You have finally found your dream home, one that fits your budget. What’s next? The next step is to identify a lender who will provide you with the right kind of home loan to help you make the purchase. This can be an intimidating process. Start your search by narrowing down on different home loan companies who could fit the bill. Then, evaluate their various offerings to help determine which ones suits your needs the best.
Whether you are able to get a home loan or not depends on your occupation, state of employment, size of disposal income and number of dependents. To improve your home loan eligibility, opt for a home loan with a 30-year repayment plan. Check your eligibility here – Home Loan Eligibility Calculator
It’s imperative to do adequate homework in advance and take every factor into consideration before selecting a home loans company to buy your home in India.
The loan amount is dependent on both your monthly income and the value of your property. Typically, the loan amount would be 80%-85% of the property value. Choose your housing loan based on the percentage of loan that is being offered to you by the home finance company. So, if one lender offers 80% of the total property value in the loan amount and another offers you 85%, opt for the one that offers a higher percentage. Reputed housing finance companies like Indiabulls Home Loans will always seek to offer the best home loan.
An important factor that will influence the EMI and total interest paid by you is the respective home loan interest rates. Find out if the rates are fixed or floating. In a fixed interest rate scheme, there are no fluctuations. Meanwhile, if the rates are floating, the rate will vary according to market conditions.
Considering hidden costs and concessions:
Remember that not every home provider will have branches or locations across India. If you wish to buy a home at a location that isn’t close to your workplace, look for a company that has branches close to both locations so you won’t incur additional costs while commuting. Indiabulls Housing Finance Ltd. has over 220 well-appointed and accessible branches in 110 towns and cities across India.
Additionally, investigate whether the HFC of your choice offers any concessions for senior citizens, female buyers, etc. These options may be helpful in cutting down costs.
Also to be noted, the process of applying for a home loan can prove to be lengthy, requiring the submission of a variety of documents, some of them having hidden costs. Indiabulls Housing Finance Ltd. provides a complete online application process so you can apply for your home loan online.
The process of finding your perfect home loan might feel lengthy, daunting and cumbersome, but remember that there are HFCs that provide customer-friendly and affordable options. Contact the best housing finance company to get detailed information to be able to live in your dream home today!