Home loan in Delhi- NCR
Home Loan in Delhi NCR has become very costly and out of reach for the common man. No one can afford a home loan or flat without going for a home loan as the prices have skyrocketed in the last 10 to 15 years in Delhi NCR.
Thus the only option for home loan buyers is to go for a home loan, but with so many lenders in the market, it becomes difficult to find the right lender to choose from the many available In Delhi NCR.
Loankumar.com helps you to procure the best home loan in Delhi at the lowest rate of interest. As for eligibility, you should be above 18 years of age and not more than 65 years and the loan can be given for tenure up to 30 years.
Loankumar.com has customized home loan products to suit every customer’s needs. The interest rates are low and so is the processing fee. Moreover, there are no hidden charges Home Loan in Delhi NCR.
The interest charges are on a Daily Reducing Balance basis and the repayment tenure is up to 30 years. Moreover, the home loan in Delhi NCR is also available as an Overdraft. There are also special concessions for Women Borrowers.
The interest rates for women range from 8.45 percent to 8.70 percent and for general category 8.60 percent to 9 percent. The interest rates also vary according to the risk score of the customer.
Important Facts to know about Home Loan
People believe that buying a home is easy until they actually started to buy one. It is one of the biggest financial decision that one has to make. Although there are financial institutes and banks that are more than willing to give you a home loan, it is not going to be an easy job. If anything, home loans are one of the most intimidating tasks. It is essential to know important facts and information about Home Loan in Delhi NCR. We have summed up everything that you must be aware of about home loan to make your work easy.
1. Eligibility Criteria
It is one of the major points when it comes to home loans, you need to make sure that you are actually eligible to claim the loan. It can be as per the bank and your credit score. However, the usual limit is up to 50% of installment as of the salary of borrowers. In addition to this, if there are liabilities them the total rate can go down. Another essential factor is a dependent number on that loans that affect the total cost. Make sure to have good communication with the bank to know if you fall under the eligible criteria. This will help in getting everything ready for seeking a home loan in Delhi NCR region.
2. Type of loan
The floating and fixed type of home loan is another factor that affects the loan. The rate of interest is fixed in the fixed type even if the market is going through fluctuation. But on the other hand, when it comes to floating type then there is a market condition that can affect it. In comparison to a fixed loan, the rate of the floating rate will be higher by 1-2.5%. The Home Loan in Delhi NCR understands this criterion. You need to be very clear about the type of loans you want to have for the home purpose. This will also help you to be prepared with the EMI things, so you don’t face the burden later.
3. Hidden Costs
When it comes to a home loan, there are few charges that you might not even know about. These are known as hidden costs which are usually not mentioned by the bank executives. These type of costs are known as processing costs which is just a small fraction as per the total amount. It lies in between the total percentage of .25% or 1%. The point to remember is that if the amount is higher for your home loan then 1% will be much higher than expected. Apart from this, there are other costs such as conversion fees, MODT charges, and Repayment Charges.
4. Loan or Home
The major things that one must know about Home Loan in Delhi NCR are whether you need a pre-approved loan or it can work out after that. It is actually up to you or you can confirm it with your lender. Selecting a home before sealing a loan is also up to you. Or you can opt for a loan before choosing a home. If anything, there are times when your lender can actually help you to select some of the good projects. It will give you time to select a home without worrying about loan criteria.
5. Type of Loan
Every individual knows that there are two types of home loans based on the interest rate- fixed and floating. The fixed rate loan is where the interest rate doesn’t change even if the market fluctuates. Usually, the rate is about 1.2/5 percentage higher than the floating rate home loan. Floating rate varies as per the market conditions. There are different clauses set by different banks, also depending on if the interest rates for home loan increases. This is why the EMI keeps fluctuating which the borrower has to know before dealing with it.
6. Negotiating the Rate
Whichever home loan option you opt for, makes sure to negotiate with the bank to help to bring down the interest rate. If you are an old customer then the bank would certainly consider negotiating the rate. If you have a clean record in the credit history then too you can go ahead for negotiating the rate. Every bank wants to do good business and want their customers to have the high credit score of customers. So when you seek for the home loan in Delhi NCR then do consider to negotiate with banks and financial institute.
7. Long tenure leads to costlier loan
When there is an increase in the base rates than the bank to need to increase the interest of the home loan. As a borrower, you will need to pay higher EMI, which can be difficult at times. Although, it is a temporary loss of income, but will certainly help you to fulfill your desire.
These are the most essential things that you must know before you sign up for any sort of home loan. Make sure to do your homework properly.
About us –
Loan Kumar is a top website that is becoming one of the game changers of Home Loan in Delhi NCR. Apart from this, they deal in a number of other loans including personal, property, business, loan against property, etc. Their major focus is to ensure that customers are satisfied and essential points are covered. So get your loan now and fulfill your dreams.
Read Also- Personal loan in Delhi NCR