Know how to apply for home loan in Indore - Loan Trivia


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Friday 4 February 2022

Know how to apply for home loan in Indore

home loan in Indore

Indore, the city housing prominent educational institutions, is known as the commercial capital of Madhya Pradesh. It boasts the largest textile industry along with several growing manufacturing sectors. If you want to settle down in this city, it makes sense to buy a property using a home loan in Indore. Housing loans provide the required financial aid while looking to buy or construct a residential property.

To avail a home loan, you need to proceed stepwise for approval. Here’s how to apply:

Step 1: Meet the eligibility criteria 

Eligibility criteria helps identify a borrower with strong repayment capability and good financial behaviour. Before you finally apply, fulfil the home loan eligibility criteria which includes CIBIL score, nationality, age, minimum income, work experience, etc. 

Step 2: Choose a repayment tenor 

Once you are eligible, select a suitable repayment schedule from tenors ranging up to 30 years. Make sure the EMIs are affordable and convenient for you. Consider your financial capability, current liabilities as well as future plans when deciding the home loan tenor. You can take help of our online EMI calculator to make the most feasible choice easily. 

Step 3: Arrange all the documents 

Leading HFCs require minimum documentation to complete the application process. All you need to do is keep those papers handy. Some of the documents include KYC papers, financial papers, property papers, etc. 

Step 4: Apply online      

To apply for a home loan online, open the application form from your lender’s official website. Fill it up with correct personal, employment and financial details as required. Submit along with the necessary documents to complete the process. 

Housing finance companies in Indore offer the best features and benefits on housing loans. As a borrower, you can enjoy home loan tax benefits on principal repayment and interest payable under sections 80C and 24(b) of the IT Act of India respectively.  

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