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Reasons to Avail of a Flexi Hybrid Home Loan

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  • Highlights

  • How Does a Flexi Hybrid Home Loan Work?

  • Documents Required for Flexi Hybrid Home Loan

  • How Can One Close a Flexi Hybrid Home Loan?

Housing loan EMIs in India impact the affordability and ease of home loan repayment. In this regard, a Flexi hybrid home loan scores better than any conventional home loan. The unique loan permits a customer to buy a home without delaying decisions or saving up for the big-ticket purchase. A customer can purchase a dream home easily by borrowing a feature-rich Flexi hybrid home loan. This loan offers benefits like a nominal rate of home loan interest, flexible loan tenor, and high loan sanction of Rs.5 crore and even more.

How Does a Flexi Hybrid Home Loan Work?

With a Flexi hybrid home loan, a borrower gets the opportunity to reduce their regular outgoing by paying only the home loan interest rate, to begin with. They can borrow up to the agreed limit and repay as often as they prefer. Interest is charged solely on the amount the borrower uses. There are no hidden fees for withdrawing or charges levied for the unused funds.

Flexi Hybrid Home Loan Requirements

To apply for a Flexi hybrid home loan, a borrower has to fulfil two conditions:

  • The borrower must be aged below 62 years and must have a stable income
  • The property for which they are availing of the loan cannot be an under-construction property

Once the borrower meets the criteria, they can access funds via a Flexi hybrid home loan. However, before that, they will need to submit the complete application and required documents.

Documents Required for Flexi Hybrid Home Loan

A lender typically asks for following documents for a Flexi hybrid home loan:

  • Proof of identity documents, such as a voter’s ID, Aadhaar, passport, or driving license
  • Address proof like a passport copy, rental agreement, ration card, etc.
  • Proof of tax paid in the form of income tax return
  • The applicant's bank account statements for the last three months
  • Passport-size photographs

How Can One Close a Flexi Hybrid Home Loan?

The steps to follow when closing a Flexi hybrid home loan are as follows:

  • Closing the loan account on the due date is a regular closure.
  • Closing the loan account before the due date is referred to as pre-closure.
  • The individual must inform the lender regarding the nature of closure.
  • The individual must seek NOC (for a regular loan closure) and NDC (for a pre-loan closure)

How to Apply for a Flexi Hybrid Home Loan

The online process for availing of a Flexi hybrid home loan is quite simple and convenient. Given below are the steps to apply for a Flexi hybrid home loan.

Step 1: The borrower must start by inserting financial, personal, and employment details accurately.

Step 2: The borrower must select the desired loan amount and the loan tenor.

Step 3: The borrower must then submit the required documents for verification.

Step 4: Once the application gets approved, the Flexi hybrid home loan amount will get credited to the bank account in about 24 hours.

Features of a Flexi Hybrid Home Loan

Interest-only EMIs for four years

The unique feature of a flexible hybrid home loan is concerning the EMIs paid towards the borrowed loan amount. Unlike any term loan, wherein each EMI comprises the payment towards the principal and interest throughout the loan tenor, a Flexi hybrid home loan EMIs are exclusive. For the first four years in the home loan tenor, the EMIs are lower and comprise the interest amount only.

Augmented application and quick sanction

The Flexi hybrid home loan application process is user-friendly and can be completed online without any hassle. A borrower needs to fill out the form and provide all the relevant documents. Once the verification is through, the loan amount the borrower is eligible for is disbursed within approximately 24 hours.

Reduced EMIs by almost 45%

Monthly, equated monthly instalments (EMIs) in a Flexi hybrid home loan comprise the interest component. As a result, the loans lower the monthly instalments by about 45% making the repayment process easier. This is because the borrower here only pays interest on what they borrow. Besides, there is a scope of prepaying the loan with no additional charges or fees.

Enhanced facilities

A Flexi hybrid home loan requires a borrower to pay an interest rate on only the sum of money that has been withdrawn. This way, borrowers enjoy flexibility as well as affordability as they do not spend an excess amount by paying interest levied on the unutilized amount.

Improved account access

Besides the ease of loan repayment and its usage, a Flexi hybrid home loan allows users access to an online account. This permits the borrower to track loan details at their convenience. For instance, with a click, the user can log into the customer portal and access information on loans like the loan payment details, loan statements, and part pre-payment ledger.

The Final Word

So, when a home buyer opts for a Flexi hybrid home loan, they enjoy greater flexibility and enhanced affordability. Besides when the loan is availed of from a reputed lender, customers can benefit from pre-approved features. This makes the loan experience more rewarding. So, it is imperative to think before taking the leap and doing thorough research before availing of a Flexi hybrid home loan from any financial lender.

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