Five Things to Consider Before Applying for a Home Loan in India Buying a house is a big investment for which most people rely on financial assistance, mostly in the form of loans. However, the choice is a significant financial step. So, before you apply for home loan, it is imperative that you are well versed with the eligibility criteria of the lending bank.
What is a Home Loan? A home loan is an amount that is generally taken either to buy a home or an apartment. A home loan is provided on certain eligibility criteria, which generally depend upon the property price and repayment capacity of the individual. One of the most important requirements for availing of a home loan is that the person should have a stable source of income, with the EMI being 40-45% of income. A home loan is usually sanctioned for a period maximum of 30 years. Generally, on average, people pay off their home mortgage fully in around 8-10 years.
Prominent factors to check for a Home Loan Here are a few things to check before availing of any home loan in India from any bank: 1. Interest: Availing of lower interest rates 2. Tenure: Choosing a right tenure 3. Down Payment: A sizeable down payment 4. Credit Score: Checking own credit score 5. Associated Charges: Sorting other associated charges other than interest
Company Profile Be it MSME or home loans, Capri Global has become one reliable place for getting customized loans that suit your financial requirements. It provides you with multipurpose loan schemes, flexible repayment options, fixed and variable rates of interest, overdraft facilities, and much more. Capri Global features minimal documentation and instant approval for loans, ensuring you get the funds faster.