About Home Loans

Your name on the door of the house is the ultimate dream of any person. Everywhere in the world, owning an house is considered as one of the major signs of success. As the average income ratio is increasing with of globalization, the desire to buy own house increasing simultaneously. Along with them the price of property(Real Estate) is increasing day by day, irrespective of urban(Developed) and rural(Developing) areas. Thus it becomes very difficult for a common man to buy Own Dream House only with his or her savings. It has lead to an increase and extreme popularity in buying home loans from banks and NBFCs to live in a dream. Home loans are the highest selling banking product. Home loan is lent on a fixed or flexible tenure and an interest rate on the borrowed amount. The borrower/s are supposed to pay off the principal amount of loan with the interest in the given tenure to the lending Bank/NBFC

What are the Eligibility Criteria to avail a Best Home Loan?

  • Any person who has a regular and steady source of income can get a best home loan.
  • Irrespective of consumer's profession (salaried, self-employed or business person) he/she can get a best home loan.
  • The consumer, who wants to apply for a best home loan, should be of minimum 21 years old. Whereas the repayments has to be done by the age of 60, maximum 65.
  • Applicant's savings history with bank plays an important role in approval of the loan.
  • If you have a bad credit history, especially before 3 months of applying for best home loan, it can become a large hurdle in accessing the loan.
  • Those who have their own business or are self employed, have to present their profits and turn over to determine the value of loan they'll be applying.
  • The applicant also has to give the proof of current residence. He or she should be staying at the current residence for at least a year. As it will be seen as a proof of stability with along with employment and financial.
  • Applicant need a good credit score (750-900 is considered as a good credit score)

What are the Fees and Charges Applicable to get a Best Home Loan?

There are specific fees and charges applied by banks and NBFCs while processing the best home loans. These charges are different from the interest rates. These charges differ in value from lender to lender, but the types of charges are the same everywhere.

Banks charge a non-refundable processing fee for your home loan request. Different banks charges different amounts as processing fee. This fee is either a specific percentage of the loan amount or a fixed amount of money. Depending upon applicant's profile and considering some terms and conditions, banks often negotiate and lower the processing charges or waive it off completely.