Home Loans

Applying to procuring - everything you need to know about home loans


The real estate industry is seeing a slowdown and even then the prices of properties can’t see a marked decrease. The silver lining, however, is that financial organisations are more keen than ever to extend housing loans to capable individuals. Read on and understand the modus operandi of home loans.

Before applying

The first thing that you need to consider when thinking of a home loan is whether you are eligible for one. Eligibility of a candidate for a home loan is directly dependent on their credit score.

A credit score is a rating allotted to an individual(s) basis their income, financial liabilities and ability to repay the credit. A person with a high credit score is more likely to secure a home loan from a financial organization.

Types of home loans

The three most commonly availed home loan types are:


Even though the process has been simplified to a large extent, submission of some basic paperwork is mandatory to avail a housing loan.

Terminology to know

Unforeseen circumstances

It is possible that despite following all procedures, due to some unforeseen circumstances an applicant can be denied a home loan. Here are some corrective measures that you can take:

Most of all, each financial organisation has their own protocols and criteria to lend a home loan to an applicant. So a refusal doesn’t mean that you cannot apply with another bank.