Taking a Home Loan in the capital
by Finway FSC Empowering People FinanciallyThe capital of India, New Delhi is a dream
place for many. Every day numerous citizens come to Delhi in search of
employment. Their dream is to one day own a house/flat in Delhi
relieving them from being a tenant. To manifest their dreams, people
save money each month, but this money does not completely suffice if you need to
buy a house. In such cases when you have some amount to make the down payment,
you must opt for home loans. Various banks provide home loans in Delhi so you can live a stress-free life. The process of home
loan is not made easy and with just one click you can receive all the
information.
What is the eligibility criteria to apply and
get a home loan
About 15% to 30% money of the
total value of the home is required to make the down payment. If you have this
amount, you can apply for a home loan. A home loan that is offered does not go
beyond 70% to 85% of the total value of the house. Besides, this loan against property does not have a very high rate of
interest, as it is a secured loan. Let us understand the eligibility
classified further:
·
Age: one
should be between 21 to 65 years of age to apply for the loan.
·
A
consistent and stable income is also a prerequisite to apply for a loan as the
credit score is dependent on this.
·
Credit
score must be between 300 to 900 to get the required home loan.
·
If
the loan is applied with someone else, then the co-applicant's income too is a
criterion.
·
All
other loans that you have taken are also scrutinized, along with the
liabilities and assets.
Documentation
for Home Loan
·
Filling
application form accurately with a self attested photograph
·
Post
this, a processing fee is levied by the bank that needs to be paid by a cheque
or a draft.
·
List
of documents required for salaried and self employed individuals are slightly
different and upon successful submission of that only the application is
considered is complete.
Home Loan Details across banks
·
Currently,
interest on home loan varies between 10-10.5%
·
A
processing fee of 0.50% of the loan amount is levied
·
The
tenure of the loan within which it needs to be repaid, ranges between 1 year to
30 years.
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Created on Aug 28th 2019 22:56. Viewed 336 times.