Few Tips to avail a better Home Loan in Delhi
India's capital, Delhi is well known for its cultural heritage. The major attractions in Delhi are Red Fort, India Gate, Qutub Minar, Jama Masjid, Akshardham and Chandani Chowk is famous for food. People from different parts of the country move to Delhi in search of better jobs and higher education facilities. Delhi has the second highest population in India after Mumbai. Besides the rise in demand for goods and services, increase in population leads to an increase in demand for owned houses. Buying an owned house in Delhi is like a dream come true for anyone. If you too are planning to buy a home in Delhi, then shooting property prices may be an issue of your concern. But you need not worry about anything, as you canto fulfill your dream of owning a house. Given below are the few tips for you to avail a better home loan deal in Delhi.
Check interest rates:Interest rates on home loan varies across lenders. So, before applying for a home loan in Delhi, it is better to compare interest rates across various lenders. Along with interest rates compare tenure, eligibility criteria, lock-in period and various other offers of different lenders. Banks and NBFCs such as SBI, Axis Bank, HDFC, and ICICI Bank offer home loans at a lower rate of interests in Delhi.
Processing fees and foreclosure charges: When you apply for a home loan, you have to pay processing fees and in case, you decide to close your loan before loan tenure you have to pay foreclosure charges. These charges are different for different lenders. So compare and check these charges to avoid any confusion later on. Negotiate with your lenders before sealing the deal.
Check your credit score:If your credit score is good, then availing a home loan in Delhi is no problem for you. Generally, a score of 650 and above is considered good for a home loan. The credit score helps the banks and housing finance companies in assessing your repayment capacity. If your credit score is good, you can easily get a home loan at affordable rates. Also, lenders may give you an LTV of 90%, which means you can get a loan amount equal to 90 percent of the property value. In case your credit score is poor, you can first improve your credit score or else you might get the loan at higher interest rates.
Calculate EMI: available free of cost to know how much EMI you can afford to pay every month. Various banks and online aggregators have their personal EMI calculator which allows you to calculate your monthly EMI based on different loan amount, interest rate and tenure. You can calculate the EMI amount to know how much money you have to repay every month with the income you are earning. In case EMI is not affordable you can vary any or all of the three details i.e. loan amount, interest rate and tenure in the calculator to make your EMI pocket-friendly.
Keep documents ready: Home loan is a secured loan, which is availed for a period ranging up to 30 years. Home loan is the only loan which involves a lot of documentation. So, make a list of documents required and keep them ready for the easy and quick approval of your loan. You can check the list of documents required by visiting bank's website or through various online aggregators.
So, if you are planning to avail a home loan in Delhi, you have plenty of options to apply for a loan. You can apply for a loan offline by visiting the bank or online through online aggregators. Applying through online aggregators has many benefits as you can check and compare various home loan offers and their representative will assist you during the entire process.
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