Here Are a Few Things To Keep In Mind Before Getting a Home Loan

Here Are a Few Things To Keep In Mind Before Getting a Home Loan

Real estate has become one of the fastest growing and most promising sectors in Indian economy. This sharp rise in demand for housing is a direct result of the increasing migration from villages to towns and metropolitan cities, growing household income in the middle and lower income group.

All these factors contribute significantly to the escalating price of residential properties, and the Government of India takes significant steps to boost the sales of houses for the first-time home-owners. Leading NBFCs also provide home loans that come with features like repay through easy instalments. Borrowers can use home loan interest calculator and go for a lender offering the best EMI facility.

Let’s take a look at some of the most common queries that individuals have before availing a loan –

  1. What Are The Required Eligibility Criteria?

Reputed financial institutions strive to provide their clients with Home Loan that require nominal eligibility criteria.

The home loan eligibility criteria are –

  • Age: 25 to 70 years (self-employed), 23 to 62 years (salaried)
  • Citizenship: Indian resident
  • Occupation: Minimum 3 (salaried) or 5 (self-employed) years of experieReal estate has become one of the fastest growing and most promising sectors in Indian economy.nce in their particular field of profession.

Salaried individuals can avail a credit amount of up to Rs. 3.5 Crore while self-employed borrowers can get a maximum of Rs. 5 Crore as the loan amount.

  1. What Documents Does a Borrower Need To Provide?

Leading financial institutions require nominal documents against their home loans primarily including –

  • ID Proof
  • Address Proof
  • Latest salary slip/ Form 16
  • Document as proof of business experience for 5 years
  • Photographs
  • KYC documents
  • Bank account statement of the last 6 months
  1. What Are The Various Types of Home Loans?

A number of reputed NBFCs offer customised home loans based on the tailored requirements of individuals. These credits cater to all financing requirements ranging from construction to refurbishing of houses. Some of the most popular options other than normal home loans include –

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  • Joint home loans
  • Loans for purchasing plots
  • Home conversion loans

Apart from this, there are tailored loans for public and private sector employees as well.

  1. What Are The Various Benefits And Features Offered By Home Loans?

Home loans from leading financial institutions come with multiple borrower-centric features and benefits. These include –

  • Property dossier
  • Flexible tenor options
  • Top-up loans
  • Attractive home loan interest rates

Apart from these, there are zero charges on foreclosure and part-prepayment, and an option for customized insurance schemes on samsung power bank.

  1. How To Apply For Home Loans?

Lenders today provide hassle-free application and approval procedures to the prospective home-owners.

Step 1: Enter the required personal, financial and employment details in the online application form.

Step 2: Provide the required information on the chosen property.

Step 3: Book the available offers with an online secure fee.

After the submission of this online form, a representative from your chosen NBFC will contact you and take the process forward.

Note: Do remember to use the home loan EMI calculator to determine the total EMI, interest payable, and the entire loan repayment amount at the end of the chosen tenor.

So, avail the best home loans in the market after settling on a pre-planned budget with the help of a home loan EMI calculator. It helps you pay timely EMIs, thereby raising your credit score. Additionally, under Section 80C, you can also claim tax deductions on the repaid principal amount (through EMIs.)