All You Need to Know About Availing a Home Loan in Surat - Loan Trivia


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Thursday 30 November 2017

All You Need to Know About Availing a Home Loan in Surat

With an ever increasing GDP and growth scale along with thriving industries like jewelry, textiles, diamond, and even Information Technology, Surat is a favorable place to settle in on all fronts. This has led to a rise in the demand for real estate projects- both residential and commercial. Connectivity via road from Surat to the other commercial and trade hubs of India like Mumbai, Delhi as well as Ahmedabad is quite good- this has further upped the demand.
Buying a home of one’s own is a capital intensive prospect, and to buy a home in Surat, you can either opt to invest your savings or avail a Home Loan. Opting for a Home Loan is a better idea than spending all savings as it leaves a person financially vulnerable.
You can apply for a Home Loan in Surat through the web portal of a bank or NBFC. However, before applying for the loan, it is important to check the eligibility criteria of the lending institution. Most banks and NBFCs require the loan applicant to be within the age limit of 25 to 58 years, with a work experience of 3 years or more and earning at least Rs30,000 per month.

You can borrow anything between Rs30 lakhs and Rs 10 crores for the purchase of your home in Surat. Once you avail the Home Loan, you will have to pay the Equated Monthly Installment (EMI) which depends on the amount borrowed and the interest rate charged by the lending institution.

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