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The 10 Processing Steps Pacific Home Loan
For the convenience of our customers, we plan to give a 10-step plan that the client must understand that taking a mortgage to build a dream house of their lives.
Please read the 10 steps by reading carefully and follow them to make the transaction a memorable moment of your life.
First understand your
Before going for a mortgage loan processing please be aware of your loan and the terms and conditions as the Bank requires to be satisfied that the loan made. There are different products for the bank is to have different conditions for each product. Normally, the Bank shall have the following products which are home loans.
a. The new offer flat or independent house: here you can buy a new house or a house of his choice under construction or ready to occupy the position.
b. Resale of purchase: This product is applicable to customers who want to go to an independent apartment or a house that was already owned by an organization.
Plot C + construction: The product is applicable to customers who want to buy land and build immediately, but banks need to start construction in the period of time.
d. Balance Transfer (BT): a person who wants to transfer a loan from a bank / financial institution may choose any other product.
e. construction: a person who wants to build a house for his / her plot to get this loan.
f. Plot: A customer can go to the loan you want to buy the land that is under Huda, the municipality and the Grampanchayat limits.
g. Improvement: Increase the amount of the loan already taken the same bank is called an option.
h. Top - Up: The loan is only for convenience that banks offer to customers based on previous loan amortization and the track.
I. Mortgage: A loan that the customer can choose by filing the original property with the bank that already owns.
2. Rate of interest (ROI): The most important point to take charge of taking a loan. There are two types of interest rates at which banks are normally fixed and variable.
Variable interest rate can change depending on the money markets. If interest rates rise, then the bank increase interest in your loan back rail.
Fixed rate fixed for the duration of a period depending on the bank, but banks reserve the right to change interest rates if they are all great differences in the money market.
Take the customer is clearly influenced clarification on whether a fixed interest rate is fixed throughout the term or not, despite the differences in money market conditions.
3. Mandate or an amortization period: the customer can choose his own mandate. In general, banks offer the max min and after 1-25 years of mortgage and mortgage loans, and 1-15 years.
Select a management right, in its flexible repayment loan, keeping all your income and debts in mind. It 's always advisable to opt for remaining in office less than a certain saving interest in the Home Loan.