Owning a home is a quintessential thought of showing financial stability and good credit growth. A home is always the best security that one can give to their loved ones. It all starts with a dream to own a house and this is really what the young generation works for. Now that you have worked for the down payment, you are a step closer to buying your new home. However, that is not all. There are various other requirements like finding the right builder property and getting a fast home loan. Everyone can't arrange funds for a home from a single source. It will drain your income and affect the savings that you have kept for any sort of emergency. A home loan is not so easy to have, as it may seem to you. It is not about to click and done! When you give a loan application, a lot of things are considered and thereby you get approval and rejection. If you need a smooth process you need to start with your documentation. A complete list of documents is a must-have to initiate the home loan application process. To assist you with the complete hold of documents you need, this is a list given below.

Identity Proof for Home loan
● PAN Card (mandatory) and any one of the below documents
● Voter Card
● Aadhar Card
● Valid Passport
● Driving License
● Photo Credit Card
● Photo Identity card issued by Govt. body
● Letter from a recognized public authority or public servant verifying the identity of the customer with photograph (not more than 30 days old

Address Proof for a home loan
● Any one of the below documents:
● Voter Card
● Aadhar Card
● Valid Passport
● Letter from a recognized public authority or public servant verifying the identity and residence of the customer
● Latest Utility bill
● Rent agreement on stamp Paper
● Bank Statements reflecting the address of borrowers of any commercial nationalized bank
● Credit Card Statement not older than 3 months
● Life Insurance Policy
● Residence address Certificate /letter by the employer on company letterhead
● Copy of Sale Deed of the property (residence), if owned
● Municipal or property tax receipt
● Post office saving bank account statement
● Pension or family pension payment orders (PPOs) issued to retired employees by Govt. departments or Public Sector Undertakings, if they contain the address
● Letter of allotment of accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions, and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation
● Documents issued by Govt. departments of foreign jurisdiction and letters issued by Foreign Embassy or Mission in India

Property documents
● Property Documents
● All the documents are given below
● Copy of complete chain documents of the property (as applicable)
● Copy of Agreement to Sell (if executed)
● Copy of the Allotment Letter / Buyer Agreement(if applicable)
● Copy of Receipt/(s) of payment/(s) made to the developer (if applicable)

Factors to consider for a home loan

Type of property: A lot depends upon the type of property you choose for yourself. When you decide to purchase a home from some reputed builder or at a good location, the home loan provider gets convinced. This is because the loan amount can be derived from the property if you do not repay under any circumstances. So if you want to keep your home loan approval chances high, make sure you take a good property.

A sound credit score: A Credit score is the reflection of your past credit activities. It takes into account every single payment and credit account under your identity. A score of 750 and more will give you a high approval probability. This is because a good score makes you responsible and financially disciplined. It gives an assurance that repayment is a sure thing from your end as you have a good repayment record in the past. If you want this, then you need to keep up the hard work of maintaining a good credit score always.

Increase your income: A home loan demands a good amount of money from your income on a monthly basis. If you have a good income, you can meet the debt repayment along with all other expenses and daily needs. It is very important to have a good income because a home loan is always about a high amount. The EMI will also be a very high one, as compared to another form of a loan.

Employment stability: A stable job needs to be there on your end. If you have been working with a reputed organization for a long time, that is stability. This decreases the chances of getting laid off and lands up in a financial crisis. This can be an alarming situation for loan providers as they will not be getting the repayment done on time. Make sure you keep your job stability, to increase approval chances.

Finishing up
If you need a fast home loan, you need to apply with Clix Capital. Their online portals work well to offer you a quick disbursement. For an online home loan, visit the website today.

Clix Capital Services Private Limited
Corporate Address: 901b, 9th Floor, Two Horizon Centre, DLF Phase V, Gurgaon, Haryana, India – 122002
Website: https://www.clix.capital/
P: 1800 200 9898
E: [email protected]