One of the basic necessities of a human being is shelter and accommodation. Unlike other necessities, these don’t come cheap. Buying a house, flat or other housing properties has become quite a lot expensive. This is where Home loans act as a saviour. The home loan meaning is nothing but an agreement from a borrower and a lender that allows you to borrow money that can be used to purchase a house or other accommodation.
Finding which home loan is best in India can be a real dilemma. This is largely due to the fact that there are several banks and financial institutions that provide these. However, if you wish to get a home loan, it is crucial that you understand it inside out. Take a lot at everything about home loans.
The process of acquiring a home loan is fairly straightforward. However, it involves a lot of documentation. The process may vary depending on the bank or the financial institution lending you the loan. As a result, check with the exact party involved to identify the process. Here are the common steps involved in the home loan process –
In order to be able to apply for a home loan, you will have to meet certain home loan eligibility criteria as required by the bank or the financial institution. This mainly depends on your repayment capacity. Let’s take a look at some of the factors that affect your eligibility –
Please note that the eligibility criteria will vary according to the bank or the lending institution.
Home loan rate of interest is the rate charged by the lender for letting you borrow the amount. The exact home loan interest rates in India vary significantly depending on the bank or financial institution lending you the loan as well as on your eligibility such as income, CIBIL score, etc. Typically, there are two types in which the home loan ROI function –
In order to be able to obtain a home loan, you will have to submit the following home loan documents. Although, based on your eligibility and the lending institution, you may have to submit additional documentation.
Here are some of the common home loan benefits –
Thanks to the varying terms available, you will have plenty of options to choose for the home loan repayment schedule. However, in certain cases, if you feel that you have surplus funds and feel that you can pay back the loan (parts or full) before the full tenure, you can do so with the home loan prepayment option. This will reduce your principal owed as well as lower the EMIs or the remaining loan period.
If purchasing your dream home is what you require, Terkar Capital is your one perfect stop. Being one of the top home loan Consultant in Pune, we offer you the most affordable home loans. We provide you with complete customer support, best interest rates, flexible loan terms, fast processing, safe transaction, and a completely transparent process.
If you have any questions, please do not hesitate to ask us. Please also call us or email us before visiting to make sure that you will be served with our best services.
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