Home loan is a sum of money borrowed at a certain rate of interest from a financial institution or bank to buy a house. This money can be used to buy/construct/renovate/extend your house. Home loan can be repaid with the EMI every month given until the chosen time period. The property is mortgaged to the lending institution as a security till you make complete repayment of the loan. Home loans are secured against property. This simply means in case of failed repayment, your bank or lending company can use it for settling debt. Your home loan eligibility depends on your monthly income, property value, credit history, property location, income proof and more. When considered altogether, these factors decide the maximum loan amount.
Before you apply for a Home Loan, ensure you stand clear on below mentioned parameters.
Let’s take a look at the kind of home loans offered by banks/NBFCs in India.
There are plenty of home loan lending institutions including Public and Pvt. sector banks/ NBFCs. choosing one might be very confusing and time taking process. Eprimeloans can help you find the best home loan deal by selecting one suitable lender depending on your requirement. Read out more reasons to love Emprimeloans below:
Here comes the list of top Indian banks offering lowest home loan interest rates in India. Compare and apply for a home loan best suits to you.
If you wish to apply for a home loan through offline process, then the process is very simple. Visit your nearest bank branch or your desired housing finance company and check the pre requisites relating to it. Then you have to follow the below steps: