It may be the common or most awaited dream of every one to have its own home. In the present working culture of the day, maximum families are residing at outstations on rent because they have job on those particular locations. Person save their hardly earn money to build their dream home. But still the increasing costs of everything, saving does not prove the ultimate option. Cost effect involved in land, building material, labor charges and many more arrangements required in construction of a house. In such a scenario, people need some financial assistance to complete their project. Home loan is only the option to make their dream home. Almost the public sector banks available in Greenville SC are able to provide the home loan to their customers on easy installments. The documentation required by the public sector banks is comparatively tougher. After taking a detailed documentary proof, the banks sanction the home loan to the customer. In United States of America, this is a noble trend in public to re-pay the loan on correct and flawless time so that other person can also get the benefit of funding.
Very meager cases have been experienced where recovery has been handled by the bank authorities as the party acted in wrong way but maximum of the cases function there with proper manner. Though, various other home loans greenville sc agencies are also there which supports the customer a lot. The increasing percentage of the population is self explanatory that the dealing manner of these agencies is quite easier and better that the public sector authorities.
Home loan suffices the requirement of a person. The easy installments and terms of re-payment enable the borrower to take the money in one–three go and re-pay the same in many years but on constant intervals.
Documents Required for getting the Home Loan
The documentary evidences needed for home loan are:-
- Income proof of the individual
- Blue print of the plot or map of the flat being purchased
- Photo identity proof
- Address proof of the individual
- Photograph (Passport size)
- Filled in form as projected by the money lending agency
- Two guarantors
The above mentioned documents will get the home loan to a person. Though, the home loans are provided for a long time and the rates of interest are normally higher. In some of the countries where reverse repo rates are lower, the HL interest rates are higher. The HL interest rates also depend upon the GDP of a nation. This has been experienced that in the developing countries, this loan is normally costlier. But the countries that are well developed, the rate of interests are normally lower and supporting to the borrower.
The recovery of the home loan starts from the preceding month of the sanction. The home loan also granted in phased manner. To get the next installment of the same, the concerned individual is required to submit the expenditure bills and papers to the bank for their perusal. Though, these formalities are also applicable in taking the home loans greenville sc but the money lending agencies give some relaxation to the individual based on his/her reputation and economical strength. This strength is considered as repayment capacity. Individual should have some of the assets which can be used as guarantee money in case of failure of non re-payment.
The owner rights of the constructed house are normally kept by the bank till the re-payment is over. In the duration of re-payment, the same dwelling unit cannot be sold. In some of the money lending agencies, there is a fine on pre-payment of the sanctioned loan. The term has to be completed by the individual but most the banks do not pose this condition.