The amount of mortgage you can afford depends on your income, the down payment, current mortgage rates, and the amortization period you choose. Most lenders want borrowers to keep a gross-debt-service-to-income ratio of 40 per cent or less, coupled with a housing-cost-to-income ratio of 32 per cent or less (for more information see Step 3: Calculate Your Costs).

You may be able to purchase a home with a down payment as small as 15 per cent( is loan offered for lesser down payment if customer opts for any specific insurance programmes so that he can purchase a home with a down payment of just 5 %? ). The funds must be repaid within fifteen years. Lenders can provide you with a preapproved Loan eligbility that shows approximately what amount of loan you can afford to repay.

Make sure you take a housing loan you can live with. There are lots of options available that let you customize your Loan to suit your financial goals and needs.

Housing Loan Basics ( does SHFL want to educate public - we think this can be an usp an let browsers know about the transparency and willingness of the company )

Housing loan payments are made up of a principal sum (the amount borrowed) and interest (the cost to you of borrowing money).

The best plan for any type of Loan is to minimize the amount of interest you pay - and lenders offer several ways to help do this:
A larger down payment means your home ultimately costs less because a smaller borrowing means less interest.
A shorter period over which a loan is repaid.
A weekly or biweekly payment schedule, instead of monthly.
Additional lump sum payments.

Information required by Sundaram Home finance
Lenders want financial information about you and your co-buyers to assess your ability to repay the loan. This ability is based on your Gross earning ratios and also on your assets, liabilities, earnings, employment history and your past record of repaying loans.

Specifically, you have to submit the following information

• Personal Information - age, marital status, dependents.
• Details of employment, including proof of income (Salary statements, personal income tax returns or a letter from your employer stating your position).
• Other sources of income, for instance, pensions or rental income.
• Current banking information.
• Verification of your down payment.
• A list of assets, including property and vehicles.
• A list of liabilities, for example, credit card balances, car loans - the total amount you owe and your monthly payment amounts.
• Fees for an appraisal or for a copy of a valid appraisal report if one was recently done.
• Home Loan insurance fees if a high-ratio mortgage is required.
• A copy of the property listing.
• A copy of the Agreement of Purchase and Sale on a resale home.
• Plans and cost estimates on a new home.

Pre-approval
Fill a form to send for Pre approval. Apply right here!!