As we all know, owning a house in India is both a personal and practical achievement. The first home symbolizes financial independence for many homeowners and serves as a stepping stone for more crucial future financial goals. Thankfully, with the easy availability of housing finance options in India, such a huge expense is more feasible now, especially for first-timers.
Besides, intelligent planning also permits homeowners to buy a house cost-effectively and affordably. So, to help identify the most lucrative options, look at the few thumb rules to land the best housing loan in India in 2022. But, remember that these may vary based on an individual’s needs and circumstances.
Eligibility Criteria and Required Documents
A critical factor to note while applying for a home loan is lender-specific home loan eligibility criteria. These can dictate if you qualify for the home loan sanction as most lenders have a stringent set of credit parameters that borrowers are supposed to satisfy.
Besides, you also need to inquire about the documentation. Many lenders may require additional documentation before approving a home loan in India. With home loan options from leading lenders, you can qualify for a home loan sanction in an easy and hassle-free manner. They usually have simple criteria and minimal documentation requirements.
For instance, as a salaried applicant wanting to avail of a home loan, you only need to be an Indian resident with employment with a well-known organization and work experience of at least three years.
Applicable Charges, Fees, and Home Loan Interest Rate
Before applying for a housing loan, an applicant must know about the interest rates and other potential charges. These elements must be factored in the total cost of borrowing and can even prevent you from taking a loan that may cost you heavily in the long term. Especially for first-time borrowers, here are some of the charges they must take note of:
- Processing fees
- EMI bounce charges
- Penal interests
- Additional/Hidden charges
As for the home loan interest rate, a borrower can use a home loan calculator to get the accurate cost of a particular loan amount over a chosen tenor. While interest rates on home loans are now very competitive, here are some easy ways to get the lowest rates.
- The most favorable home loan interest rate is given to those with a high credit score. If you have a good credit history, you can get a lucrative home loan interest rate.
- Many lenders offer lower home loan interest rates is offered to salaried women.
- Some lenders offer the lowest home loan interest rate for housing loans up to Rs.30 lakh. So for higher amounts, the lender may charge a higher interest rate. If you choose an amount below Rs.30 lakh, then you may get a good rate.
- Most lenders maintain a list of their preferred employers. If your employer’s name is on their list, you will likely get a good home loan interest rate.
An Available Loan Tenor, Sanction, and Part-Prepayment or Foreclosure Policy
When it comes to a home loan, being aware of the maximum sanction and the maximum tenor is imperative to decision-making. Going with an option that offers the most appropriate sanction helps ensure that; you are unlikely to be compelled to compromise in any way.
Besides, you must also look into the tenor, as this is a link to your monthly outgo. Having sufficient time for repayment of a large sum is also key to avoiding any defaults. Yet another factor to note is the housing loan’s foreclosure as well as the part prepayment policy.
Exclusive Home Loan Offers or Additional Features
Additional, the best housing loan features can be beneficial to the borrowers. So, an applicant must keep an eye on the offerings instead of choosing one blindly. For instance, when you opt for the Bajaj Housing Finance Home Loan; the sales team of any reputed financial lender assists in exploring the most suitable property for you and your family.
Consideration parameters as mentioned above before applying for a home loan can help segregate loan offerings land that is ideal for you. IT is essential because the quantum for housing finance loans is a significant sum. Also, deploying a meticulous strategy can save a significant amount of money.
Besides, smarter options, such as BHFL Home Loans, grant access to value-added features at every stage of the home loan borrowing process. Research and take note of such home loan offers and extract the maximum value to get the money’s worth.
The Final Word
To be on the right track with your home loan application, start researching more on the factors mentioned above. You need to fill the application form and wait for the relationship manager to contact you to start the process.