Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad

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Home Loan in Ahmedabad

Home Loan in Ahmedabad

The Indian economy is expected to record a growth rate of 6.5% by 2020, one of the primary reasons being its thriving real estate market. The Government of India has launched multiple housing schemes like Pradhan Mantri Awas Yojana, Tamil Nadu Housing Board, RERA, etc. to bring in transparency in the segment and to provide affordable housing loans to aspiring home buyers.

Home loans have, thus, gained a massive preference in recent times owing to the lucrative benefits they provide. To enjoy all the benefits, it is crucial for you to avail a home loan in Ahmedabad from an ideal lender. Given below are some of the points that you should consider before selecting your lender.

1.Easy Application and Approval

An ideal lender will always provide you with an easy application process. You can also opt for the home loan online application process on their official website. On the portal, you will have to fill an application form with your personal and financial details. Such lenders also provide you with instant approvals. As and when your application gets approved, a representative of your lender will visit to guide you through the process and collect some required documents.

2.Added Facilities

Most reputed lenders provide home loan offers and add-on benefits to meet your financial needs. You get to enjoy balance transfer facilities against a minimal fee.
With this facility, you can transfer your outstanding balance from your existing lender to a new lender with lower interest rates. Top-up loans and EMI holidays are some of the benefits of home loan balance transfer that you can enjoy.

3.Minimal Documentation

To ensure faster approvals, reputable lenders offer minimal documentation process. The standard papers that you have to furnish are:
●KYC documents- these include Aadhaar card, PAN card, Voter ID, Passport, driving license, etc.
●Income proof- such as account statements, salary slips, income tax returns, etc.
●Address proof- like water bills, electricity bills, telephone bills, gas bills, etc.
In addition, you will have to provide your passport-sized photos.

4.Prolonged Tenure

Applicants can avail advances with flexible tenure of up to 20 years. Such extended tenure makes your EMIs affordable and does not strain your budget. You can use an EMI calculator to estimate your equated monthly installments.

5.Different Types of Advances

These lenders provide various types of home loans that you can choose from. These include land purchase loans, home construction loans, etc.

6.Substantial Loan Amount

With home loans, you can avail a loan amount of up to Rs. 3.5 Crore. However, the amount you are eligible for depends on various factors such as your financial stability and age.

7.Interest Rates

You get to enjoy low home loan interest rates and charges on your advance when you avail it from a reputed lender. Additional charges include processing fees, late-payment charges, etc.
There are several NBFCs that provide Home Loan at a competitive interest rate against minimal documents. They also offer:
●Balance transfer facilities
●Top-up Loans
●No part-payment and foreclosure charges
●Prolonged tenure
●Instant approval
●Online account access
●Substantial loan amount

8.Relaxed Eligibility Criteria

To ease the application process further, lenders also offer relaxed eligibility criteria. The eligibility criteria that you have to meet are:
●Age- Applicants should be between the age of 23 and 70 years.
●CIBIL score- You must maintain a credit score of 750 or above.
●Residence- Borrowers must be a permanent resident of India, residing in any of the cities where their lender operates.
●Work experience- Besides, applicants should have work experience of more than three years and should have a regular source of income.
Such lenders also offer you with joint home loan facilities, easy EMI options, flexible tenure, etc. You also get to enjoy tax benefits under section 80C, 24(b), and 80EE on your home loan.

Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad

Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad

Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad

Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad
Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad

Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad
Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad
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Read About an Ideal Lender Before Getting a Home Loan in Ahmedabad


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