The prices of real estate and property market in India have escalated greatly in the past few years; and as a result, a lot of people are unable to purchase a house or apartment on their own. However, thanks to the housing loan offered by the new-age financial institutions, people can now easily fulfil their goals of owning a place on their own. After all, a home loan is given out by the financial institutions for the people to purchase a new property, home renovation, or for home extension purposes. Therefore, today in this article, we will be discussing 4 of the most asked questions related to the topic of a home purchase loan
1. Where can I apply for a housing loan?
You can easily apply for a home loan through a new-age financial institution such as a bank or an NBFC (non-banking financial company). However, ensure that you compare amongst the financial institutions’ to find the one that suits your needs the best.
2. Why should I opt for a home purchase loan through a bank or an NBFC?
Firstly, a housing loan is offered by the new-age financial institution at way lower home loan interest rate than the ones given out by the traditional financiers and loan sharks. Further, through comparison at aggregator sites, you can further lower down these rates of interest. Other than that, the various other advantages of opting for a home loan are here as follows:
- The repayment of a housing loan is done in the flexible form of EMIs over a period of time. Therefore, you can easily plan out and repay your outstanding amount with ease.
- The financial institutions also provide online services; thus, you can apply for a home purchase loan from the comfort of your home or office.
3. Can I apply for a housing loan?
Yes, you can easily apply for a home loan in india through any of the new-age financial institutions. However, there are a set of eligibility criteria that you need to meet in order to obtain the loan amount. And these eligibility criteria are here as follows:
- Nationality and age: You need to be an Indian citizen in the age of 18 years to 35 years to be able to apply for the loan amount.
- Credit score: You need to have a credit score above 750 to be eligible to apply for a home purchase loan.
- Income: Also remember that you spend at least 2 years at your current place of employment before you apply for a housing loan. The reason being, financial institutions check your income source and job stability.
4. How is my EMI calculated?
Your EMI (equated monthly installment) is calculated on the basis of the principal amount, Apnapaisa home loan, and repayment tenure. Further, you can easily make use of an EMI calculator available on online websites to compute your installments. An EMI calculator is an online tool that is available for free-of-cost. Further, it is extremely easy to make use of; thus, any person can use it without any prior knowledge.