With housing loan interest rates going down, there has been a consistent rise in the number of people willing to avail a Housing Loan these days.
Yes, with the lowest interest rates, you can easily afford it, opt for a longer tenor and repay smaller EMIs, and never feel the burden of serving a loan.
If you are thinking about how to get a Home Loan to buy your dream home, this post will provide you some quick guidance on the Housing Loan and things associated with it. Let’s go:
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What is and How to Get a Home Loan?
A Home Loan is nothing but a unique finance option offered by leading banks and non-banking finance companies (NBFCs) and other lenders to prospective borrowers. Anyone with a Housing Loan eligibility can expect to avail an amount up to Rs.3.5 crore at lower interest rates. For people to apply for a House Loan, they need to be eligible for it.
Home Loan Eligibility
- The prospective borrower needs to be an Indian citizen
- Your age should be between 25-58 years
- You should be a salaried individual with at least 3 years of working experience
Home Loan Documents
You also need to furnish some documents online to prove your eligibility such as:
- Your KYC documents
- Identity proofs
- Address proofs
- Recent colour photograph
- Latest Salary Slips or Form 16
- Last 6 months’ bank account statement
- Proof of business for at least 5 years if you are a self-employed personnel and applying for a Home Loan
Home Loan: Features and Benefits
Once you have proved your eligibility for the loan, you can pocket many features and benefits of the Housing Loan to make it a sweeter deal for you in the end.
- A Higher Amount to Suit Your Needs
Be it your needs to purchase a big villa, independent home, bungalow, row house or a home in an apartment, a House Loan can easily fulfil all your wish. Leading online lenders can let you grab up to Rs.3.5 crore to fund all your needs.
- Flexi hybrid Home Loans
Once you avail a Home Loan, you can use any amount out of it as per your needs and pay only the interest as EMI on it and nothing more. You can always pay rest of the amount later and after the end of the tenor. Like this, you can save up to 43% on your Home Loan EMIs.
- Home LoanBalance Transfer Facility
If you are existing House Loan customer and paying a steep interest rate, you can switch or transfer the Home Loan to a lender offering you a lower rate. This facility is known as the Home Loan balance transfer. You will need to pay your existing lender with some processing charge for availing the facility.
- Part-prepayment and Foreclosure
At any point during the tenor of the Home Loan, if you wish to make some prepayments towards it and foreclose it before its scheduled time, you can do that free of cost.
- Online Account Access
Known Home Loan lenders give you online account access to your loan account to know the progress of the loan via their digital customer portals. It lets you track the loan 24/7 and from anywhere.
The Bottom Line
A Home Loan is an ‘easy to apply’ product that can help you realize the dream of having your own home. Now that you have some required knowledge about the housing loan, you can apply for it online and get started.