Owning a home in a good city is always a dream of every individual. To convert this dream into reality, people work hard to make sure that they are eligible to seek for financial help from major lending institutions. A home loan is a tenable loan that one can take from a financial institution or any other lending institution at a particular rate of interest. The lender takes the property as a security for the loan. The lender can sell the property to recover the loan in case one fails to repay the dues. Home loan repayments can be made through monthly instalments, which depends on the money you have been lent, interest rate, and years to repay. Home loans are provided for purchasing or constructing a house/flat on a property. Most banks offer loans of up to 80% of the total property cost or at the lender’s decision.

Customers do a thorough check on different banks’ loan features before closing on one. Comparing loans offered by different banks and lending institutions will be helping customers to choose according to their earning and payment capacity. Major factors compared are interest rate, processing fees, and tenure offered by the bank. Lenders offer home loans with reduced interest rates from time to time. Customers should know their requirements before applying for the loan. 

The home loan takes 3 to 4 weeks to be sanctioned if all the related documents are submitted to the bank, like property or income-related documents. Documents are checked for its authenticity before sanctioning the loan. Factors that mark eligibility for the loan are age, annual income, resident type, credit score, and other ongoing loans. 

• The credit score of an individual plays an important role in sanctioning of home loan as it shows the credibility of the loan seeker and the capacity of repayment the person holds in clearing the dues.
• Few major banks that we issue a home loan for an attractive interest rate are:
• SBI, Axis, HDFC, ICICI, Canara, PNB, IDBI, Kotak, IDFC, Bank of Baroda, NBFC & Co-operative Societies.
• Customers can avail of tax benefits on home loans under different sections like Section 24, 80C, and 80EE. Various schemes like Pradhan Mantri Awas Yojana, PMAY Gramin, Urban can be beneficial in reducing the customer’s burden.