Unsecured loan commented on World Bank to give $944 mn loan to India on Apr 18, 2014
The Banks/Financial Institutes will consider the following, when you apply for
a Home Loan.
A) Earnings & repayment capacity: the Banks/Financial Institutes have their own norms and hence there will be difference in the loan
amounts sanctioned to you by different the Banks/Financial Institutes.
The main focus of the Banks is on your repayment capacity.
They analyze how comfortably you will be able to pay the EMIs throughout the tenure of the loan.
This analysis is done based on the ratios like Fixed
obligation to Income ratio (FOIR) and Installment to
income ratio (IIR).
These ratios are expressed in percentage. FOIR includes all your fixed obligations
including EMIs on your existing loans. IIR indicates the percentage
of monthly home loan installment of the total income. These two ratios may vary based
on actual salary details, years of experience, stability of income,
professional qualification, future career growth prospects etc.
B) Property legal and technical clearance: Banks will not
finance all properties. Banks look into various aspects like type
of property, locality, Builder etc. They have certain type of properties and localities
classified as negative. Therefore before finalizing a property one has to check whether the property is eligible for funding.
Though it costs you little extra it is always better to check the legal and technical aspects before buying a property.
Banks normally have loan to value (LTV) of 70-85%
of value/ cost of the property considering type of property.
Apart from the above two mentioned parameters there is one additional and most important thing the Bank looks into is Credit history.
Willingness to repay can be understood from ones past credit history and banking track.
Before selecting the Bank the following are the few
points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream
1. What is the Loan amount which the Bank is willing to extend
based on FOIR ?
2. What is Loan to value of the property ?
3. What is the EMI amount and repayment tenure allowed ?
4. What are the prevailing Interest rates and what is offered to you ?
5. What are the other charges involved like processing fee, administrative fees, legal & technical fee,
prepayment penalties, stamping charges, annual maintenance charges, insurance policy etc ?
NOTE: Last but not least do not forget that any default in payment of home loan
installments is more costly than your regular rent payments.
Any such default will affect your Credit history badly and you have to bear high penalty for the same.
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