September 29: If you’re like most people working hard every day to sustain a good lifestyle and keep your finances on track, you’d know the importance of buying a home in 2022. From finding the right property to conducting inspections and ensuring paperwork, a lot goes into owning a property in India. And if the financial institution you are working with to get a home loan denies you at the last moment, things can go south in no time. Hence, it makes sense to consider some important factors before applying for a home loan in 2022 and beyond. Read on to learn about these factors in detail.
Check Your Eligibility
Before approving your loan application, the lender will check if you meet their eligibility criteria such as age, income, employment stability, credit score, etc. Make sure you tick these boxes as failing to meet either of these, you could face a rejection on your home loan application:
- You should be at least 24 years old and not more than 60 years old when you apply for the loan.
- You should have a regular income to repay the loan over the tenure.
- You should have a good credit score, preferably 750 and above, to increase your chances of loan approval.
- You should have a stable employment history with no gaps to show that you can repay the loan.
Use a Home Loan Eligibility Calculator
Once you’ve checked that you meet the eligibility criteria, the next step is to find out the loan amount that you’re eligible for. The best way to do this is by using a home loan eligibility calculator. A home loan eligibility calculator is an online tool that considers factors such as age, income, employment history, credit score, etc., to calculate the maximum loan amount you’re eligible for. This way, you can be sure of the loan amount you’ll be able to get before applying for it.
Look for a Reputed Financial Organisation
While many financial institutions offer home loans in India, not all will be suited for you. Some offer competitive interest rates, while others have a more customer-friendly approach. So you must choose a reputed financial organisation to get your home loan.
Here are a few factors to consider while choosing a financial institution for your home loan:
- Interest rates: Make sure to compare interest rates from different lenders before settling for one. A lower interest rate will help you save on EMIs in the long run.
- Loan tenure: The longer the loan tenure, the lower your EMIs will be. But remember that a longer tenure means you’ll pay more interest on the loan amount.
- Processing fees: Most lenders charge a processing fee for home loan applications. Be sure to compare these fees before choosing a lender.
- Customer service: Choose a lender with good customer service so that you can get your queries resolved quickly and efficiently.
Have the Necessary Documents Ready
These documents include your KYC documents, income proof, employment stability proof, bank statements, etc. Ensure you have all these documents ready before applying for the loan to avoid delays.
Once you have considered these factors, you can apply for Home Loan online with a reputed bank.
These are important things to consider before applying for a home loan online in 2022. Keep these factors in mind to make the process smoother and hassle-free. Whether you wish to renovate your accommodation or need funds to build your dream house, IndusInd Bank can make your home loan application process especially quick and seamless. Visit our website and apply for home loan online today!