Have you been planning to buy home for a long time, but, couldn’t take the decision? The coming year is the year you should become a home owner.
The uncertainty with respect to delay in project possession and fly-by-night developers will now be ruled out and only the RERA-compliant projects will be offered to public in the market. So, your rights as a property buyer will be secured. Also, it is always a better idea to engage with well-known developers, who have stayed in market for long. Like, Trimurty which has over two decades of real estate experience in Jaipur and has by its side a plethora of lavishing residential projects, commercial project and very soon they’ll be coming up with their pocket friendly affordable residential project under Pradhan Mantri Jan Awas Yojna.
Check Out: Trimurty’s Arabella, the new definition of class and luxury
That makes for the biggest reason why you should not keep sitting on the fence anymore. If you are on board with this perspective, here are the four steps you should take to prepare yourself for your big decision in 2018:
Check your credit scores
As the very first step, you should get your credit report from an agency like CIBIL (Credit Information Bureau India Limited). You can submit an online application on the company’s website for this purpose.
To get a home loan, your credit score should be above 700. However, if your score is in the range of 750-900, banks will approve your home loan application in no time.
Close other loans
Before you think of taking a home loan, which usually counts in millions of rupees and could be the biggest loan you have ever take, try to close the other loans. Generally, people take personal loan and auto loan before reaching a stage to take a home loan.
It is always better to pay these loans first. This enhances your eligibility to take up a bigger loan. Also, a good track record of paying the past loans improves your credit ratings quite substantially.
Check your credit card usage
Credit rating agencies also examine the amount outstanding towards credit card payments. Any defaults in payments or penalties impact your score. Remember that this one of the ‘high-impact’ criteria for credit rating companies.
Do not buy new credit cards, and limit the number of credit cards so that you can use them carefully and manage the payments in time.
Organise all the documents
When you apply for a home loan, the bank would ask you for certain documents. This include:
- Permanent Account Number (PAN) card
- Form 16 or income tax (IT) returns for the past three financial years
- Bank statement of the past six months
- Salary slips for the past three months
- Appointment letter (optional)
- Address proof; essentially from a government-issued document such a driving license, voter ID card, passport, public sector bank account statement, etc.
- Photo ID card (PAN card, driving license, voter ID card, passport, etc.)
- Thee-four passport size photographs
If you don’t have any of the above credentials, start arranging these documents now.
