Most of the borrowers in the country take a home loan to fulfill their dream of purchasing an own house. However, getting a home loan has become more convenient and easier these days but there are certain other factors related to it that a borrower should keep check on before they “APPLY FOR HOME LOAN“.

These factors are very significant to keep in mind while availing a home loan as it is a long term financial commitment where you have to repay the EMIs for years till you pay the entire loan amount along its interest. In this blog post, we have mentioned certain points about which you should ask yourself prior to applying for a home loan:

Do You Have Enough Money For Down Payment?
Although you are getting a financial assistance from lender to buy a home for you but still you need to make the down payment on your own. As per RBI guidelines, lender can approve maximum of 70-80% of the property cost through loan and rest 20-30% of the amount has to be paid by borrower from his/her own pocket.

Nowadays, the price of property is skyrocketing so paying a 20% from your own is not easy sometimes. Therefore, before you avail a home loan, it is good to analyze your finances to know whether you will be able to pay the down payment or not. Moreover, one must look for other expenses also such as processing fee, stamp duty and registration fees etc.

Do You Have Savings For Other Financial Emergencies?
Before you proceed further with your home loan application, first thing to analyze is your finances for down payment but alongside you must also be aware for saving some funds for other financial emergencies in future. As per saying, life is full of uncertainties therefore investing all your savings in down payment is not a good idea.

Is Negotiation Allowed?
Whether you choose any lender for your home loan, always keep in mind that you can negotiate about the loan amount, rate of interest as well as processing fees with lender. if you having a good CIBIL score and low credit utilization ratio then you are eligible for negotiation. Remember that a high credit score gives you the power of bargaining.

Do You Know Estimated EMI?
EMI is known for equated monthly installment and it is one of the most significant factors that decide your borrowing cost. It is the fixed amount that you will be paying until you repay the entire loan amount with interest rate. Hence, knowing your estimated monthly installment will help you to analyze your affordability. One can use free EMI calculator on various lending platforms to know their estimated EMI.

Hence, knowing about such things and to make your borrowing easier, you can “APPLY FOR HOME LOAN ONLINE“ by filling out your home loan application at the online lending platform of specific lending institution. Just keep an eye upon all the above mentioned points before making any final decision about your home loan.

Getting your own dream house is one of the most precious moments in a person’s life. In our country, most aspiring homeowners do avail home loan for purchasing their homes. NBFCs like ShubhBank provide instant and hassle free home loans to eligible borrowers. If you are the one who is looking for some financial aid to purchase a home without hassle, there are few points that you can sort out at your end to get your loan approved.

In this blog post, we will guide you to follow these effective tips before you “APPLY FOR HOME LOAN“ to get it approved quickly.

✓ Improve your credit score: A borrower’s credit score is a key factor that indicates a loan applicant’s eligibility for availing a loan. The CIBIL score ranges from 300-900 and if someone has a good credit score of 750 or above, lending institutions will consider them a reliable borrower and approve their loan application promptly.

However, if your application is lacking in some aspect, you can still “AVAIL A HOME LOAN“ at attractive interest rates with an excellent credit score. More is the CIBIL score; the faster you will get loan approval.

✓ Do not have existing debts: Prior to apply a home loan, make sure that you have cleared all the existing loans as well as credit card dues. It will greatly help your loan eligibility as it will be a indication of your creditworthiness which can get you a quick approval.

✓ Apply with a co-applicant: If your credit score is weak or you don’t meet the eligibility criteria asked by the lender then you can improve your eligibility and speed up your loan approval with a co-applicant who already has a good credit history.

A co-applicant can be your spouse or any other family member who has regular income and can pledge to repay the loan in your steal will surely improve your eligibility for home loan and get you best deals on loan terms with instant approval.

✓ Know your loan terms: Being a responsible borrower, you need to be completely aware of your loans terms such a repayment period, interest rate, prepayment options, loan processing time along with loan terms and conditions before you “APPLY FOR HOME LOAN ONLINE“ or offline.

Make sure to go through the loan application carefully and understand all the process and sail through the loan terms and conditions as well as the repayment structure.

ShubhBank offers you online home loan in very easy steps where you have to fill out an online application form and upload all the required documents on our website. However, it’s easy to get a home loan but ensure yourself about the eligibility criteria before disclosing any relevant information. One can also use EMI calculator to know about the loan repayments and tenure.

We also provide doorstep service and with our dedicated team, one doesn’t have worry about documentation and loan processing. Get in touch with ShubhBank’s representative or visit our digital lending platform for further support and guidance about home loans.