Life is full of ups and downs and thus, every individual saves a sum of money that he could make use of in his or her times of need. This need could be to take care of any future unprecedented financial setback or to make a huge investment. Purchasing a house is considered as one of the biggest financial investment that a person can make. However, people often struggle, even after saving every dime and penny to raise the required funds to purchase a good property. However, at such times, rather than giving up on their dreams, people can now apply for home loan online.
There are a number of banks and NBFCs (non-banking financial companies) that offer online home loans at way lower interest rates than the ones given out by loan sharks and traditional financiers. Also, there is even a discount of 0.05% on interest rates given out for women borrowers and co-applicants.
There are numerous reasons why you should apply for a home loan online in India, and a few of those reasons are here as follows:
- You can make use of a home loan amount to purchase a new property or refurbish any of your existing ones. You can even make use of financial assistance from a housing loan for home extension purposes. A home loan in India is given by financial institutions for both residents as well as NRIs (non-Indian residents).
- The biggest reason why you should apply for home loan online is that you save yourself from the hassles of visiting a bank or an NBFC (non-banking financial company) in person and wasting countless hours. All you need to obtain an online loan is have a sturdy internet connection and an appropriate electronic device. This device can be any of your computers, laptops, smartphones, etc. If you have these things then you can obtain a home from the comfort of your home or office.
- The repayment of a home loan in India is done in the flexible form of EMIs (equated monthly installments); for you to plan out your future and current repayments easily. You can even make use of an EMI calculator for free by simply opting to apply for home loan online. This calculator will help you to calculate your EMIs on the basis of the principal borrowed amount, interest rates charged by the financial institutions and the repayment tenure chosen by you.
- A home loan generally has longer repayment tenure than any other form of a loan. The maximum tenure for the repayment of a home loan is around 30 years. Therefore, you don’t have to put a strain on your pocket in order to make any repayments to the banks and NBFCs (non-banking financial companies).
However, there are set eligibility criteria given out by the financial institutions that you need to fulfill before you apply for home loan online. These eligibility criteria are as follows:
- You need to have a stable source of income.
- Make sure that you have a good credit score and history.
- The financial institutions also scrutinize your previous and current debts; if any.
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