All You Need To Know About Applying For A Home Loan In Indore - Loan Trivia

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Friday, 30 June 2017

All You Need To Know About Applying For A Home Loan In Indore

Buying a home in a rapidly-growing city like Indore is a smart investment decision. Not only can you have a home of your own, you can also earn from it by renting it out. The most feasible way of going about purchasing a home in Indore is by applying for a Home Loan that can cover as much as 90% of the property cost.


Eligibility
Your income, age, credit score and current liabilities affect your eligibility for a Home Loan in Indore. With an income of Rs30000, you are eligible for a Home Loan of Rs 20 lakhs.

Home Loan Types Based On Interest
You can choose between Home Loans with either a fixed rate of interest or a floating rate of interest. In fixed, the interest rate charged remains constant for a period of time while in floating rate of interest, you will be charged varying interest rates according to the changing market dynamics.

You can calculate EMI on the loan using an online EMI calculator by feeding in the loan amount, tenure and interest rate.

The required documents to apply for a Home Loan in Indore include:
  • Proof of Income (Salary slips)
  • Age Proof
  • Address Proof
  • Six months Bank Statement
For joint Home Loans, you will have to provide the income particulars of your co-applicant.

For more details on getting funds for home, visit:

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