Your dream home is just a few steps away

Home loans help you realize your dreams of buying the house you have always wanted and also help save tax. A home loan is an essential part of any home buying endeavour. The key to getting your home loan in a smooth way is being familiar with the entire home loan process.

Beginning the home loan process

The process of getting a home loan starts with a formal application for the loan. The application form requires certain basic information about you which includes your personal, residential, income, employment, educational details, and details about the property, estimated costs and current means of financing the property. The requirements often vary bank to bank.

The application form must be supported with valid documents to substantiate the facts. Generally the banks ask to submit the following documents.

• Income proof
• Age proof
• Identity proof
• Address proof
• Employment details
• Proof of educational qualifications
• Details about the property if finalized
• Bank statements

The purpose of the entire exercise is to ascertain the suitability of the applicant for a home loan. The income documents and bank statements provide vital clues to the bank regarding your financial health.

The concept of processing fee

An important thing to note about home loans is the processing fee. Banks charge a processing fee for every home loan application. This fee is non refundable. The processing fee also varies from bank to bank and is generally from 0.25% to 0.50% of the loan amount. This fee is used by the bank to start and maintain the home loan process including completing the various formalities during the entire period.

Although there are a few points that should always be kept in mind

Additional charges to be kept in mind

When you are applying for a home loan, you need to be educated about the various charges that the lenders add to the current scheme. The additional charges fall under the amount sanctioned in your name and not on the amount you take home.

Read the fine print of the agreement

Even if the home loan agreement is a bulky document, read it carefully.

Never Leave a Doubt

Applying for a home loan might seem easy but it comes with its own set of complications. So, never leave a doubt in your head which may lead to complications later on.

Facilitating Your Dream Home

The exalted reputation of the Merlin group precedes them. For the last three decades the Merlin group have established themselves as one of the most trusted ad visors in the real estate world – not only through the quality property they are known to design and build but also because of the superior customer services they offer.

The Merlin group will help you visualize and eventually create your dream home – but their services go beyond. Most people opt for home loans when purchasing a house - with the Merlin Group association, getting a home loan sanctioned becomes easier. Furthermore the group also guides the clients through the whole procedure. As a real estate developing agency, the group has collaborations with several banking institutions and will help you meticulously plan the details of repaying your loan. They will outline for you all the necessary requirements as well as direct you regarding the loan amounts and the repayment options. The group works together with the lending institutions so as to facilitate the loan thus making the loan sanctioning process a cakewalk. It is in fact, because of superior services like these that takes away most of the headache of the necessary paperwork etc, from the already busy schedule of the clients that they swear by the Merlin Group!

Creating Trusted Relationships

For the last three decades the Merlin Group has dedicated itself to creating value homes for people across the country. Transparency and honesty and two of the key philosophies propagated by the Merlin group which have helped them establish supremacy and trust not only among their peers in the real estate world, but also among their clients.

Mr. Suman Chattopadyay, a journalist with a leading publication in Kolkata describes coming back home to his apartment at Merlin Residency, as an invigorating experience after hard day’s work. A senior pilot, Captain Amit Tandon claims that Merlin Greens turned out exactly like he had seen in the brochure. Moreover a premium club membership within his complex was a bonus. Mr. Chin Tchai Yu in the Merchant Navy, was concerned about ensuring a secure home for his family, since he does not stay in the city for more than 6 months in a year. Merlin Greens came to his rescue! Mrs. Debjani Ghosh cannot stop gushing about her Merlin Riverview apartment with a spectacular view of the Ganges and open ventilated rooms, just what she had wanted in a dream home. Mr. Amiyo Kr. Paul, Joint Manager at the Bank of Baroda, on the other hand, raves about the splendid lifestyle features the complex has to offer. Ask any Merlin flat owner, and they will tell you how Merlin built them homes, as close to their dream homes as it could get!

Invest in the Right Residential Property – Secondary Factors

When buying a property there are many things you need to consider – Location, Floor Location and Family Considerations being some of the key deciding factors. However, there are several secondary factors that you should factor and then make an informed decision.

Basic Facilities Provided: Take into consideration the basic facilities that are provided with the flat. Account for amenities like water and power supply, back-up power arrangements, security, elevator, parking facilities etc.  Consider if there are facilities like public transportation, schools, hospitals, marketplaces nearby. Though flats with all or most of the aforementioned benefits will be a tad bit costlier as an investment, in the long run they will save you a lot of time and money.

Budget: It is one of the most important factors when making a property purchase decisions. Most people resort to a bank loan when purchasing a house. It is crucial to discuss the associated fine print, in elaborate detail as well as the EMI options. When considering EMI options, make sure you factor that into your monthly budget, barring your regular monthly expenses. Also discuss it with your family and ensure you have a contingency plan handy, in case the funds run dry for a particular month.

Invest in the Right Residential Property

A perfect home is one’s dream come true. With the ever-increasing property prices in India, investing in real estate to many is much like investing in gold – you can hardly ever go wrong with it. However, there are a few key factors that you should consider when planning to invest in real estate:

aa)      Location is one of the key determining factors of whether a particular property is a good investment. Always try to invest in property which is an upcoming location, because when acquiring the property you will not only get it at cheaper rates than in developed areas but it is also very likely that in a few years time, the property will be worth twice its present value.

bb)    Floor Location has a great impact on property prices. Flats on the ground floor sell for a much higher value than those on the floors above. This is simply because the availability and the accessibility of amenities are much easier from the ground floor, which in turns creates a higher demand.

cc)      Family Considerations: When investing in property, always think long term. If you already have a family or are planning one, consider if the locality, society, facilities provided by the complex would be in tandem with the needs of your future family.