Searching for a home loan is as important as you search for a perfect house. It is also important to know if the property you choose is eligible for home loan.
Getting home loan has become simple these days, with many banks and financial institutes providing lower interest rates. But it is always important for the banks to consider if the property is eligible for home loan.
Hence, the first step by the banks when you apply for a home loan is, informing whether the property is eligible for home loan. In India, financial institutes are relatively flexible than nationalized banks.
However, the banks as well as financial institutes, in their websites mention the builder’s name list or property’s name list. It is easier for those who want to self-check before even applying for home loan. The list is maintained for all those properties which are already legally checked and which are already under home loan.
All the nationalized banks or private banks are particular with the government certificates and also the technical and legal issues of the property. If there is a deviation in the property, it is always better to opt for a financial institute or NBFC for a home loan.
It so happens at times with the under construction properties, the builder recommends a bank for home loan. Though the property is under violation, the builder might manage to get a tie-up with a bank.
Loanyantra recommends to go for a thorough check before even applying for a home loan and before even looking forward to get that home.
Searching for a home loan is always made easy with us. Just give us a missed call to 040-71011991. We do it right for everything you need for a home loan.