Anushka Kapoor

Need funds to buy your dream home? Apply for a home loan

A home is a big ticket purchase in an individual's life. It requires meticulous planning and one of the toughest things is to secure a home loan. Thus, many banks and finance companies in India grant loan so that the borrower's become a proud homeowner in a simple and easy manner. You can buy a new or resale home, construct a home, renovate or extend, buy a plot land, etc. with various forms of home loans available in the market. Anyone whether salaried or self-employed can apply for a housing loan. There are aggregate sites that partner with established banks and non-banking finance companies and come up with the best possible home loan for the borrowers. Right from the cozy corners of your rental home or offices you can compare apple-to-apple, and make an informed decision. Other than buying your dream home, it also provides tax benefits on both the principal as well as interest repayments.

You can surely visit banks or NBFCs to apply for a home loan; however, it will be a time-consuming task. But through aggregator sites, all the information of different loan lenders is readily available for you. You can visit any of the aggregator sites and give details such as city in which the property is located; loan amount, loan duration, employment details and personal details such as name, gross monthly salary, income details, organization details, financial obligation and they would come up with the best match as per your affordability and requirement. When you opt for home loans online, you get a chance to scroll through a variety of options that will give you a chance to select the best home loan deals rather than depending on the limited resources.

When you apply for a home loan in india, the first thing which has to be evaluated is your loan eligibility. It solely dependents on your income source, credit score, and repayment capacity. Few factors that would determine your home loan eligibility will be your age, financial status, credit history, monthly fixed obligation, income and organization details. There are online calculators that will help you determine the eligible loan amount. You can enter few details in calculators such as net monthly take-home salary, existing monthly installments, preferred home loan interest rate, tenure. It will calculate and provide with the eligible loan amount in just a few clicks online! The higher the repayment capacity, higher would be the eligible amount.

Some set of documents which should be kept handy before making an application online would be - your age and identity proof, residence proof, income proof i.e salary slips, form 16, IT returns, account statement, property related documents like an allotted letter of the sale agreement, etc. As a borrower, you can enjoy the benefit of cracking real-time housing loan dealing rather than wait for weeks and borrow loan with inflated rates. Gone are the times when availing a Apnapaisa home loan was an uphill task. Today, with online facilities you can borrow loan at attractive interest rate deals with just a few clicks away!

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