With the continuing skyrocketing prices of today’s day and age, it seems like the only way to own even a small home is by winning a lottery! However, when you do decide to take the leap and buy your own home, there are many things you should consider with immense seriousness.
One of the most complicated decisions is choosing the home loan that’s right for you. A large number of financial institutions are ready to accept your loan application, but that does not mean that you grab the first deal you get.
Home loans typically lock you for a good period of 15-20 years or at times, even more. So, it is important to make sure that you thoroughly research the same, before shortlisting the best home loan, which doesn’t pinch you every month.
First and foremost, you need to check your eligibility for a home loan. Depending on your income, personal loan history, and credit score, your eligibility for a home loan will be considered. Luckily, with IBHFL, all you have to do is visit the Home Loan Eligibility Calculator on the website or download the app and you’ll know if your dream home is right around the corner, within minutes!
Once you have passed the eligibility test, it’s time to check the interest rates. Now, this is something you’ll only be able to figure once you track the home loan market for a few weeks or months. Follow home loan-related blogs and keep a track of the various NBFCs that offer financial solutions for home-buying needs. Currently, Indiabulls Home Loans offers one of the lowest rates of interest in the market at 8.50%*. Check out more home loan-related details on the website.
In addition to having one of the lowest interest rates in the market, Indiabulls Home Loans also offers super convenient features like the Home Loan EMI calculator as well as quick process, which are documentation-free. With the EMI calculator, all you have to do is feed in your budget and the period over which you’d like to repay the home loan. Now, depending on the current rate of interest, in a matter of seconds, the EMI amount will be calculated for you. This way, one can plan their finances from the get-go.