Things to know while applying for an online home loan

Dec 12, 2018 | Publisher: rameshjjadhav80 | Category: Other |  

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Things to know while applying for an online home loan Owning a house is one of the most cherished dreams in our lives. Until a couple of years ago, it was way difficult to entirely finance your homes, however, with the inception of leading private finance companies and banks, finances are easily accessible to us. To buy a home, apartment, resale property or renovate your existing home, you can obtain home loans without any hassles. Lenders are keen on offering customized loan solutions with low-interest rates, flexible repayment options and lengthy tenure for loan repayment. Gone are the days when individuals had to run pillar to posts to collect information leaflets, compare the rates of different lenders, sit with financial experts to do all the brainstorming to determine the monthly installments, and tedious process of paying EMIs through cheques. A cheque bounce would also cost a heavy penalty. With internet based facilities, you can now make an online home loan application right from the cozy corners of your rental homes or offices in just a few clicks! All you need is a sturdy internet connection, a laptop, computer or smartphone and you can just log in to do a careful research, and zero in on a particular lender. Their customer service team is available 24 X 7 so that you can call up or chat online to clear any doubts regarding loan disbursals, terms, and conditions, interest rates or EMIs. While applying for home loans the borrower needs to fulfill certain eligibility criteria being set by any bank or non-banking financial company. Some of the most common criteria individual have to meet while applying for an online home loan would be as follows: income source, age, property value, job & its designation, stability, additional income source, margin money, existing debts and credit history of an individual. In olden days, people had to sit with an expert to do tedious calculations on the EMIs, interest rate outgo, and loan disbursal amount. A slight misjudgment could cost a bomb on their wallets. Thanks to online home loan calculators that help an individual identify the required loan amount and EMIs within a couple of minutes. To determine the interest rate, EMI and principal loan amount you can entire simple details like net monthly income, the rate of interest, loan tenure, etc. In just a few minutes, you will get a complete array of the principal amount, interest rate outgo and EMIs to be paid during the loan tenure. The best part is you stay prepared for your loan repayment and start making all the adjustments and cost-cutting towards easy loan repayment. The margin money, credit score, and income source play a decisive role in your loan eligibility. Experts say you should accumulate around 15-20% of the property value, maintain a good credit score of 750+ and prove your job stability for at least 2 years before making a loan application. That's it! Lenders will offer you great online home loan deals to grab and fulfill your cherished dream of owning a house. Save your time and energy by applying for an online home loan now!

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