Taking a Home Loan in the capital

by Finway FSC Empowering People Financially

The 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.

If you wish to a pre-closure or a pre-payment, the banks do not charge anything for that.