A home loan enables an individual to fund all their housing requirements such as purchase, construction, renovation, extension and the like, efficiently. Borrowers can quickly check their eligibility criteria and apply for it online on the lending institution’s website.
However, while researching their home loans, applicants should avoid some of the common misconceptions linked with these financial products. Some of these myths are as follows –
CIBIL score is the only factor that determines eligibility – An impressive CIBIL score does not guarantee that a person will become eligible for a home loan. It is because home loan eligibility takes into account other factors such as employment, age, income, property location etc. Nevertheless, a decent CIBIL score improves the chances of an individual’s loan application being approved quickly.
Interest rates cannot be negotiated – Most borrowers consider that interest rates for home loans are non-negotiable and therefore go on to pay EMI at a high interest rate. However, individuals with high repayment capacity and CIBIL score have the scope of negotiating with their lenders regarding a more favourable interest rate.
Interest rate is the only vital factor – The Bajaj Finserv home loan interest rate is one of the crucial factors that one should consider while opting for a loan. However, it should not be the only requirement. A borrower should also consider additional factors such as fees, top-up facilities, accepted modes of payments, terms etc.
Therefore, research carefully and ask your lender for clarification on points that you are not sure about.
Also Read: All the Documents Needed to Get a Home Loan
