Home Purchase Loan Finance Your Dream Home

Home Purchase Loan Finance Your Dream Home

by

pankaj1

Home purchase loan is one of the forms of home loan. It is basically designed to help you purchase new house. Fortunately, you dont have to take the trouble of searching lender that can offer you home purchase loan. There is no dearth of such lenders, and you can get any one of them for your need. Moreover, such type of loan can finance you up to 85% for the repayment period of 25 years. Therefore, choosing such type of finance is a way to materialize your dream distinctively.

Home purchase loan lenders in India are aplenty. Some of them which have good market reputation are mentioned in the following lines. State Bank of India Axis Bank HDFC ICICI PNB Standard Chartered Bank So there are many more banks that offer home purchase loan today. If you are planning to buy new house, but face monetary problems, you can resort to home loan to get your needs solved. Home purchase loan will certainly ease out your monetary worries. How To Acquire Home Purchase Loan Choose any one of the above-mentioned lender and apply for the loan. Now you need to apply for the loan. Once the application procedure is completed, you will be said to wait for few days till your documents are verified satisfactorily. Eventually, your loan is approved by your lender. Interest rate Home loan interest rate is one of the most imperative factors to consider. Not all banks impose similar rate of interest on housing finance as they have inconsistency in their interest rates. Better one should compare home purchase loan offers of few banks before one should move further. Floating and fixed interest rates are applicable on housing finance. You should choose either of them carefully. Eligibility Requirements Home loan eligibility criteria are set of standards of lenders. They mean to determine whether or not you are not eligible for the loan. For this, it is mandatory that your current income should be in commensurate with affordability of your home loan EMI or equated monthly installments. It is mandatory to ensure that your repayment capacity is not inflicted with moderate income. If you are salaried person or self-employed borrower, make sure your current income is quite sufficient. Your age should be proper as per requested by the lender (not less than 20 years). Processing fees They are mandatory fees and are non-refundable as well. Many banks or finance institutes have this mandatory processing fee for borrowers. Since it is non-refundable, the money wont be paid back to you even though loan application is rejected. Axis bank home loan

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HDFC home loan

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Punjab national bank home loan

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