Buying a house is an investment for life. When we were looking out to buy a flat in Bengaluru, we looked at many factors – Reputation of the builder, locality of the apartment, amenities, safety, and the distance from various important locations. Wait! Did I miss a very important factor? 🙂 Yes, I did miss the first and foremost thing that we look into while purchasing any property – Cost of the house vis-a-vis budget.
Buying a house is one of the biggest decisions in your life. Depending on the factors mentioned above, we shortlisted a couple of properties from reputed builders; had a look at their feedback on the internet and visited a couple of properties to have a look at the demo flat. Along with the facilities available, we also checked if the CRM team was pro-active in email communications and whether they are customer-friendly.
Raising capital to reduce loan burden
Before we had shortlisted the property and decided to purchase flat with a reputed builder, we had a look at factors like:
- How much down-payment should pay to the builder?
- Which banks offer loan at a lower interest rate?
- Can we borrow some money from Family, Friends and well-wishers?
Once you have calculated the total amount of how much you have in-hand, than you should visit a reputed loan financer.
Choosing Right Home Loan
When it comes to Home Loans, apart from the Public Sector banks, you also have the option of Private Sector Banks. You need to look into options like flexible interest rates, options of reduced interest for female borrowers (if she is the first owner of the property), ease of loan process, pre-payment charges, and early closing charges.
Paper Work, more Paper Work
Applying for loan is just the beginning of the loan process. The real fun starts with the submission of the documents – Salary Slip, Statement of Bank Account/Pass Book for last six months, Residence Proof, ID Proof, Personal Assets and Liabilities statement etc. These documents are only for the Loan applicant and as we had rightly guessed, we had to frequently visit the bank since there used to be some minor mistakes in the papers and in time, the bank became our second home 🙁
The entire loan approval process took couple of months after which we could breathe a sigh of relief!! There is one thing that we could not figure out. Home Loan providers never take into account about the ambitions of the borrower, his capability to repay the loan from income coming from other sources. We understood that just submitting the salary documents does not indicate your loan eligibility and loan repayment capability.
Time to Know Your Worth
Though I was done with my loan formalities, when this matter was being discussed with friends; they pointed out the same thing – Banks should take various other factors (apart from normal routine documents) in order to consider whether a person is eligible for a loan or not. This is where the discussion about ‘What is your True Worth’ started. Apart from choosing the right home it is of prime importance to choose the right institution that can provide loan.
It is time to Know your True Worth – http://www.trueworth.co.in and since the words sounded familiar, the discussion swayed in the direction of the Aditya Birla Finance Home Loans. A friend of mine is an engineer but since he has a spirit of entrepreneurship within him, he wanted to tap into the booming taxi industry (likes of Ola, Uber). He has a taxi that he has partnered with Uber and makes a handsome amount of money from it. However, other banks did not accept Uber earning along with his corporate job earning. This was important for him since he required a Loan which was more than his ‘Salary’ eligibility.
He finally approached Aditya Birla Finance Home Loans (ABFHL) after he got good feedback from his friends. It’s important that you know exactly how much you can make as down payment and the amount of loan you require. This is what they call as knowing your ‘True Worth‘.
Time to Know Your Worth – Unique Proposition
As mentioned earlier, loan approval is a painstaking process. However, ABFHL follows a completely different rule for application and approval. Unlike other financial institutions, they assure you of a loan eligibility which is holistic in nature – they take into account your ambitions to grow and will take cognizance of income from all sources which can be used to repay your loan well in time. This is a win-win situation for both the Financial Institution as well as the Loan Applicant.
Less paper Work (More action, less drama)
The documents that you require for applying for a home loan with ABFHL are:
- Proof of Identity and Address
- Proof of income
- Bank statement (where salary is credited)
- Proof of Income
- Proof of other Income
The loan approval process is also very speedy since there is one representative from ABFHL who would be in touch with you throughout the entire loan process. They have very good Home Loan options that look very promising.
They re-directed us to ‘Know Your Worth’ TVC that made him to look at ABFHL for a home loan. He closed the discussion by mentioning that ‘For many, applying for Home Loan might be a nightmare but for ABFHL customers, applying for Home Loan is a Dream since it gets approved in such a short amount of time’.
As mentioned on Know Your Worth website,
If you are working this hard to buy your dream home, the least we can do is recognize our true worth. Don’t settle for less. Know your true worth and get the home your truly deserve!
It’s about time, You Know Your Worth#TheHomeLoanIDeserve