Well if we talk about one thing which is transferred from generation to generation is well the attorney of different legacy which is transferred from one generation to another generation and this is the beauty of carrying forward the legacy which has been left over by our grandparents, suppose you modify the house which has been built by our father and uh feel proud about that you are carrying forward his legacy and uh will wish that your child does the same thing for their child.
But, carrying forward a legacy is not easy because your grandparents were in another economic zone and we are in different economic time phase of our country, where they might pay 10-20 rupees for petrol or our parents paid 50 rupees for a liter of petrol we are paying 100 rupees for the same thing, well I guess things are expensive by 10x of past time.
So, even thinking of building up or renovating the same house takes an ounce of money and time, and are you ready for this risk in any phase of your mature life? I know the answer might be difficult for many of us but this is the part of life which we are in to play out. We have to cash in everything we have in order to play out the roles we are made for.
Well, life is short but it need to be lived in longer phrase and stress-free, well we already have a home to live in so we have shelter above us, for millions, it is still a dream and we are already living a dream of millions, isn’t that great, there are many who miss a daily meal but we have our daily meals and sleep peacefully at night, yes life is simple and great.
So, what makes life complex? Is it our stress or our daily work routine? Well answer to it is us who are making our lives difficult for ourselves; well thinking about the same thing again and again will make your own life a bucket full of worries and it will be difficult for you to empty out this bucket with upcoming times as time doesn’t halt for anyone.
We at loansparaside.com not only gain your trust but we also try to be there in your lonely phase, just as a friend does, ever heard about home loans, well home loans are secured loans which are of marginal interest rate but also tenure of repayment are for a quite long time such as 10-15 years. So again you have a face full of worries well thinking about how to repay the big amount in over a decade period of time.
Well, home loans comprise a big amount such as it ranges from lakhs to crores. It comprises tons of document processes and even time-consuming processes as lenders or banks are investing or risk out a lot of money to the borrower. Sometimes the borrower has to provide out the collateral in case of security to be credited with the loan amount.
Once, a home loan is credited out then banks and lenders both collect property papers with him as security and return the same to the borrower at the end of loan tenure, failing to which is a punishable act and cause severe law enforcement case on him.
Nowadays under the PMY housing scheme, a person can apply for a house loan on a subsidy scheme which means he can apply for a home loan and get up to 2-3 % of subsidy of loan tenure amount. As, if the loan is of 10 lakhs rupees the person is eligible for around 1 lakh of subsidy of the total loan amount.
Let’s learn about Home Loan Eligibility.
Well talking about Home loan eligibility well it is a set of rules which are based on some norms that are set by the bank or lender, through this norms any bank or finance hub will know about the creditworthiness of the borrower, that whether the person is eligible for the tenure amount and will he be able to repay the amount at a given period of time or not; thus various forms to check around this criteria could be age factor, financial background, earlier loan history, and repayment history, credit or cibil score, etc.
Illustration for Home Loan Eligibility Criteria:-
- 30 years:- it should be both present age and maximum age of his future working that is remaining in his organization, and it is capped age
- Age Limit for both self-employed and salaried customers is from 22 to 61 years old
- Minimum Salary: ?15,000 per month but it should be cash in hand and else we can say take-home salary.
- Minimum business income: for a self-employed person minimum business turnover should be for 2 lakhs per annum.
- Maximum Loan Term: well the maximum tenure for a home loan is 30 years which is capped and the person needs to repay the whole amount within this time only else will be adjudged as a defaulter.
- Past and Present Credit History and Credit Score: A clean repayment record is considered positive.
Sometimes, the bank does check if the customers don’t carry multiple loan account in various others financial institute such as car loan, mortgage loan or personal loan, etc. in case if a person has multiple loan accounts he will not fall in criteria to apply for a home loan and his file will automatically get rejected by the bank.
Well, it is rightly said as Rome was not built in a single day, the same way we know that legacy is just not built-in by a single generation it is always carried forward and we want to be your first choice during all passing by a generation with time and time again, we can prove our trust every time but will you be able to do so. Now put your worries away and just jingle around your happiness as your dreams of having your own house are not far away.
