Everyone dreams of buying an abode for themselves to relax and enjoy their life after a hectic working day. But, it is not an easy task for everyone to buy a home on their own, they will need to borrow the money from the available sources. One can opt for a loan available at the best Housing Loan rates.
You can go for Home Loans in India if you need funds to buy a new home for yourself and family. To get the best Home Loan, you must maintain high CIBIL Score or Credit Score.
The lowest Home Loan rates are offered to those applicants who have the Credit Score of 700 or above. You can even use a interest calculator to estimate the interest rate before taking the loan. With the help of a Home Loan calculator India, you will be able to bargain with the lender to get the best home financing rates as per your Credit Score.
Benefits of a Home Loan in India
High Loan Amount
An applicant can get a Home Loan up to Rs.10 crore from online lenders to fulfill their financial needs for buying or constructing a new house.
Attractive Interest Rate
By applying for house financing, an applicant can avail the benefit of having best Home Loan rates. To get the attractive or lowest interest rate, the borrower should maintain a high CIBIL Score. Usually, a salaried borrower gets the best Home Loan rates around 8.40%, which may vary from lender to lender.
The applicant can get the benefit of EMI holidays to get relief from paying the EMIs for 3 months during the beginning of a tenor. A salaried borrower can make the most of this facility as it will help them in planning their finances.
Home financing in India offers the option of selecting the tenor as per the borrower’s needs. The tenor of a Housing Loan can range up to 25 years, enough to fit the repayment capacity of the borrower.
Nil Foreclosure and Prepayment Charges
The borrower need not pay any extra charges for the foreclosure and part-prepayment of the loan if needed.
Apart from the above benefits, the borrower can avail extra benefits like a top-up loan facility and a property dossier.
Top Up Loan
A top-up loan is an additional facility that is offered to those customers who have switched their Home Loan accounts to another lender. The facility is available under balance transfer where they can borrow extra money above the initial loan amount from the lender.
A Property Dossier
It is a report that lender gives to the property owner, containing the details about the legal and financial aspects of being the owner.
Eligibility Criteria for a Home Loan
- The applicant should be an Indian resident.
- He/she should be of 25 years to 58 years of age.
- The applicant must be a salaried person with a minimum work experience of 3 years.
Documents Required for Taking a Home Loan
- KYC document of the applicant
- Address proof of the applicant
- ID proof and photograph
- Bank account statement for past 6 months
- Form 16 and latest salary slips
The Bottom Line
Now when you know that you can opt for a loan at best house financing rates, you must initiate the loan process to begin your new life with a new home. Ask for all the benefits from your lender when you take a Home Loan!