Finance

What are the Benefits to Look for Before Applying for a Home Loan?

Taking a home loan can be a life-changing decision.When you choose the right one, it can change your life for the better in many ways. You may be wondering why home loans are a good decision or even home loan kaisemiltahai. While you may have a lot of questions, let’s begin with some benefits you should look for when applying for a home loan.

Simple Eligibility Criteria

The lender you choose for your home loan must have easy eligibility criteria, such as:

  • The lender provides home loans to both resident Indians and NRIs
  • The age bracket should be wider, say from 23 years to 60 years
  • They should consider self-employed people, private employees, and sole proprietors,apart from salaried people
  • They should also consider borrowers who wish to refinance a property, apart from those who apply for a fresh loan

Apart from this, you need to check whether your property qualifies for the loan or not. For this,you can choose a lender that offers a home loan irrespective of whether the property is:

  • Under construction or ready for possession or even a builder property
  • Newly constructed or has been around for years
  • In cities or gram panchayat areas or regularised colonies
  • An apartment or a self-constructed individual house
  • Under the state housing boards (such as MHADA, DDA, existing co-operative housing society and similar other associations).

Short Loan Disbursal Time

A quick loan disbursal has be a huge advantage when you’re trying to negotiate a deal with the seller. For this, it is important to check the website of the lender to know how long it takesto disburse the loan after the application has been approved and the loan has been sactioned. You can choose a lender that ensures a fast turnaroundtime, like 72 hours (3 days).

Home Loan for All: Self Employed or Salaried, Big or Small Home

Often, self-employed people and sole proprietors find it tougher to qualify of home loans due to their inability to show a fixed flow of income. They are the ones who mostly wonder home loan kaisemiltahai.If you are one of them, you can checkedwhether the lender offers home loans to self-employed on easy terms. Moreover, the bracket of the loan amount must be wide enough to fit all types of aspiring homeowners. For instance, if the lender offers home loans from as little as Rs. 3 lakhs to as high as Rs. 5 crores, you can rest assured that your aspirations of buying a home can be fulfilled by them. Irrespective of whether you want a sprawling penthouse or a 1 BHK, the home loan will meet your needs.

Government Subsidy

If you are looking to reduce the burden of high home loan interest rates, you can check out the PMAY, or Pradhan Mantri Awas Yojana,scheme. Under this government scheme, you can get subsidies up to Rs.2.76 lakhs on home loans. If you wish to take advantage of PMAY, you need to ensure that your chosen lender offers this scheme.

Lower Interest Rate, Processing, and Administrative Fees

Interest rate, processing and administration chargesare applicable when you take a home loan. You must know all the costs, so that you make a wise deicion around your financs. To reduce these costs, you can target lender that offer the most competitive fees.

Easy Pre-Payment Options

While comparing home loans from different lenders, do remember to check pre-payment options. This is crucial as paying off debt as soon as possible can help you reduce the interest burden and have peace of mind. Often it has been seen that people pre-pay their home loans on getting promotions, bonuses, or new projects. However, you need to check the penalties associated with pre-payment of a home loan. Look for a home loan provider that levies little or no penalty for prepaying your home loan.

A Quick Online Application Process

Finally, you need to check whether the lender offers a quick and simple application process for the home loan. With an online application process, you can complete the entire process within a few minutes and submit the form, along with the required documents. You can also make EMI payments online.

Conclusion

It is exciting to buy a home. It will be a shelter as you age and a great investment that you can leave behind for your children to treasure. Also, it can cover you for difficult times, by helping you get a loan against property.

Related Articles

Back to top button