Pointers Need to Know Before Applying for a Home Loan - Loan Trivia


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Friday 26 October 2018

Pointers Need to Know Before Applying for a Home Loan

Purchasing a new home won’t be a dream anymore, if you opt for a Home Loan. But, before you take a Home Loan, you must ensure that the loan is affordable for you. You should try to get a lower interest rate, a longer tenor and higher loan principal. It will be better if you take the support of a Home Loan calculator to calculate Home Loan EMI and get the exact amount that is within your budget.

However, the process to apply for a Home Loan include:

First, you need to research about lenders and Home Loan type. When you plan to apply for a Home Loan, you need to research and compare various lenders and the loan they are offering. You can either take the support of a third-party website to compare all Home Loan offers based on your needs and repayment capacity. There are different types of Home Loans such as land purchase loan, home construction loan, fixed rate loan and floating rate Home Loan. So, you must choose the right type of loan as per your choice.

Second, check your eligibility for Home Loan. Generally, the factors included in eligibility are age, income, employment stability, credit score, repayment history and other factors. Make sure that you qualify the eligibility criteria set by the lender. If you have a good loan eligibility, it will help you to enjoy a higher loan amount of up to Rs.3.5 crores. The basic eligibility criteria are you must be an Indian citizen of age between 25 to 58 years, be a salaried individual with a working experience of 3 years or more.

To know the next steps to apply for a Home Loan, read:

Home Loan Application Checklist – Know Before Applying

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