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FINANCIAL GUIDE


It is always good option to use your major saving part for buying house/flat or apartment. Even small saving would become a great financial support. Saving 10% to 20% of the cost of the home you would like, so if you want to buy a home costing price.
Before you start looking for a property you need to consider the budget for the property. Once you had decided the budget then you will deduct the saving part so that you will get the actual loan requirement and based on that you will come to know about the monthly repayments amount. Apart from your monthly mortgage payments, there are other costs associated with buying a home. These include:

  • Mortgage arrangement and valuation fees
  • Stamp Duty (or Land and Buildings Transaction Tax in Scotland)
  • Solicitor's fee
  • Survey cost
  • Removal costs
  • Initial furnishing and decorating costs
  • Buildings insurance
  • Estimate your overall buying and moving costs
There are now strict checks when you apply for a mortgage. Lenders will check that you can afford the mortgage and also 'stress test' your ability to make your payments if interest rates were to rise or if your circumstances changed, such as possible redundancy or having children. As part of the mortgage application process you will need to show the lender evidence of any outgoings, and prove your income.
You need to carry documents include information like your credit history when you make purchase of a loan. You should have paid all your credit cards and car loans on time in order to move a step higher on the eligibility while applying for a loan. If you have a clean record in your credit history for payments done on time, then you can use it as an advantage when applying for the loan. Following are the document require for loan procedure.

  • Pan card (Permanent account number)
  • OCI/PIO card (In case of OCI/PIO)
  • Passport (In case of NRI)
  • Passport size photographs
  • Proof of residential address
  • Land titles/ construction permits/ Approvals from authorities
  • Sale/Purchase Agreement
  • Title clearance certificate
  • Income Tax clearance
  • Stamp duty and registration
  • Society clearance and membership