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Home loan procedure at a glance




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Presently, a majority of the urban population depend on housing finance to fulfil their dream of purchasing their own property. Hence, it is considered one of the most common borrowing options for prospective home-buyers.

  • On average, the home-loan ticket size witnessed a massive rise and reached Rs.26 lakh last year. Along with that, certain government-backed schemes, such as PMAY, reduction of repo rate fuelled such growth.

Nevertheless, intending borrowers should be well-aware of the procedure before considering to avail a home loan to ensure a hassle-free loan approval. 

Guide on home loan procedure 

Since everyone is not well-acquainted with the home loan procedure, increasing the chances of loan rejection, prospective borrowers must know about the lender specific criteria. Therefore, read on to learn more about the procedure to apply for a home loan, its eligibility, etc., before planning to avail a home loan.

  • Application for a home loan

Usually, a home loan procedure begins with an application form where borrowers need to fill in necessary information involving personal details, employment and financial information, contact information etc. But before thinking to avail a home loan or any other credit, one needs to fulfil the specified eligibility parameters and produce certain documents.

For salaried

  • Applicants should have a stable income source with a minimum experience of 3 years
  • Age should be between 23-62 years
  • Must be an Indian resident

For self-employed

  • Age should be between 25-70 years
  • Should be a resident of India
  • One should possess a business vintage of minimum 5 years

Besides meeting eligibility parameters, one needs to submit the following documents before applying for a home loan-

  • KYC documents
  • Passport-sized photographs
  • Account statement for previous 6 months
  • Income proof involving present salary slip/Form 16 (Salaried) and Profit and Loss statement, business existence proof and ITR documents (Self-employed)

Apart from these documents, borrowers need to provide property documents that include sale agreement, payment receipt, allotment letter etc. In such cases, borrowers can take help of an online home loan calculator to determine the exact loan amount and payable instalments before availing the credit.

  • Payment of processing fee

After applying for the loan, applicants are required to pay a nominal percentage which usually ranges from 1%-2%. However, the processing and other associated charges vary from one lender to another. But if the borrower fulfils the eligibility parameters efficiently, he/she can negotiate regarding processing fees and levied home loan interest rates.

  • Verification of application 

After paying the processing fees, lenders proceed further with the loan application. In this stage, lenders will verify borrowers’ credentials; conduct a thorough background check of an applicant’s financial and personal profile. If required, a representative of the respective financial institution can visit the provided address to authenticate the provided information.

  • Assess repayment capacity

It is one of the essential parts of the home loan procedure. After estimating the repayment capacity, lenders determine the maximum credit that one is eligible for. This loan approval amount includes LTV, a maximum percentage of loan amount that can be availed against the mortgaged property.

To enhance the chances of loan approval, one must maintain the following factors apart from eligibility-

  • Monthly fixed obligations or FOIR must not exceed 50%
  • Maintain credit utilisation ratio within 30%
  • Credit score must be 750 and above

Apart from these, individuals can use a home loan eligibility calculator to figure out the exact loan value they can avail depending on other financial factors. Through this, borrowers can ensure higher chances to avail a home loan quickly.

  • Verification of property 

Next, the respective lender proceeds with the verification of property to ensure that the mortgaged property is free from legal disputes. This verification includes total valuation of property, property’s age and location, title deed verification, etc., and completing the home loan process.

  • Disbursal of loan amount

This is the final stage of home loan process, where the amount is disbursed to the agent, seller or builder. Moreover, if the property is under construction, the disbursal amount is divided into several parts based on different stages of construction.

When proceeding with the loan application, existing home loan borrowers can take a look at the pre-approved offers, allowing them to bypass the lengthy application procedure and the hassle of documentation. Reputed financers provide personalised pre-approved offers that make the financing quick and simplified. These offers are available on a broader range of financing options, such as a loan against property, home loan etc. To check the pre-approved offers online, individuals need to mention their name and contact information.

Therefore, as a prospective home buyer, one needs to understand the entire procedure in detail and assess his/her repayment capacity beforehand before planning to avail a home loan. Furthermore, it is wise to compare different financial lenders and settle for one that offers a lower interest rate and flexible repayment option.

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The Future is LED: Transformative Applications of LED Screens




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In an era dominated by technological innovation, LED screens have emerged as a beacon of visual brilliance, paving the way for a future defined by transformative applications. Among the pioneers in this dynamic landscape is Shams Al Sahil, a trailblazer harnessing the power of LED technology to redefine visual experiences.

1. Revolutionizing Advertising and Branding: Shams Al Sahil recognizes the potential of LED screens in revolutionizing advertising and branding strategies. By utilizing vibrant colors, high resolutions, and dynamic displays, businesses can capture audience attention like never before, creating immersive and memorable brand interactions.

2. Immersive Entertainment Experiences: The entertainment industry is undergoing a metamorphosis, with LED screens at the forefront. Shams Al Sahil’s commitment to immersive experiences is evident in the integration of LED technology in cinemas, concerts, and theme parks. The result is an unparalleled visual feast that transports audiences into new realms of entertainment.

3. Smart Cities and Public Spaces: Shams Al Sahil is driving the transformation of urban landscapes through the deployment of smart LED screens. From interactive public displays to intelligent signage systems, these applications enhance communication, facilitate wayfinding, and contribute to the creation of more connected and efficient smart cities.

4. Educational Innovation: The future of education is brightly illuminated by LED screens, as Shams Al Sahil invests in cutting-edge solutions for classrooms. Interactive displays foster dynamic learning environments, engaging students with visually rich content and fostering collaboration. The integration of LED technology is poised to redefine traditional teaching methods.

5. Sustainable Lighting Solutions: Shams Al Sahil is committed to sustainability, and LED screens play a crucial role in this endeavor. Energy-efficient and durable, LED technology aligns with the vision of a greener future. By reducing power consumption and minimizing environmental impact, LED screens contribute to a more sustainable and eco-friendly world.

As Shams Al Sahil continues to lead the way in embracing the transformative potential of LED screens, the future undoubtedly promises a visually stunning and technologically advanced landscape. The convergence of innovation and imagination is creating a world where LED screens are not just displays but portals to new dimensions of communication, entertainment, education, and sustainability. The future is indeed LED, and Shams Al Sahil is at the forefront, shaping the way we see and experience the world.

This Blog Was Witten On theodysseynews.

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Get Credit Pass Now to Boost Your Credit Score




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A good credit score is now an essential requirement for obtaining loans in today’s globalised world. Banks and Financial institutions use credit scores as a way of evaluating borrowers’ creditworthiness, with higher scores increasing loan approval chances. But maintaining such a score can be a daunting task if you have any missed EMI payment or high credit utilisation ratio. That’s why it’s essential to monitor your credit health and do everything possible to improve it. 

Bajaj Finserv Credit Pass is an effective tool that can assist in monitoring your credit health with unlimited checks on credit scores, personalised insights, and exclusive loan and credit card offers. Credit Pass allows you to monitor your score, identify areas for improvement, and take steps towards improving it.

What Is Bajaj Finserv Credit Pass And How To Buy Credit Pass?

Credit Pass is a subscription service offered by Bajaj Finserv that grants you unlimited access to your credit score and credit health report. With Credit Pass, you can track credit health reports in real-time, identify areas for improvement, as well as receive customised offers on loans and credit cards.

Below Are the Steps to Buy Credit Pass Subscription

To buy Credit Pass subscription, follow the below steps:

  • Step 1: Visit official Bajaj Finserv website and search for the “Credit Pass” tab to buy Credit Pass.
  • Step 2: Click on the “Get It Now” option to buy a credit pass.
  • Step 3: Enter your mobile number to receive an OTP via text message.
  • Step 4: Confirm your mobile number by entering an OTP.
  • Step 5: Fill in personal information such as name, phone number, PAN card number, email address, date of birth etc.
  • Step 6: Accept the terms and conditions.
  • Step 7: Pay a one-time subscription fee of INR 99 to buy a credit pass.

Once you subscribe to Credit Pass, you can access your Credit Health Report and its other beneficial features.

How Does Credit Pass Help Improve Your Credit Score?

  • Unlimited Access to Your Credit Report: Credit Pass offers unlimited access to both your credit score and report, giving you full control over how your finances are being managed. By regularly monitoring your score, you can stay abreast of any changes to your profile and take necessary actions when necessary.
  • Credit Score Simulator: Credit Pass offers a Credit Score Simulator that allows you to simulate various financial scenarios and assess their effect on your credit score. With this knowledge, you can make more informed financial decisions and avoid actions which could negatively affect your score.
  • Real-time Credit Alerts: Credit Pass provides real-time alerts about any modifications to your credit report, such as new loan accounts, inquiries and missed payments. This feature helps you detect issues quickly so that you can take necessary actions to improve them.
  • Customised Loan and Credit Card Offers: Credit Pass offers customised loan and credit card offers based on your credit score and history. By taking advantage of these opportunities, you can find the loan or card that best meets your financial needs while saving money on interest and fees.

Factors Affecting Credit Score

  • Payment History: Your payment history is the most influential factor that affects your credit score. It shows how consistently you pay back loans and credit card bills on time, regardless of what the situation may be. Late payments, missed payments or defaulting on a loan negatively affect your score – even one late payment can have an immense effect. It’s essential to stay abreast of payments in order to maintain good credit standing.
  • Credit Utilisation: Credit utilisation is the ratio of your credit card balance to its available limit. A high utilisation indicates that you may not have enough funds available to pay off debts, which could negatively affect your credit score. For best results, keep your utilisation below 30% in order to maintain a healthy credit score.
  • Length of Credit History: Your credit history plays an important role in determining your credit score. The longer it has been active, the better; this shows you have been responsibly managing debt for an extended period. Lenders prefer borrowers with a long credit history since it shows they’ve demonstrated their worthiness to lenders.
  • Credit Mix: Your credit mix refers to the different types of accounts you have, such as credit cards, personal loans, mortgages and auto loans. Having a variety of these accounts is beneficial for your credit score since it shows you can manage different kinds of debt responsibly. On the contrary, having too many accounts or opening multiple ones quickly could negatively affect your score.


If you’re looking to improve your credit score, then you should buy a credit pass subscription plan. With its comprehensive credit monitoring features, Credit Pass provides all the tools you need to understand and improve your credit score. By regularly checking your credit score and report, you can stay on top of any changes or discrepancies, and take the necessary steps to improve your credit health. With Credit Pass, you can access personalised insights, tips and recommendations to improve your credit score, and exclusive loan and credit card offers tailored to your credit profile.

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