Homebuyers are increasing due to a fall in interest rates. Most people are opting for home loans and lots of lenders are giving various attractive interest rates offers. In a real estate property, people are opting for purchasing the property through a mix of their own funds and a loan. Getting a home loan in India is becoming quite easier, but you need to keep a few things in mind before opting for a home loan. Here we look at 5 such things.
1) ELIGIBILITY.
This is the important factor while opting for a loan. Eligibility for a home loan is depending upon your income, age, tenure of loan, and credit score. Among all, your income plays an important role when you opt for a home loan.
2) RATE OF INTEREST.
This is also an essential factor while opting for a home loan. Interest rates vary from time to time and you need to keep track. Look for lenders with lower lending rates and then compare the home loan rate of interest applicable to you.
3) CREDIT SCORE.
The impact of credit score plays an important role and allows lenders to offer a lower rate of interest to you. A higher credit score above 750 is preferred by lenders and you can best offer for lowest interest rates.
4) DOCUMENTS.
The documents that banks require are very important and you need to take care of providing those documents. Documents like salary slips, income tax returns, bank statements, etc. are required for home loan purposes.
5) DOWN PAYMENT.
If you wish to opt for a home loan, you need to make a down payment of around 20 percent and you need to arrange that amount.
Those were five things to keep in mind when getting a home loan in India.
