Unlike past, financing
a house has so many options in the
present day. There are many financial
institutes which can finance your
housing need. This is what our experts
have to say on financing your house
through financial institutes.
Almost
every know commercial bank is
giving loans for house buying,
building and even renovating.
Minimum salary,
business requirement and such
eligibility criteria vary from
bank to bank. Be sure to understand
them clearly. When in doubt, ask
for clarification from bank staff.
Your participation
in the financing also varies from
15% to 30% typically.
Home loans
are offered at relatively lower
mark-up because the banks require
property to be pledged, just like
in a mortgage. Having such a pledge
reduces their risk so they charge
lesser mark-up.
Upper &
lower limits of financing also
vary from bank to bank.
Government
provides tax credit for mark-up
paid during any income year. Be
sure to use this aspect in reducing
your tax burden.
The processing
time for application is now very
less.
You can visit websites of different
banks to check their application procedures.
We have provided some links in our
Useful Links
section.
