Know where you stand when applying for a Home Loan
Getting a home loan need not be a long, drawn-out and tedious process if you are aware of what is required of you. Each lender or bank has its own set of rules, but certain factors remain the same. Taking a home loan is the fastest way to get finance and land a home for you and your family. Bajaj Finserv has a Home Loan option for salaried individuals with an attractive interest rate.
However, those with an entrepreneurial bend of mind need not despair. For self-employed individuals, Bajaj Finserv has a Home Loan crafted especially for you. And when you learn what is the eligibility for a home loan, you can apply for one with confidence.
Home Loan Document ChecklistWhile each bank or lender has their own set of regulations when it comes to the home loan application process, some documents required for a home loan remain consistent amongst all. You will need to have,
- Bank statements
- Proofs of residence and identity
- Property ownership deed
- Salary slip
- Credit score information
- Income tax returns
Qualifying for a Home LoanNormally a lender will loan you up to 80-85% of the price of your house. Home loan eligibility in India, however, depends on a combination of factors.
Lenders will consider your current credit score and your past credit history. Therefore, you should avoid having a pattern of credit-hungry behaviour. Your repayment history on previous loans will also be looked into.
Your age bracket plays an important role in getting a good home loan. Ideally, you should fall between 21 and 60 years of age, depending on the tenure of the loan.
Banks or lenders will also look into your living expenses and monthly income. They will also check if there is an outstanding amount on any previous loans or if you have any other current loans.
Home Loans from the Comfort of Your HomeOnline home loans are changing the way the Indian consumer operates. When you apply online for a home loan, the principal approval is given to you with almost no hassle and takes only a few minutes.
Home loan interest rates in India vary from lender to lender. You also have to decide whether you would prefer a floating interest rate or a fixed one. One option is to choose a partly floating and partly fixed interest rate. Depending on your credit history and your current needs, lenders will help you pick the best type of interest rate.
Once you get the home of your dreams, you can fill it with appliances and fittings that help make everyday life easy. You can pick up ACs, washing machines, televisions, refrigerators and many other household appliances using the Durable Finance loan by Bajaj Finserv.