Rehab Home Loan

Make the task of getting a rehab home loan easier by ensuring your documents are in order. The application for the home loan is a very simple procedure. Most banks offer a home banking facility wherein the bank's executive visits you at a convenient time, at your office or home. He liaises between you and the bank, also suggesting schemes, added benefits, interesting insurance policies and educating you on the best rate of interest. However, certain homework is essential about the interest rate offered by other banks for a comparative analysis and also enquiring about hidden charges in processing fees and penal interest.

The list of documents required to avail of home loans are photographs of recent nature. The number of photographs will be specified by the bank.

Identification with photographs in the form of valid driving license or valid passport.

Exact proof of address is done with passport or agreement of house rent in case of rental residence.

The salary slips of the past three or six months has to be submitted to the bank in original, which features the salary statement for the past six months. In case you wish to avail the loan with a co-applicant or the property is to be shared with a person, additional requirements on documentation are required to be furnished.

Before you make the purchase, a title and document search must be conducted by a competent advocate. Look at the approved layout plan, approved building plan and ownership documents. Take the advocate's help to verify authenticity of the various documents.

In case the loan guarantor resides abroad then the following documents are essential.

Address proof of overseas includes the latest premium receipt on insurance/ utility bill like water or electricity/ valid driving license.

Also required are the visa copies and existing passport of the NRI guarantor.

Loan documentation is hassle-free with justified requirements from banks. Maidens with their nee name, need to furnish name change affidavit in case their official name change is in process, the bank will require a marriage certificate attested, marriage photograph and the name change application proof. It is prudent to preserve all old documents, balance sheets, bank accounts as change occurs. Furnish recent photographs and make complete enquiries about fixed and floating rates before your finalize the rate of interest.

With banks offering home loans of umpteen varieties to the customer make sure you choose the one that is best suited for you.

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