Are you looking to buy a home using a home loan facility from the affordable price segment of under Rs.30 lakh? If yes, congratulations, as you are in for a surprise!
The Reserve Bank of India has announced that people who are looking to buy a home whose value is up to Rs.30 lakh can avail up to 90% of the home cost.
It means that if you have the required home loan eligibility, then a lender can help you avail 90% of the cost of a home that you seek to buy. Hence, a home buyer availing a home loan for the same need to concern about the rest of the amount. The 10% of the amount needs to be put down as the down payment.
If you are looking to avail a home loan in India, and don’t know what other things to keep in mind while applying for the same, this post will help you out.
Things to Consider that will Help you Get a Home Loan in India
Conduct Good Research
Don’t go by what your home loan agent says: instead always do your researches about the best plans available in the market. Many online websites that list many housing loan offers are available in the market. All that you need to do is – go to such third-party websites, compare all such offers and then pick as per your need.
Arrange for the Down Payment
Before you go ahead and avail a home loan, the vital thing that you need to consider is – arranging for the down payment. If you can manage to pay more than 10% as the loan down payment, it will be better. Like this, you can easily reduce the principal amount and pay lower EMIs over the loan tenor.
Take the Help of Home Loan Online Calculators
Leading home loan lenders nowadays help you calculate how much will be your exact EMI amount and loan amount eligibility by using online home loan calculator. Online tools such as home loan EMI calculator or home loan eligibility calculator can help you decide your exact loan EMI and eligibility. Like this, you can plan well in advance and know about an exact EMI that you can pay.
Maintain a Robust Credit Score
Lenders also see if you have the required creditworthiness or not at the time of applying for a housing loan. Applicants with a CIBIL Score that reads 750+ or more out of 900 are considered safe to award a loan at lower home loan interest rates. Maintaining a higher CIBIL Score is easy if you can pay your existing loan EMIs, credit card outstanding and other debts on time.
Check Your Home Loan Eligibility
If you have the required housing loan eligibility, you can easily get housing finance from a leading bank or non-banking finance company (NBFC). Some of the standard home loan eligibility terms are:
- You should be an Indian citizen
- Your age should be under 25-58 years
- You should be a working professional with a work history of at least 3 years
The Bottom Line
Getting a house loan is easy if you can follow the discussed tips in the post. Check out housing loan eligibility today, and apply for housing finance as per your needs.