When it comes to Indians, the home is where their heart is. Buying a home is not another thing for Indians as it’s once in a lifetime event and everyone wants a home.
However, dreaming about purchasing one’s dream home and actually buying it are two different things. It is because not all prospective home buyers have the financial capacity to buy their own home using their income and savings.
Nonetheless, people not having enough savings need not give in their dream of having a home as you can always avail of a loan from leading online lenders.
In the context of the discussion, let’s discuss some of the major elements of the Home Loan Guideline in this post.
Quick Home Loan Insights for You
What is a Home Loan?
A home loan is a unique facility offered by leading banks, non-banking finance companies (NBFCs) and home loan financing companies. If you have the required home loan eligibility, you can easily grab a higher loan amount of up to Rs.3.5 crore.
The home loan interest rate has gone down in the recent past which means you can opt for a wider tenor and pay in smaller EMIs.
Home Loan Eligibility Criteria:
Lenders want their potential housing loan seekers to qualify for the loan by meeting some standard criteria such as:
- You should be an Indian citizen
- Your age should be between 23-58 years
- You should be working with an experience not less than 3 years
- The maximum loan amount that you can borrow is Rs.3.5 crore
Documents Required For Home Loan:
Once you have proved your home loan eligibility, you need to furnish some key documents to further process your housing loan application such as:
- KYC documents
- Identity proofs
- Proof of address
- Recently clicked color photograph
- Latest Salary Slips/Form 16
- Last 6 months’ bank account statements
- Minimum 5 years’ business proof if you are a businessman and applying for a home loan
Vital Home Loan Features and Benefits
Availing a House Loan can provide you with some amazing features and benefits such as:
- Flexi Home Loan – You can easily avail an amount out of your home loan limits many times as per your wish within the tenor. The benefit of this feature is that you can pay only the interest as the EMI as rest of the money is adjusted at the end of the tenor.
- Home Loan Balance Transfer – If you are existing home loan account holder and paying higher Home Loan interest rates, you can pay lower rates. It is possible when you opt for the home loan balance transfer facility. Home loan transfer benefits people by offering them a lower interest rate. You can transfer your loan account from an existing lender to a new lender offering better interest rates. For availing this facility, you need to pay some charges to your existing lender.
- Top Up Loan – All existing home loan borrowers are also eligible for a top-up loan at a lower rate, and wider tenor up to Rs.50 lakh to cover your other needs.
- Online Account Management – You can access all your loan information via the digital customer portals of the lenders 24/7 and from anywhere.
- Wider Tenor – You need not feel the burden of a home loan as you can spread the cost by opting for tenor as wide as 240 months and pay smaller EMIs.
Now that you are aware of the basics of the house loan, you can also apply for it online these days and get quick approval and money disbursement in your bank account.
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