All About Home Loans and How They Work in India
Understanding Home Loan in India might seem like a hassle but with the advent of online services, it has become both convenient and efficient. A few requisite documents, eligibility criteria, and interest rates are some of the important things that you need to be aware of before getting a Home Loan. Following are the terms and conditions you need to be familiar with to undergo an easy Home Loan procedure:
Home Loan Procedure in India
Home Loan eligibility criteria usually includes some basic requirements like – you need to be a salaried individual of at least 25 years of age, and an Indian resident when the loan is being sanctioned. A work experience of 3 years or more is essential when applying for a Home Loan.
Calculation of EMI
Factors such as the loan amount, tenure and the rate of interest determine the EMI that you’re required to pay every month. Understanding how Home Loan EMI is calculated is essential in the process of planning your EMIs. Bajaj Finserv offers a useful Home Loan EMI calculator that you can use to determine how much money you’ll be paying on a monthly basis. This will ensure stable finances and a better understanding of your expenses.
Most financiers require minimum documents when applying for a Home Loan. Along with your personal details, you will be required to upload your documents while applying online. Documents required for a Home Loan include a signature proof, address proof, identity proof, date of birth proof, income details (salary slip or IT returns), and bank account statements.
Low Interest Rates
Home Loan interest rates in India are usually lower than other forms of mortgage owing to their longer tenure. Non-banking financial companies like Bajaj Finserv offer Home Loans with low interest rates on online applications. With low-interest rates, you are assured of stable monthly expenses and a better control over your loan repayment.
Bajaj Finserv allows you to apply online for a Home Loan. All you need to do is fill up a form and you’ll get instant approval on your Home Loan. With the online account access, you can also keep track of your payment schedule, repayment track etc. Prepayment facility and nil foreclosure charges are some of the other features you’ll enjoy after getting your loan sanctioned.