Housing loan – a Solution for Your Dream Home

"Home is not a place… it's a feeling." 

House or real estate is the largest property of one's life. People generally save throughout their life to buy a home. Everyone starting from salaried to self-employed dreams of having their dream house one day. But, if you are looking for a house, you must know how expensive it can be in India. You will have to save in Lakhs to afford a house of your choice. To save the buyers from this monetary issue, there are several agencies willing to lend housing loans to them. A House loan refers to a sum of money taken from a financial institution and it is subjected to fixed interest. 

If you are looking for a Home loan in West Delhi, first you will have to submit an enquiry form to the financial institution. They will ask for relevant documents. After a steady evolution by the lender of the financial institution, they will go for the eligibility check. Let's know about housing loans in detail.

• Eligibility criteria

If you are a salaried professional, you have to be within the age range of 21 years and 70 years. In the case of self-employed persons, the upper age limit is 65 years. To apply for the home loan you should have a monthly income of at least ten thousand. But, in any case, a loan term can never exceed 30 years. The financial institution and banks will thoroughly check these points.

• Documents required

If you turn to a Housing Loan Provider in West Delhi, you will have to submit a few documents to their office. These documents are PAN card, Photos, salary slip of last three months, residential proof, educational qualification, income tax forms, bank statement of accounts, and so on. Not everyone is required to submit all these papers. The bank or financial institution will tell you what documentation you will have to submit depending on your profession type.

• Benefits

The best thing about a home loan is that it offers you the opportunity to repay the loan with the help of monthly instalments. You should also note that there is no prepayment charge in case of a house loan. You can set the tenure of loan repayment according to your convenience. If you apply for a home loan with your partner, you will get a huge amount of tax benefit. There are several clauses in the income tax act of India. You can get a few advantages if you are applying for a second house.

Do you know among financial products the repayment interest is the lowest for a home loan? If you are thinking of buying a house or building one, you should apply for a home loan. This way you can save your valuable time and move in the house fast. There are multiple Housing loan providers in the Delhi area. You should compare the interest rate of each financial organization.