Home » Home Loan » Quick Tips While Applying For A Home Loan

Quick Tips While Applying For A Home Loan

With more and more lending institutions such as NBFCs addressing affordable housing it has become fairly easy for the common man to fund their dream. What’s interesting to note is that today loan seekers can apply for Home Loan online from the comfort of their home or office. Moreover, applicants receive guidance from a dedicated Relationship Manager and make informed decisions during the loan cycle.

Here are some quick tips to help you –

Loan Terms

Though the loan terms depend on your individual profile and lending criteria you must do your research to pick an experienced lender. This is because these are responsible lending institutions which offer high value loan amount up to Rs. 5 crores at an affordable rate of interest and flexible tenure of 240 months.

homeloan

Ease of Repayment

Leading NBFCs offer part-prepayment and foreclosure options with nil charges on the loan. It thus makes the loan more manageable. Further, the Flexi Hybrid scheme allows the borrower to pay interest-only EMIs and lower the EMIs by up to 45%.

Interest Rate

Usually, there are two kinds of interest rate on which the loan is provided on –

  • Fixed Rate – this stays the same throughout the loan tenure and
  • Floating Rate – this fluctuates during the loan tenure and is usually a lower percentage at the start of the tenure.

You can opt either of the rates as per your financial situation to manage the loan well.

Read Also: Money Saving Ideas: Important Tips before Taking a Home Loan

EMI Grace Period

NBFCs understand the financial stress you might go through when under the loan. Therefore, they offer relief by giving you grace period of three months in the initial three months of the loan. This gives adequate time especially to salaried professionals to plan their finances.


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