Home loan: An ideal way to fund your dream home

Home loans will help you turn the dream of owning your home into reality. The housing costs are skyrocketing high and no individual would be in a financially strong position to deal in entire cash to buy their home. Definitely, they would be stuck with prior commitments that would leave them with insufficient funds at the time of purchasing the property.

To tide over such financial situation, there are leading banks and non-banking finance companies out there in the market. They will offer customized home loan solutions to borrowers with attractive interest rates of around 8-9% and mere processing on it. You can enjoy longer tenure and flexible repayment options along with affordable EMIs on your wallets in the long run. With online facilities, you can apply for a home loan right from the cozy corners of your rental homes or offices.

You can avail home loans for a variety of purposes such as: To buy a new flat or resale property, home improvement loans, home extension loans, plot loans, rural housing finance and more. Leading aggregator sites will let you compare quotes of reputed players under a single umbrella. You can compare the interest rates, processing fee, principal amount, monthly installments, etc. and then zero in on a particular lender. You can read the reviews of customers as well. You should spend some time planning your home loans, as they would impact on your finances in the long run.

Home loans are offered to customers once they meet certain eligibility criteria along with adequate documents to support your loan application. Some factors that will determine your loan eligibility would be: your current & retirement age, income source, job or business stability, existing EMIs, any additional income source such as spouse/parent’s earnings, and most importantly your CIBIL score.

When a potential candidate makes a home loan application, the lender will evaluate the application on these parameters. Within a couple of days, they will send you an email stating whether the loan is sanctioned or not. These evaluating rules differ for professionals, self-employed and salaried individuals.

In prior days, people had to go to the financial experts to do all the maths to determine the principal amount, interest applicable and monthly installment. However, with the help of home loan EMI calculator, interest calculators and eligibility calculators you can skip the tedious calculation and get instant quotes online in a couple of minutes. These solutions will be accurate and help you stay prepared with the loan repayments with ease.

Ensure that the lender you’re planning to apply for home loan offers you good discounts and deals. Since it’s a long-term relationship between you and the lender it’s important that it should stay cordial. There are a number of ways you can reduce the interest rate on home loans such as:

• Apply for a loan at an early age

• Show a steady and good income source

• Keep your credit score up to the mark. Ideally, 750+ is considered a good score for negotiating the rates

• Apply with your spouse, parents or siblings for higher loan limits

• Festive seasons are best to grab an exciting deal and save BIG

Don’t let financial obstacles prevent you from buying your ‘home sweet home’. Compare and apply for home loans online now!

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