Among the many aspirations of today’s working class, one that ranks first is their own home. However, most of us can’t afford it due to skyrocketing real estate prices or a lack of extra Amount/cash.
Loans are used to get an own home or move to a bigger house. Take one step closer to your dream goal by availing of the home loan facility. A home loan is a secured loan that can be availed for buying/ constructing a residential property or Non-Agricultural Land. Currently, the Home Loan interest rate starts at 8.60% p.a. Most Banks & HFCs sanction 75% to 95% of property’s value as home loans.
– Balance Transfer your Loan @ 7.55% + Top Up *
– 3 EMI waiver *, Concession in Processing fees. *
* Terms and conditions apply..
Lenders look at many factors while determining your home loan application like,
CIBIL Score and Report :
This is one of the most important factors regarding loan approval. A high CIBIL score assures lenders that you are a responsible borrower with a good track record of making time-to-time repayments.
Employment Status :
In addition to having a good credit history, lenders will check your regular income and employment status.
Clean Ownership of Home/Property :
Any legal or title issues related to your home/property can discourage lenders from making decisions in your favour. Always seek legal advice. Wrong ownership can get you into legal and financial trouble.
Home Location :
Lenders may also consider your home location before approving your loan application.