Buying a house in India today is quite challenging because of the soaring prices of property. However, you can actualize your dream of owning by taking a home loan. A home loan is exactly what you need to complete your homebuying journey, but how well do you know the home loan process?
Like other loan types, a home loan has unique features and benefits. Learning more, especially about how to apply for a home loan, will bring you closer to your goal of owning a home.
In this article, we will show you all you need to know about the home loan procedure— including what a home loan is, its features, benefits, required documents, and the procedure for a home loan application.
A home loan is an amount you obtain from a financial institution like a bank or a non-banking financial company (NBFC) to build a house or purchase a property of your choice. To get a home loan, you must meet the lender’s requirements be able to repay the loan amount confidently.
Because a home loan is a secured loan, you can use the home you buy as a form of collateral in case you default on repayment—enabling the lender to repossess your home. To avail of a home loan, you need an excellent credit score and must not have defaulted on previous loans, if any.
As you prepare to apply for a home loan, here are two essential features to look out for.
Lenders offer home loans to you and expect that you repay the loan amount within a specific period. Home loan tenors can extend up to 30 years, depending on your credit score.
Bajaj Housing Finance promises to disburse your loan amount into your bank account in a time as little as 48 hours* if you meet all their mandates. This helps you press the accelerator on your property purchase.
Some of the benefits you enjoy when you apply for a home loan are given below.
Lenders offer low interest rates on home loan deals which allow you to repay the loan amount promptly. However, you must have a good credit score to qualify for a low-interest home loan.
Because a home loan comes with a long tenor, you can spread out your repayment. This allows you to spend less on EMIs till the loan amount has been repaid fully.
Having a proper understanding of the home loan procedure will help you greatly during your home loan application process. The process to apply for a home loan can be hassle-free or tedious depending on your readiness. You must recognize that having no history of missed debt payments will favour your home loan application.
Remember that you can only avail of home loans provided that you satisfy the lender’s requirements. You will also need certain documents to support your application. What are the steps to take if you want to avail of a home loan? Find them below.
Below is a step-by-step guide for the home loan procedure.
Begin by filling out the application form with the following:
At this point, you will provide necessary documents, such as:
During this stage, the lender reviews the submitted documents and checks for authenticity. The lender will also check your credit score and credit report to see that you are a low-risk borrower.
If satisfied with your credit score and the application in general, the lender approves your request and you receive the loan amount within 4 days of approval.
At Bajaj Housing Finance, it doesn’t matter what budget you’re looking at, you’re sure to find one that suits your specific needs from our incredible array of home loan deals, provided you meet our easy asks. The perks of applying for any of our home loan offers include low interest rates, minimal documentation, a balance transfer option, and many more.
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Last update on 11-Mar-2021
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