Home Loan is a mortgage facility offered by lenders to borrowers for various housing needs such as purchase of a new home, under-construction home, land or plot for building a house or renovating an existing home. This facility is provided at interest rate starting from 6.70% p.a. and a tenure that is up to 30 years.
Housing is one of the most basic needs for humans along with food and clothing. Every youngster strives to build a house and makes it the first priority. This is preferred over other expenditure in household and basic needs. Housing is a major investment that allows a family to cut down on much other expenditure. The potential homeowner must first look out for the family’s monthly income and then look out for a loan which is generous so that he need not spend his entire life repaying the loan.
Apply for loanA vast array of institutions offer you the best home loan rates at the most competitive rates and affordable EMIs.
To qualify for a Home Loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a Home Loan.
Below is some of the basic documents which are required at the time of Home Loan
If you have a question that deals with clients, customers or the public in general, then have a look at some of the basic FAQs.
A home loan, is a loan provided by a financial institution to help you purchase or refinance a home. It is typically repaid in monthly installments over a specified term.
Qualification criteria can vary among lenders, but factors such as your credit score, income, employment history, and the property's value are commonly considered when determining eligibility.
Loan tenure refers to the length of time over which you'll repay your home loan. It can vary but is usually 15, 20, or 30 years. Longer tenures result in lower monthly payments but higher overall interest costs.
EMI stands for Equated Monthly Installment, which is the fixed monthly payment you make to repay your home loan. It typically includes both principal and interest portions.
Yes, most home loans allow for prepayment or early repayment. Some loans may have prepayment penalties, so it's essential to check with your lender.
Missing an EMI payment can result in penalties, increased interest costs, and negatively impact your credit score. It's crucial to communicate with your lender if you anticipate payment difficulties.