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|So many eye catching advertisements about getting housing loan without itr are quite impressive. But is that a myth or an actual reality. ITR , salary slips and other financial records are quite time consuming to begin with when it comes to arranging them, but they are often required for loan approval.
So, it is fairly obvious to wonder whether such advertisements are fake? How is it possible to get home loan without necessary documents?
The truth behind home loan without itr
First of all , it is important that we understand what 鈥渉ome loan without documents鈥?actually means?
This is often known as no income, no employment verification and no asset offers by some financial institutions to home loan borrowers鈥?in order to get their home financed. Or in simple terms, to get a home loan.
But , no lender can sanction you any money without the mandatory verification. Of course there are banks and other institutions that can offer home loan with less documentation but it does include some other important factors.
One can get such loans by keeping a previously owned property as a collateral. Loan against property is one beneficial offer that you can avail from financial institutions like INRCredit. But if you do not have a property to be kept as a collateral. Fret not, getting a home loan for salaried person is still a possibility by paying a slightly high rate of interest.
Another important factor to be kept in mind is that lenders often take some time to approve your home loans, usually three or more working days. While no institution can offer you home loan in five to ten minutes , but once approved, you can get a sanction letter quickly. The loan disbursal however takes some time. Hence, it is important to understand what exactly a home loan sanction letter means. It is totally different to disbursal of loan. The letter implies that the applicant is eligible to receive home loan from the said lender.
Home loan without itr can be segregated into two types:
1. No Ratio Home Loans
In this case , the seekers of home loan do not have to disclose the details of their income to the lender. Hence, there is no way for lenders to find out the debt to income ratio. Self-employed personnel generally prefer these loans.
2. Unorganized Sector Home Loan
The basic difference here is that this type of home loan is good for people who have a bad credit score or have gone bankrupt. Keeping these considerations in mind of people of low income group or with instable income, these loans are available at a higher rate of interest.
Once decided , it is important to tap on the right offer suitable for their needs and decide what works best in their situation.
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Questions to Ask an Electrician before Hiring
Posted On : Dec-11-2013 | seen (931) times | Article Word Count : 454 |
Since electrical problems are among the leading causes of house fires, hiring the right Mississauga electrician can be as much a matter of safety as getting your money鈥檚 worth. Since electrical problems are among the leading causes of house fires, hiring the right Mississauga electrician can be as much a matter of safety as getting your money鈥檚 worth. Asking the below questions will help you find a licensed pro with the right experience and business practices for your needs.
Question #1: Are you licensed? In most states , electricians should be licensed. There are two basic levels of license: i) a master electrician with at least two years of professional experience is licensed for both design and installation of electrical units, ii) An electrician with less than two years of experience is licensed for installation only. So before you check the license, jot down your requirements.
Question #2: Do you have liability insurance? Electrical contractors in Mississauga should carry at least $500 ,000 in liability and worker鈥檚 compensation insurance. This will also keep your bank safe, if the electrician cause any damage to your property.
Question #3: Can you provide a list of references? It鈥檚 hard to judge the quality of an electrician鈥檚 work, even though he has years of experience. So , it is advised to ask at least three references. An experienced and reputed electrician will provide you references without any hesitation. After getting references, do your homework i.e. call the references and ask about their experience with the electrician. Also, ask about the project鈥檚 budget and time.
Question #4: Who will obtain the permit? A permit ensures electrical work will be checked by a city inspector. Every electrician should hold their permit , if they ask you to pull the permit; it is a red flag that the electrician doesn鈥檛 have the required license to do the work.
Question #5: What does your estimate include? Along with pricing, also discuss about incid.