Home loan: Fulfill Your Wish Of Buying Your Own Abode

Posted by arjun on June 11th, 2019

Every day while commuting we come across hoarding, pamphlets and advertisement showcasing best of the property in town with attractive interest rates. At least once you may have felt to own your house in one of the lavishing projects, but due to the sky-rocketing process, you tend to hold back your dream, right? Relax! With home loans at your disposal, you can turn your dream into reality. There are established banks and finance companies that provide loan to prospective borrowers with attractive rates and flexible repayment deals. With housing finance, the dream of buying their own abode is well within the reach of borrowers, especially the middle-class segment. To make things easier for you, let’s explore some nitty-gritty of the housing loan finance.

Every borrower will have a loan crafted as per his or her requirement and affordability. Based on their application, and certain eligibility parameters lenders will determine the amount they could offer to the borrower. 

Any individual whether salaried or self-employed can apply for home loans, with any reputed bank or finance company in India. The bank or NBFCs will pay the builder on their behalf, and you can acquire the keys your home sweet home. And, as per the agreement letter you would have to repay the loan amount along with the home loan interest rate. Once the tenure is done, lenders will hand over the property papers to you. Since the home is an essential part of life, RBI has crafted many terms and conditions that will benefit the borrowers, and they can easily avail finance; however, as a borrower, you should display the steady flow of income. Reputed banks and NBFCs abide by the RBI rules and government policies while sanctioning the loan to purchase your own home.

When you avail home loan from certified banks and housing finance institutions you will enjoy certain benefits:

• You enjoy low home loan interest rates with lengthier repayment tenure
• You get tax benefits on the principal amount and interest rates under section 80C and 24B, respectively as per the Income Tax Act, 1961
• You get government approved builders to buy property
• You will get customized repayment options to spread evenly across the loan tenure
• There won't be any hidden charges to make any dent in your wallet
• You can craft your loan tenure and EMI as per your affordability

With some many benefits, the home loan is the best bet for you to buy your home, right? However, before you plunge in any home loan deal, it’s better to compare the home loan interest rate, eligible amount, and other key factors. Aggregator sites are the best online tool to compare quotes across different lenders under a single umbrella. Credit score plays a key role in negotiating with the lenders for low home loan interest rate deals. Your strong income source, lesser debt-to-income ratio, additional income source like spouse or parent's earning will help you to get the best home loan deal.

With a suitable  Apnaloan home loans from a reputed bank or housing finance institute, you can create your own space, and enjoy the accomplishment in your life with peace and pride. Apply for a home loan online, today!