Summary: Here are some tips and tricks to get the best and most affordable housing finance deal with minimal documentation and quick and easy processing!
Getting a home loan for your own residence space does not only mean an accomplished dream but also means that you have a solid investment for life.
Getting a home loan has become quite easy, but the plethora of options and deals offered by various financial institutions can make it difficult for you to choose.
Read on for some tips and techniques that will help you get the best and most affordable housing finance deal.
How Can You Get an Affordable Home Loan Offer?
Follow these tips to get the best home loan interest rate and most affordable home loan offer.
Get Rid of all Financial Debts
Evaluate your financial position and pay off all existing debts to make room for your new home loan EMI. Your debt-free status will help you get a higher loan amount and a lower rate of interest.
Work on Your Credit Score
Having a neat, high, and polished credit rating is important to get the best home loan interest rate offer. Make sure you have no outstanding payments, no missed EMIs, no high credit utilization ratio, and no big debts lined up.
Accumulate as Much Down Payment as you can
Normally financial institutions expect you to pay up to 10-20% of the home value as a down payment, and the rest is provided as a loan.
The more money you accumulate, the lower will be your monthly EMI
Stick to a Stable Employment Source
The stability of a business or job can help you get a better housing finance offer, as your repayment and credibility are confirmed by your stability at work.
Additional Sources of Income
If you have a good bank balance, multiple sources of income, high-end investments, and a well-maintained financial account, the chances are higher for you to get the best home loan offer.
Keep Your Documentation Ready
For a quicker and more seamless home loan process, keep important documents ready for submission and verification.
These include proof of age, identity, and address; proof of income for salaried/self-employed, and important property-related documents.
How to Select the Most Affordable Home Loan Offer
You may have received several quotes from various financial institutions, but you must diligently select the most cost-effective home loan deal by following these tips.
Use a Home Loan EMI Calculator
Use this calculator to calculate home loan EMI based on the loan amount, rate of interest offered, and home loan tenure. You can use various combinations to get the best EMI that you can easily afford every month.
Compare the Time It Takes to Register, Verify, Approve, and Process Your Home Loan
While selecting the best home loan offer, compare the time it takes to initiate your application, process it, verify your details, approve it, and finally disburse your home loan.
Financial institutions like PNB Housing Finance Ltd does all this in hours if you submit the required documentation and follow the right process.
Read the Customer Reviews, Ratings, and Testimonials
You must go through the experiences that previous consumers have had with the financial institution to assess if they had a good or a bad experience while getting their home loan approval and disbursal.
Check the Customer Support Services
It is important to check services like consumer support, which should be available 24/7, to cater to any issues, concerns, or queries, you may have regarding your home loan financials or details.
Check Other Benefits
Other benefits provided by financial institutions include:
- Loan Balance Transfer Facility
- Low processing fees
- No Hidden charges
- Loan Top-up Facility
- Easy terms and conditions
- No/Low Loan pre-closure charges
- Tax Benefits
- Easy availability of multi-purpose loans like Loan Against Property
As easy as it has become to get a good home loan offer, it has become more difficult to select the right and most affordable one. If you follow the above-given tips, it can become much easier for you to get the best deal to get the home of your dreams!
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