While buying a house, most people fear the interest rate they will have to pay for taking a home loan. Lack of guidance and awareness makes them doubt the whole process. You need not feel lost. This blog will help you make a firm informed decision.
House Loans help you own a home by providing you with sufficient funds. You need to pay back a fixed amount each month. With the current economic situation, taking a home loan today is easier and more profitable. Low home loan interest rate offered by banks adds to the benefits.
Why should you take home loans now?
Here are some of the reasons to apply for home loans:
● Increased liquidity
This means you can easily convert your assets into cash. There will be no effect on the purchase’s market price.
● Dip in interest rates
Banks are charging the lowest home loan interest rate compared to the last years.
● People’s preference
The 2022 survey conducted by Anarock Property Consultants gives insights into property buying. Around 69% of participants buy a house for self-use, while 31% use it as an investment choice in present economic situations. Also, 41% of investors feel that the residential market is a better investment tool than it was 12 months ago. The reason was low-interest rates and the best offers.
● Benefit in tax payment
Home loans nowadays are also preferred due to increased infrastructure development in our country by private organisations.
● Ease of access offered by banks
The introduction of Digital India has encouraged banks to provide most of their facilities online. Home loan availing facility is on the list. It has become a hassle-free procedure now.
The customer needs to visit the webpage of the preferred bank and produce the required personal documents. Then, the home loan will be approved, and a confirmation letter will be provided on the successful completion of all the processes.
● Relaxed Eligibility to get a home loan
The eligibility criteria for getting home loans differ for salaried and self-employed people. Salaried people should be at least a graduate and between 18 and 60 years of age. In addition, the minimum income of a customer should be Rs. 15,000 per month, while residents of Pune, Mumbai, Delhi, Chennai, and Bangalore should earn Rs. 20,000 each month.
The age relaxation for self-employed people is up to 65 years, and no minimum qualification is required. The income should be Rs. 1,80,000 in a year. People residing in Pune, Mumbai, Delhi, Chennai, and Bangalore should earn Rs. 2,40,000 a year.
In a Nutshell
Home loan eligibility calculator assist in understanding the customer’s acceptability status. The decision is based on the applicant’s age, credit history and score, financial position and obligations. The calculator requires gross monthly income, loan tenure and interest rate data. The amount that can be sanctioned helps in financial planning.
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