If you are on the verge of buying a home, it is important for you to have every detail on a home loan. A home loan is a perfect way to attain funds to buy a home so that you can meet your dream. In Delhi, the banks and non-banking financial institutions have some norms and prerequisites for the borrowers to meet. If you are borrowing for the first time, you need to know some details about a home loan in Delhi.
Eligibility criteria: A home loan in Delhi comes with some strict norms and standards. The eligibility criteria lie in various ways, in terms of credit score and income. When you adhere to the rules and standards of eligibility you get a home loan. Listed below are some eligibility criteria that you must remember
- Salaried employees who are within the age range of 23 to 62 years can apply.
- Self-employed professionals from 25 to 70 years can apply.
- Candidates who have a credit score of more than 750 can apply for a loan
- The minimum monthly salary should be more than 30,000 to avail of a home loan.
- Applicants applying for a home loan must have work experience of 3 years
- Self-employed candidates need to have a business for more than 5 years and need to provide proof for the same.
Document: For a home loan you need to make sure that you have all the documents in the right order. It will help you start the application process. Documents like Aadhar card, pan card, form 16, employment proof, business proof, passport, voter ID, and various Income tax returns.
Down payment: To get a home loan, you need to meet the requirements of down payment. It is important that you save for your down payment and make the payment to reduce the EMI and loan burden. When you make a down payment it will convince the loan provider to offer you a home loan.
Calculate EMI: It is very important that at the time of taking a home loan, you calculate your EMI right. When you calculate your EMI it becomes easy for you to pay without any delay or default. Always choose the EMI that is easy for you so that it does not become a burden. A home loan is always high value and you need to decide the right EMI.
Loan tenure: Do not choose a loan term just because you like the number. If you are able to pay a low EMI go for a long-term loan. Choose the right loan tenure.
Finishing up
When you take a home loan, you must use a home loan EMI calculator. It will help you calculate the rates and then compare them to make sure that you take an affordable loan.
Must Read : Mind-Numbing Facts About Getting a Housing Loan
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