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Owning a home is a dream for far too many of us. But it’s fair to say that buying a home isn’t all that easy and often seems unattainable, especially when it’s our first. It takes quite some savings and is fraught with stress and a lot of complex decision making. But there is one respite that largely takes the brakes off buying a home: a home loan. It entails pre-planning and vettingand can get complicated at best as processing has become stricter, but it doesn’t have to be hard. Read on for a low-down on how to set yourself up for success while taking out a home loan:

Determine your eligibility and compare your options
All home loans are not created equal. They can have different interest rates, fees, points, and other conditions that can rack up how much it will end up costing you. Figuring out your eligibility, which largely hinges on the capacity of repayment and age before you approach the bank increases the possibility of getting approved.
Bring a co-applicant on board
It is good to have a co-applicant. In the cases it is not, getting a spouse or an immediate member of your family who has a sizeable income to be the co-applicant can multiply your chances of getting the home loan approved, even in cases where your sole income does not make you eligible to borrow.
Keep your credit score in check
A significant boost for your home loan entitlement can come from ensuring you have a good credit. A clean financial record with your credit card debt and other loans paid off will not only impact your eligibility but also help you get your hands on the best deal whether you are looking at 2-,3,-or 4 bhk villas or apartments. Too many credit enquiries or multiple home loan applications can initiate a hard pull on your credit score, so it is necessary to slow down any form of borrowing beforehand.
Deal with a licensed, branded, and reputable builder
Loan sanctions come through much more smoothly when a reputed builder is on board. Not only does it ensure you have a “happily ever after” with safe construction or quality apartments in Hyderabad, timely handover, and delivery of promised amenities, it also amps up your chances of getting a better loan amount. Given that banks tend to associate a certain level of trust when it comes to reputed builders and even their buyers, it helps that they are known for constructing enduring homes. Going through and including a list of the builder’s past and current projects can aid in getting your loan through.
Put paperwork in place
This one is obvious, but it goes a long way in reducing any hurdles that might come your way. A loan application comes with a laundry list of documents that need to be attached. It includes everything from legal documents with regards to the purchase, to residence and identity proofs, bank statements, salary slips, Form 16 / income tax returns, and processing fee cheque amongst others. Certain lenders also expect collateral security such as pledge of shares, life insurance policies, mutual fund units, etc. so furnishing the right details on them is important. It is essential that the communication is prompt with the lender, particularly when it comes to submission of paperwork or responding to any lender queries whatsoever to avoid greater scrutiny or delay in loan disbursal. Being thorough with the application can also reveal hidden clauses that might cause problems later. Once you have all your ducks in a row, you are sure to close your loan application process with success. If you are on a lookout for apartments for sale and have a home loan in mind, consider a RERA approved project such as Ramky Estates’ Greenview Apartments in Ramky Discovery City. Spread over 3.81 acres, just minutes away from a green reserve forest and the Hyderabad International airport, these world-class, contemporary 2 and 3 bhk apartments are well equipped with a host of residential, commercial, educational and entertainment options such as a swimming pool, Gymnasium, multipurpose hall with provisions for Yoga, Aerobics, meditation hall, sauna, steam room with indoor and outdoor facilities. This project that is a part of Ramky Estates & Farms Ltd. and is located just minutes from the Outer Ring Road Exit No.14 and has a name in the world of real estate in India.


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Corporate Office:

Ramky Estates & Farms Ltd
9th Floor, Ramky Grandiose,
Ramky Towers Complex,
Gachibowli, Hyderabad - 500032
CIN: U70102TG1995PLC021333

Site Address:

Ramky Integrated Township Ltd
Exit. No 14, Ramky Discovery City,
Near International Airport Hyderabad
for site visit call us:
IND- +91 919582168888
NRI- +91 9177555000

NRIs Contact:

9177 555 000
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