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Posted on Monday January 6th, 2020

It is a dream for almost everyone to have a dream home. However, it is not always possible to build a nest due to many constraints. One of the significant obstacles is the financial part. Not all are financially sound enough to foot the bill for having a roof of their own. So what does one do? Stay in rented house spending day and night thinking for a dream home? Well no, with Home Loan Offers extended by many financial institutions, the goals can be turned to reality. However, there are specific home loan eligibility criteria that one has to fulfill to grab the home loan offers and let us discuss some of the facts for taking home loans.

Going for the loans

One of the primary concerns of taking home loans is interest rates. One can opt for a fixed rate of interest or a floating rate. The fixed rates of interest do not change with the change in market situations. However, the floating rate changes with the ups and downs of the financial market. It can sometimes go up or sometimes climb down. It is the income structure and the capacity of the person to repay the loans, considering the above factor.

The other important factor while taking a home loan is the tenure for which the credit should be sought. One should select the tenure of repayment in such a manner that the loan burden is complete before any significant planned expenditure. It may be the expenses for the higher studies of the kids, or a marriage of the children say after 20 or 25 years. One should gauge all these factors and the EMI before finally deciding on the tenure of the home loan.

The eligibility criterion of various financial institutions providing home loans varies, but more or less, they are competitive with each other. For some institutions, the minimum & maximum age is between 23 to 65 years, and for many other institutions, it is between 25 to 70 years. While for the salaried class the age eligibility is less but for the self-employed class, there is more relaxation. Apart from being an Indian citizen, one has to have a good CIBIL score to get adequate home loans. Again based on the salary and monthly earnings, the amount of credit varies. For example, a person aged 25 years and has a net monthly income of rupees 25000 can get a home loan of near rupees 19 lakhs. It is best to visit the websites of the financial institutions and banks and use their Home Loan Eligibility calculator after filling the required fields and get an idea of the eligibility.

One can always apply online through the websites of the banks and other financial institutions providing home loan offers after calculating and fulfilling the eligibility criteria. After the application, the financial institution will verify the application and will call for furnishing specific details in hard copy. Even the property details are sought so that they can check the need. Once they are satisfied, the home loans are sanctioned.

With home loans, it has become easy for many Indians to turn their dreams to reality. Avail the offers and be the owner of a dream home.