Many people have this stereotype in mind that loans can never let you flourish and that one should not go for availing loans but this is absolutely wrong. Loans don’t stop you from growing, in fact they pave a way for you and makes it easier for you to step forward in life. People tend to fail many times when it comes to taking loans because of the ill stated facts that they hear from any random person without knowledge of such matters. They generally confuse between an asset and a liability. An asset refers to an item of value that belongs to you whereas a liability refers to a financial obligation that you’re responsible for such as a debt.
If you think without any preconceived notions or with the advice of a person having knowledge of loans and finance, then you might be able to understand that home loan can be your asset if you take it and use it wisely. People who are not able to fulfill their requirements against a loan generally spread this rumour of loans being a debt trap but if you look at the brighter side they can provide you with a lot of benefits turning your liability into asset in a very short period of time.
Although it might be said and true that a home loan is an asset but the home itself is an asset to the borrower. The lender maintains a lienon the property, but you are considered to be the owner of the home till the time you pay your obligations and mortgages on time. Therefore, home is without a doubt an asset and you can always increase the value of your asset by making changes in it such as home improvement upgrades.
By making improvements in your asset you can increase its value manifolds which can pay you back with good returns. In addition to that there is a lot of competition in today’s market, so has the competition in financial market which has turned out to be very beneficial for the borrowers as it has become easier for them to compare various benefits and conditions of different banks or lenders and then come to a conclusion of selecting the most suitable source.
Banks have made home loans easier to avail, that is, earlier conditions used to be quite rigid but now they have become very flexible. Banks provide reasonable flexible tenure, requiring minimal documentation processes. Home loan interest rates have also become much more convenient now.
Now, it is always advisable that one should take a home loan from trusted sources to avoid any sort of fraudulent activities and to get a better opinion with financial decisions. There are many banks and money lenders that make big promises while sanctioning loans and afterwards turn their backs on you, therefore never go to the lenders or banks that are not trustworthy. One such bank which has years of experience and is quite well known for its successful servicing of clients is Dena Bank. So, Dena Bank home loan is advisable for people who don’t have any trustworthy connections in these financial times. Dena bank provides you with services to avail a home loan without any hassle or stress.
They provide you with interest rates that are convenient such as starting from 8% and onwards and if you have a good credit score then you might even get some other benefits in the rate of interest. They charge minimal processing fees that are quite transparent. They have quite a good tenure structure that can be changed as per your convenience providing you a loan of up to 30 years. They also ask for some minimum eligibility criteria which can be easily fulfilled. Then, they require some documentation processes to be done such as:
- Identity proof, that includes, PAN card, driving licence, voter ID, Valid passport etc.
- Address proof, that includes, electricity bills, water bills, telephone bills, Aadhar card, PAN card, driving licence, voter ID, Valid passport etc.
- Income proof, for self employed and salaried individuals, this includes the salary slips or Form 60, bank account statements of the last 6 months etc.
- Other necessary documents such as passport size photographs, proof of 5 years of business continuity (for self employed individuals) etc.
One should always remember to carry the original copy of the documents along with the photocopied documents so that the process can be easily done.
