5 Factors To Consider Before Opting For A Housing Loan In India

 

Do you want to apply for a housing loan in India? 

If yes, you need to consider many important factors. It is because if you don’t, then your home loan application may be rejected. 

In the same context, let’s check out 5 must to consider factors before applying for a housing loan in India in this post now!

1. Your CIBIL score

Every lender will check your CIBIL score to know if you are eligible to be given the loan approval or not. A healthy credit score of 750 or more can help you get the loan approval faster and at a lower rate. You can maintain it by making timely repayments for active debts. 

2. The home loan eligibility terms  

You should be aware of the home loan eligibility criteria of your lender. You can find all details on their websites. Your eligibility also depends on your age, employment and repayment record, along with the location of your property. 

3. Know an amount you can get 

Applying for an amount more than your income can support may lead to rejections. Hence, you should know an amount your income can support. You can use the home loan eligibility calculator on your lender’s site to know about the exact amount you will get. 

4. Get an idea of your precise EMI amount 

You can also know the precise amount you can pay the home loan EMI by using the online home loan EMI calculator. This tool is available on your lender’s site for free. 

5. Compare all available home loan offers 

You should also compare all available home loan offers online and pick a deal matching your needs and budget. You can land on a third party site and do that easily. 

If you are able to factor in the discussed aspects, you can easily approach your housing loan in India with increased confidence.