Financing a property in Jodhpur can be difficult for someone who is finding a property or house for sale in Jodhpur for the first time. Finding the best loan is an important step in buying a home, and there are many things to consider. Even though there are an endless number of financing options available to first-time home buyers, taking the time to learn the fundamentals of real estate financing can help save you a lot of time and money.
Knowing the local market and whether it offers incentives to lenders can result in additional financial benefits for you. You can try to find a loan that meets your needs by carefully reviewing your finances. Some important information that first-time homeowners need to make their important purchase is included in this article.
Requirements for new buyers to own a property in Jodhpur
A new buyer is a person who has not owned a principal house for three years, is single, has owned the property only with his or her spouse, has never owned a house that is permanently attached to a structure Or may never have owned a property that conforms to the building regulations. Depending on the type of loan you are seeking, you may need to meet a number of conditions in order to be authorized for the loan.
Generally, you must have proof of income for at least the next two years, a minimum down payment of 3.5%, and a minimum credit score of 620. However, some programs can help new home buyers purchase a home. Modest income, no down payment, and a credit score as low as 500.
What types of loans can you get to buy a home?
A new buyer might be a bit confused as to which loan he can go ahead with. So here are the types of loans with guidance as to which one you should choose:
Land Purchase Loan
In the traditional mind the first step to build a house has always been to buy land, many banks offer loans against the purchase of your land. The option of purchasing land is flexible; The buyer can decide to keep the land as an investment or save the money and build a house whenever his finances allow. Lenders provide loans up to 85% of the property cost.
Home purchase loan
If you are planning to buy a built-up house, you can avail home purchase loan from all types of banks. The eligibility criteria for this type of loan is slightly different, you must have a minimum credit score of 750 as well as five years of experience and more than two years of employment experience.
House Construction Loan
This financing is specifically for those who want to build a home from scratch instead of buying a pre-built home. This type of loan has a different approval process as it also considers the cost of the plot. While filing for a home-building loan, the requirement of acquiring the plot within one year is most important for the value of the plot to be included in the loan amount. Based on a ballpark calculation of the building cost, the loan amount is selected.
House Extension or Expansion Loan
Sometimes after living in a house, you come to know of further requirements. Like, want a second balcony or a third bedroom? Not to worry, many banks also offer loans for home improvement including converting existing structures and adding additional rooms. This is called an extension or extension loan. The criteria for availing an extension or expansion loan for your house will be as minimum as that of a land purchase loan.
Eligibility Criteria and Documents Required for Getting a Loan in India
With the help of knowledgeable support, you can get a loan as easily as opening a bank account. There are 2 types of citizens who can avail a home loan in India, and here is a list of eligibility criteria that they need to follow in order to avail a home loan in India.
For Citizens having Indian PR
The first thing to be eligible for the loan is that you must be between 18 to 65 years of age on authorized ID proofs like birth certificate, std. 10th mark sheet. Second, you must have address proof which can be your Voter ID, Aadhaar Card or Utility Bill. If you want the loan then you will also need proof of income, the proof can be either your salary slip or ITR (Income Tax Return). One thing that you cannot ignore is to provide identity proof which can be your Voter ID, your PAN card or your passport. All the documents related to the property you are going to buy. And if you are already under a loan then you must carry your existing loan documents as well.
For NRI (Non Resident Indian)
Banks have specially designed loans for NRIs as per the guidelines of the Government and RBI. The requirements and application process for this type of loan are different from other types of loans as it was specifically designed to assist NRIs in purchasing residential property in Jodhpur, India. NRI loans are often offered by most private and commercial sector banks as part of their home loan portfolio. The eligibility criteria for this type of loan is that the age of the citizen should be between 18 to 65 years and the following are the required documents:
- age proof
- Address proof
- ID proof
- income proof
- ITR from the previous year (except NRIs from Middle Eastern countries),
- General POA (Power of Attorney), and
- property papers
