All you need to know about Home Loans and Approval In Principle
There is often a success- checklist in our lives. You target one milestone after another and move to the next bigger one in the list– from education, college, job, and then to buying a home, marriage and kids. Of all these landmarks, purchasing a house is perhaps one of the biggest financial decisions of our lives. Apparently, when we are still on our way to gain financial wisdom, we need to shoulder the burden of heavy calculations and cumbersome jargon of down payments, home loan EMIs, savings, interest rates, floating and fixed rate home loan et al.
So the next question that pops up is when can you take a home loan? Standard Chartered Home loan is an easy and instant way to get loan for purchase of house or flat that is under construction or constructed, or for construction on a plot owned by you, or even for a top-up for renovation of your existing property or house. You can also transfer your existing home loan balance to Standard Chartered. You can also take a home loan in case you have not identified a property yet.
The traditional way of checking your eligibility for a home loan needs you to fill forms with your bank/s. By the end of a long haul you would come to know which banks have approved your home loan application. The process sounds no less than filling up forms for a graduation course. As the technology has galloped beyond the paper, Standard Chartered has shifted gears to provide an instant "Approval in Principle" tool which assures a quick turn-around time for your question. You just need to fill a few basic details like your employment and income details, for verification of your eligibility for home loans and submit on the website.
The next step is to choose the loan amount, tenure, etc. While you are doing the same, you can easily customize your loan amount and note the savings based on the tenure and loan amount with the help of a slider on the website. Apart from the broad information, the slider tool also gives you specific details like EMI, rate of interest, and processing fee on your home loan in case you get the loan approved from Standard Chartered. This "approval in principle" tool can also be used as an online loan eligibility calculator or an EMI calculator, as it shows this information at the click of a few buttons once you provide your basic details required for computing. Standard Chartered provides various offers from time to time which are neatly displayed in the AIP tool and you can pick the one that suits you best.
You can speed up the process of loan approval by providing your PAN number; however it is not a mandate and you can skip this step. Your PAN number is mentioned on your PAN card. Alternatively, you can also find your PAN number online, using your name and date of birth on Income Tax Department website. Your salary slips are also a good source to confirm your PAN number.