Several HFCs are now offering home loans in India at competitive interest rates, while some tend to boast about additional borrower-friendly features as well. As such, prospective homebuyers are spoilt for choice and may find it challenging to choose one lender or loan option.
To help eliminate such pointers, individuals should follow these tips before applying for a home loan –
Compare interest rates
The first step to avail the most suitable loan option is to compare the prevailing home loan rate of interest. This way, one would not only pick an affordable loan facility but would also be able to repay the same conveniently. Further, make it a point to learn about the hidden charges to gauge its affordability.
Your chances of availing a home loan rest mostly on your eligibility. Hence, individuals should make it a point to check home loan criteria before applying. You should use a home loan eligibility calculator. Additionally, they may opt for a lending institution that offers such loan against basic criteria. Typically, resident Indians with a regular source of income and healthy CIBIL score are deemed eligible for a home loan.
Check the required documents
Besides eligibility, the documentation also plays a vital role in a home loan approval. Since different financers may require applicants to furnish a different set of documents, applicants should ask about it in advance. This will enable them to gather the required proofs pertaining to income and identity easily.
Find the application process
Subsequently, individuals should look for the different ways in which one can apply for a housing credit option. For example, most HFCs allow individuals to apply for a home loan both online and offline. It is often recommended to opt for the former option since it is quick and hassle-free.
Also Read: Tips for Getting a Home Loan for First Time
Therefore, by following these tips, one would be more informed about their choice and would be able to meet their requirement efficiently. Further, it would help repay the same quickly.
