When buying a ready to move in property, Home Loans are the most useful debt products that help finance this process. Home buyers need to approach a lender in the city/town where they reside and make sure that they fulfill the eligibility criteria of the lender. If you live in Calicut and have found the right residential property to buy, you can start with the next step of finding a Home Loan in Calicut from a bank or Non-Banking Financial Company (NBFC) in the city.
To make things easier for you, here is a simple stepwise guide to help you sail through the process of applying for the loan and receiving approval on your application:
Assessing your Financial Condition before Applying
Banks and NBFCs have an income-related condition as part of their eligibility criteria for availing a Home Loan. To avail a Home Loan in Calicut, you will have to earn at least Rs 30,000 per month. This is a part of determining your affordability for a Home Loan. On your part, you need to consider repayment of the loan availed with regard to your monthly income and expenditures.
Save As Much As Possible for the Down Payment
Most home buyers pay 20% as the down payment and the remaining amount is paid through the Home Loan. If possible, save as much as you can to pay the downpayment as that means you will need to apply for a smaller loan, thereby reducing your debt.
Also Read: 4 Steps To A Home Loan In Calicut Approval
Work for a High Credit Score
A credit score of the range of 800 will help in obtaining a loan at a low rate of interest. So start working on your credit score in advance before applying for the loan.
Stability of Employment
You need to make sure that the organization you are working with is of good repute and you have a good track record of employment stability.
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