Buyers Guide

Are you worried about paying rent & living in a rented house? Have you been dreaming to own your own home? Well here’s the perfect opportunity. Before deciding to buy a home prioritize your requirements, selecting a location for your home then conduct a survey on various factors like Managing finance, appreciation value of the property, surrounding environment , credibility of the builder, bank loans eligibility and much more.

Home loans are credits availed by borrowers to purchase a residential or commercial property against a mortgaged asset. The credit amount depends on the Loan to Value (LTV) provided by lenders, the credit history of the borrower, etc.

Considering the hefty expenses involved in buying a property, home loans in India are becoming one of the most popular forms of advances offered by nearly all pan-Indian financial intuitions. However, this high-end expenditure makes lenders cautious about the credibility and repayment capability of the borrowers.

It is vital for borrowers to have a comprehensive idea about housing loan and how to make the best of them.

Home Finance

Find easy Housing Loan for your needs from all leading Banks, with a number of conveniences to suit your budget. Get home Loan.

Despite Government schemes to boost the affordable housing industry, the real estate market still faces challenges due to a simultaneous rise in demand for houses, and its rising prices. The demand has also reflected in case of home loans, prompting leading financial institutions to offer borrower-friendly terms and attract more customers.

However, the offered features and benefits vary from one NBFC to the other. So, remember to do thorough research on the following pointers before settling for a loan.

Loan Eligibility Checker

Check for your Housing loan eligibility here. Loan eligibility calculator assists you to know about your loan eligibility, in choosing the best loan plan, the applicable EMI for your loan amount etc. Check you Eligibility Now ….

www.emicalculator.net

*The calculations are estimates only.

Eligibility Criteria and Documents

Home loans are available for both salaried and self-employed individuals. Eligibility criteria and documentation basics vary accordingly. Viz. –

  • Indian citizenship and residence
  • Between 23 and 62 years (salaried); 25 and 70 years (self-employed) Work experience of a minimum of 3 years (salaried), or 5 years (self-employed) in their specific field of work
  • KYC documents
  • ID proof
  • Bank account statements of the last 6 months
  • Photographs
  • Form 16 or their latest salary slip (salaried)
  • Documentation of proof for the 5+ years of experience in business (self-employed)
  • Address proof

Tips before Applying for a Home Loan

Here are a few tips for you to consider before you approach a financial institution for home loans –

Check your credit score: A higher credit score (750+) reflects the borrower’s repayment capability. Such scores make lenders more willing to provide the requested credit amount along with other borrower-friendly terms & conditions.

Survey the market for the best home loan offers: Home loans by reputed NBFCs like Bajaj Finserv come with attractive features and offers. The beneficial features may include easy balance transfer facility, high-value top-up, flexible tenors ranging up to 240 months, property dossier services, zero charges on foreclosure or part-prepayment, attractive interest rates, etc.

Check out the housing loan interest rates: It is obvious that borrowers will refer to lenders offering the lowest interest rates on their loans. Choosing whether to opt for fixed or floating interest rates is a vital decision to make as well. It is important also to keep an eye on the total amount of interest paid at the end of the tenor. Tools like the loan EMI calculator can help a borrower calculate all of this and more.


To Know More

NRI Corner

NRIs can avail housing loans, for purchasing residential properties in India. These loans are available through leading financial institutions.

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