With the rise in nuclear families in India, the apparent ease of movability, swift relocations and distinguishing choices of towns or cities for purchasing your own home is on the rise. People progressively look for owning a piece of land in your name, may it be a flat in a residential complex or an entire bungalow. To support this dream of yours, you can consider approaching HDFC home loan customer care or LIC home loan customer care. Both the customer care services ensure to provide you with a good deal on reasons to opt for a home loan and the best deal as per your preference.
As far as arranging the funds or sum of money to buy or construct your home is concerned, a huge chunk of people stay short of funds as for most of the middle-income groups, it mostly takes the saves of their lifetime to own a home of their own. However, on the other hand, a handful of individuals easily manage to purchase it with their upfront payment in totality.
With the Indian Government pushing forward the movement for affordable housing and umpteen demand for homes, there are various offers from the different public as well as private sector lenders and housing financiers. Those who are looking forward to applying for a home loan often see themselves at the crossroad owing to the plethora of lenders and customized loan offers.
Clearly identify the needs and repayment capacity –
This must be a crucial classifier when it is about availing of a home loan for buying. For example, you must be thoroughly aware of all the possible options that meet your household requirements, factoring in need for space in years to come. There can also be a long list of key things that can allow you to make up an ideal home for you; the house options, which are fully your requirements, must be outrightly prioritized.
Requirements and budget go hand in hand as you cannot have a set number of advantages under a restricted budget, and you cannot also extend your budget more than your earnings or your repayment capacities. Knowing the correct set of balance and budget, and amenities are the major key to shortlisting your optimal home for you as well as your family.
Many individuals also overlook such things and factors or fail to judge their requirements and unknowingly stretch their budget for the sake of lucrative and flashy advantages that are not needed initially and are not of any use.
Review your home loan eligibility criteria –
Home loan eligibility criteria for applicant differs indefinitely, which is thorough subject to your current age, indicative credit score, the quantum of earnings, previous financial relationship with the bank, existing debt burden and past repayment behaviour.
There may be instances when you may not be in the optimal range for 1 or more of the aforesaid aspects. For example, if an individual is already repaying an EMI of Rs 30,000 with a monthly income of around Rs 60,000, then he is not well equipped to meet the additional home loan EMI of anywhere between 15,000 and 20,000.
Likewise, if you have any record of previous default of any of your repayments or hold a high CUR (credit utilization ratio) or have aggressively applied for the new credit products, then the lender or the NBFC may not voluntarily agree to approve your home loan of huge size, factoring in the dent on your credit profile.
Additionally, an individual with a relatively lower income of around Rs 30,000 per month will not be able to simply qualify for the home loan, which has a home loan EMI of Rs 20,000 at the maximum possible repayment tenure. Similarly, the home loan applicant’s age plays a crucial role in deciding your eligibility, as banks will be extremely reluctant to offer you a home loan with a repayment tenure equaling 15 years to an individual nearing 50 years of age.
Conclusively, you as a home loan applicant must examine your eligibility on different parameters and must apply for the home loan just if you are fully entitled to getting the big-ticket facility. Also, you must be competent enough to service the extra burden of EMIs for the upcoming periods of 10, 12, 15 or 20 years.
Home loan offers – Ensure to compare closely.
At a specific age, with a good credit score, monthly income, and your existing set debt repayments, you can qualify for the home loan offer from distinct banks and housing finance companies. Majorly, all the offers are the same in nature in reference to the amount that will get sanctioned after the loan approval, effective interest rate, repayment tenure, repayment mode etc.
The contrast between offers comes up from the nature of the rate of interest, whether it is floating or fixed, applicable processing charges, part or full prepayment fees, penalty fees on missing home loan EMI, exceptional home loan tax advantages and other crucial terms such as well as conditions.
Crucially checking the offers of home loans one after another just by visiting the concerned branches or the site can be soul destroying task because every time you are required to input your personal information to the digital user interface or respective bank’s site to know the offer. Moreover, every bank will also respectively pull out your credit report to study your eligibility, credit score, and subsequent denials from lenders that often take a toll on your score.
To witness an immersive, interesting, and seamless process and experience, you must consider getting in touch with the online lending marketplaces, which cannot just allow you to figure out but also compare the correct offers. However, also ensure that you get appropriate help throughout your home loan journey from scratch until its final disbursement. So, what are you waiting for? Go for the online lending marketplaces to zero on the lender as per your suitability and preference. To zero on the best home loan lender, ensure to consider parameters like interest rate, processing charges, tenure, and others.