Becoming a homeowner is a significant milestone though it requires a substantial financial commitment. To finance a home, owing to the high prices of real estate, it becomes necessary to know how to get a home loan. A home loan helps you avoid bearing the entire cost of the house upfront, allowing you to finance a portion via EMIs.
To get a home loan, you should know the home loan disbursal process and how to apply for a home loan with your preferred lender. This will help you be financially ready even before making an application and pave the way for a hassle-free approval and disbursal.
Here’s a short guide on how to apply for a house loan in India.
Learning how to apply for a home loan starts with knowing the general home loan process. This will help you make a complete application and avoid rejection. Below is an outline of the process:
To apply for a home loan with Bajaj Housing Finance Limited, start with this home loan application form.
Step 1: Enter personal, employment, property, and loan details in the relevant fields and submit
Step 2: Access your pre-approved offer
Step 3: Pay the processing fee for the available offer
Step 4: Submit the relevant documents
Now that you know how to apply for a house loan, learn how much you can apply for.
Typically, you can get a home loan of up to 80-90% of the property’s value. So, if you are borrowing for a home worth Rs.1 crore, you can get up to Rs.80-90 lakh. The rest you would need to finance yourself as a down payment. Making a down payment shows your financial preparedness and making a large down payment minimises the cost of the loan.
How much you can borrow also depends on your current debt-to-income ratio. You can use the home loan eligibility calculator and home loan EMI calculator for better planning.
Apart from knowing the process of how to apply, home loan applications also require certain documents that you should keep ready. Here are the common documents required for home loan asked for by lenders:
Now that you know everything about how to apply, housing loan approval is easier to get. Make sure you prepare beforehand and fill the forms honestly to enjoy quick approval.
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Last update on 11-Mar-2021
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