5 Important Factors You Should Know About Housing Loan - Loan Trivia


Full-Width Version (true/false)

Thursday 16 December 2021

5 Important Factors You Should Know About Housing Loan

housing loan in India

A housing loan in India is one of the best financial solutions to help you get funds to build or move into your dream home. 

Based on your eligibility and lenders’ policies, you may get an amount into crores. 

But, when it comes to applying for a housing loan in India, many people don’t consider some vital points. 

In the same context, it will be good to know about five factors while applying for a home loan in India. 

Read on!

  1. Know your CIBIL score

The higher is your CIBIL score, the more chances you have to get the housing loan in India approval at a lower rate. You should aim to pay your ongoing loan EMIs and more on time and maintain a credit score of 750 or more. In turn, it may help you get the housing loan in India approval fast. 

  1. Compare all home loan offers

Too many loan options may confuse you which one to choose. Hence, you should compare all deals on a third party site. This way, you can pick the one matching your needs and budget the best. 

  1. Know if you can afford the home loan EMI 

You should use the home loan EMI calculator and know an exact amount that you need to pay per month. This is how you can know if your budget can support it or not. 

  1. Opt for a convenient repayment tenor

A shorter tenor helps you enjoy savings on interest charges, but will increase your EMI amount and vice versa. Thus, you should pick a tenor matching your budget the best. 

  1. Check out your lender’s eligibility terms   

You should be aware about the eligibility terms of your lender and know what factors to meet and documents to furnish. Generally, eligibility terms and a list of documents required are mentioned on a lender’s website. You should go through it before applying for a housing loan in India and prepare accordingly. 

Considering these vital pointers may help you approach your housing loan in India confidently.  

No comments:

Post a Comment