necessary for a bank to assess your financial stability. The following documents qualify as income documents:
Property Documents
Checking the property documents is vital to ensure that everything is in order for the property:
Personal Documents
Personal documents are required to conduct an identity check on the person applying.
By understanding loan eligibility, you can apply for the best loan and get the best interest rate.
Usually, a bank lender is willing to give a loan 60 times the monthly net income. Furthermore, the EMI is limited to 50%-60% of the total income. For example, for the monthly net income of Rs. 25,000, the bank will calculate Rs. 10,000 can be paid for EMI.
If you realise that the loan amount you are eligible for is not sufficient, you don’t have to let go of your dream on purchasing prime real estate property. A joint home loan could be the answer. A joint home loan consigns the risk of a loan with two people. The co-applicant can be a spouse or a close family member. This is an excellent way of increasing your loan eligibility, purchasing a larger property, and sharing the burden of loan repayment.
Calculate the EMI you will have to pay for your loan with the Meenakshi EMI Calculator.
Vaasthu draws on from the Vedic wisdom of Ancient India. Meenakshi buildings and complexes are constructed following the principles of Vaasthu Shastra. By doing so, we bring peace and comfort to residents. Vaasthu helps create a happier and better life for people. It also enhances the spiritual enrichment of people. With the Meenakshi Group, Vaasthu or the science of architecture is always given a core focus.
Residential Investment
Buying a residential property is a safe investment option. The value of real estate is always on a constant upward trend. Due to price appreciation, the property will generate a profit when sold. Additionally, the property can be let out to rent to generate additional income. Frequent price appreciations ensure that the income generated from rent also increases.
Commercial Investment
There must be a strategic approach to investing in commercial property. While it requires a large amount of investment, its returns will also be large. Success in commercial investment hinges on the location of commercial property. It’s recommended that you invest in property that is located in the commercial hub. In such an area, the higher demand and price results in a higher income.
Rent your property
Renting your property is an excellent way to earn additional income. Here are a few things to keep in mind when renting your property.
RBI Guidelines
The Reserve Bank of India has put in place new guidelines for home loans to ensure they are affordable. An increase in (LTV) Loan to value ratio for home loans below Rs 30 lakhs is one such change. In essence, this means that a lender can now fund over 90% of your home value. Loans over Rs 75 lakhs have a lower LTV ratio of 75% Loans over. A higher LTV makes the purchase of property through home loans much easier.
