You don't have to give up on owning a dream home simply because you're short on funds. Instead, you can buy one with a home loan and pay for it in easy EMIs over 20-30 years! If you're worried about how to get a home loan, don't worry, the process is pretty easy once you know the steps.
As a first-time home buyer, questions like 'What affects my approval chances?' or 'What should I do before getting a home loan?' might bother you. Firstly, meeting the eligibility index of lenders for age, income, and employment parameters is necessary. Secondly, having a good credit score boosts your chances of getting a home loan at reasonable rates.
A good credit score can also bring you pre-approved loan offers. However, before you jump to avail them, please do what's necessary and compare interest rates and loan terms. Thanks to digitisation, you can compare and apply for home loans right from the comfort of your home.
With interest rates starting from 6.80% p.a. (February 2023), home loans ensure you realise your dream of owning a home without dipping into your savings. If you're wondering 'how can I get a home loan?' follow this comprehensive guide, and you'll be all set:
You must fill out the form with basic information like your name, age, and income, along with supporting documents like your PAN Card, Aadhaar Card, and bank statements.
This non-refundable fee can range up to 1% of the loan amount and is paid to start the preliminary groundwork for the loan.
Next, your lender might want to talk about the loan terms in-person. Some lenders offer door-step services to conduct the discussion at your home or office.
To check your eligibility for the loan, the lender might contact your employer and check your credit report from credit bureaus like CIBIL.
If the lender approves your application after these checks, you will receive a sanction letter outlining the loan amount, interest rate, tenure, mortgage policies, etc. Sign the letter and send the duplicate to the lender for record-keeping.
Your lender will do a legal check and technical valuation of the listed property to ensure it's dispute-free.
If all is in order, you will be asked to sign the loan agreement outlining the terms and conditions of the loan. You must submit all original property documents (like deeds and NOCs) to the lender. These papers will be returned to you once the loan is completely repaid.
After you provide down payment proof, the lender disburses the loan amount with a cheque in favour of the builder or seller.
Now that you know the answer to the 'how to get a home loan?', the first step to your dream home journey is done. While this process can be daunting, with our step-by-step home loan guide up your sleeve, you have little to worry about. However, if you're not looking to buy a new home and wish to refurbish the old one, you can bank on Fi's instant loans. You can avail of these pre-approved instant loans up to Rs. 5 Lakhs at competitive rates to start reimagining your home on a budget!
While home loan eligibility criteria may vary, most lenders offer such loans to applicants of 21-65 years with a good credit score of 750. The minimum monthly income requirement is Rs 25,000 for both salaried and self-employed applicants.
A pre-approved home loan is the easiest loan you can secure for a house. Lenders generally reserve such loan offers for loyal customers with good credit scores. Since the offer is already approved and extended by your existing lender, documentation verification and sanctioning of the loan shouldn't take long.