A home loan is a credit facility provided by banks and NBFCs that allows the borrowers to buy or construct a home, by keeping the house as collateral. Most of the banks finance home loans up to the maximum limit of 90% of the property’s value, wherein the funds are provided by undertaking the concerned house as security, and these funds are provided against the security of that very property for which you have sought finance. Along with the banks, the Central and State Governments offer various housing and subsidy schemes to encourage “Housing to All” by the end of the year 2022.
Before you apply for a housing loan, check your loan amount eligibility and calculate monthly home loan EMI. Home loan eligibility is calculated based on age, monthly income, current obligations, LTV ratio, property type, and other factors. EMI can be calculated based on the loan amount, interest rate, and tenure. It is advisable to shortlist the banks which offer the maximum loan amount once you check your EMI and eligibility.
In case you are buying a builder property, then check for the banks that have approved the shortlisted projects. In case of a resale property, map plans are to be approved. Ensure that the property registration documents are accurate for both the first and the current owner. On ensuring the authenticity of the documents, shortlist the banks that give a loan on your selected property.
You can compare home loan interest rates of all banks and NBFCs at an online marketplace like MyLoanCare.in. Along with rates, you can also check processing fees, prepayment charges, and any other associated cost on the loan. Compare all the rates and charges to shortlist the banks further and reduce the options to 2-3 banks.
Finally, as you decide to take the loan, consider other services and related transparency parameters of the chosen banks. Some of these factors are turnaround time, quick loan delivery, doorstep services, transparency in the loan process. In addition to that, understand the trends and changes in MCLR, PLR, and external benchmark rates over time. Lastly, read reviews of existing customers of banks on their services, interest rates, and transparency to take your decision to borrow from a bank.
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