Home loan is a sum of money borrowed by a bank or a financial institution to purchase or construct house properties.
Capital Appreciation:
- We have all seen booming of property rates in the last five years. This phenomenon gives us the assurance that no matter at what price you buy currently, it is going to multiply in the future. Construction costs alone has accounted for more than 70% of the flat’s cost whereas in the past decade it has risen at 15% annually. In the long run, property rates have always increased.
Credit eligibility:
- Once you get the ownership of the house completely, you can acquire loans against it. The size of your assets will play a huge role in determining your eligibility for acquiring loans. Thus owning an expensive house will help you get loans from the bank easily. You can thus convert your biggest investment into your biggest asset.
A home loan is a secured loan therefore you have to pledge yourproperty in question as collateral till you repay your home loan.
A home is the biggest asset for a person. The ownership of a house is considered as an accomplishment in a middle class family. Increasing incomes and better standard of living of many average families has led to an increase in demand for purchase of houses. Buying a home is a biggest financial investment one can make but with the zooming property rates, it is quite difficult for everyone to buy a house entirely on savings. Here, the banks and other financial institutions have come to our rescue.
The eligibility criteria to get an online Home loan approval are:
| Home Loan Eligibility Criteria | Salaried Professionals | Self-Employed Professionals |
|---|---|---|
| Age Criteria | 21 Years – 60 Years | 24 Years – 65 Years |
| Employment | Min. 2 Years of experience | Min. 5 Years of experience |
| Co-Applicant(s) | Not Mandatory – Only Family Members as co-applicants | Not Mandatory – Only Family Members as co-applicants |
| Credit Score | 750 or above | 750 or above |
| Max. Loan on Property Value | Up to 90% | Up to 90% |
| Max. EMI – Per Income % | Up to 65% | Up to 65% |
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