How Home Loans Work in India
Now if you’re planning to get a Home Loan, there are some things that you should be aware of so you can get your loan sanctioned the hassle-free way. Interest rates, documents required, eligibility, loan application are just some of the factors that you need to look out for. Here we’ll help you get a firmer grasp on how to go about getting a Home Loan.
Home Loan Tips: How to Get a Home Loan
Eligibility and Documents Required
The eligibility criterion is pretty basic here. You need to be a salaried Indian resident with work experience of 3 years or more and a minimum age of 25 years. The city you’re drawing a salary from also plays a role in the process metros usually require you to earn a higher amount than other cities.
The Loan Application
Once you decide to get a Home Loan, you first need to understand how Home Loan applications are processed in India. The application form is the first document required for your loan to get sanctioned. It requires your personal details, contact and property details and your income details.
Now moving on to the other documents required for a Home Loan, you will need a photograph, identity proof, address proof, date of birth proof and a signature proof. You’re also required to show your income details and bank account statements, for which salary slips, IT returns or your Form 16 will be sufficient.
You’ll also need to pay a minimal processing fee and submit the requisite documents to verify the details that you had provided in your application. Post verification, you will receive a Home Loan Sanction Letter if you’re considered eligible. Those are the essential details when it comes to the Home Loan application process in India.
Can You Apply Online
With the online services offered by Bajaj Finserv, you can apply for a Home Loan online and receive approval in 5 minutes. When you apply online for a Home Loan, you need to fill up a form which requires your personal, employment and financial details. Then you can view your loan offer and if you’re satisfied with it, you’ll need to fill your property details and upload the documents required. Once you’re through with this process, you’re pretty much done. Now you just have to wait for approval from the lender’s loan officers.
Interest Rates and EMI
To understand how interest rates are applied on a Home Loan, you should be familiar with EMIs. Taking into account the loan amount, the tenor and the rate of interest, you can Calculate the Home Loan EMI you need to pay off every month. Once the loan gets approved, you’ll be well on your way to buying that perfect home. You can enjoy three EMI free months, after your first EMI, when you take a Home Loan from Bajaj Finserv.
While Home Loan interest rates can sometimes fluctuate, Bajaj Finserv offers you a Home Loan at one of India’s lowest interest rates. If you’re looking to buys a house, you should apply for a Home Loan right now!