For first time visitors, we have begun a new initiative named “Knowledge Center”. Here we work towards educating all our customers throughout India with the most basic answers they need to know before they could plan to apply for any type of a loan.
Today, we shall be answering 5 important questions you need to know before you apply the best home loans in India.
What is the eligibility for home loan?
In order to get an easy housing loan, you must fulfill the Housing loan eligibility set by the lender. These criteria differ from Bank to Bank. You can check the basic requirement by all Banks here.
What is a good interest rate for home loan?
Lowest home loan Interest rates in the month of March begin from 8.70%* onward. Getting a deal around this interest rate would be the best thing for every customer. But you need to remember that such deals are only given to the customers with a high credit score (above 800 at least), higher salary (minimum 30,000) and a credit history where there are no defaults and timely payments are done. (Minimum 12 months).
Which bank is best for home loans?
There are many Banks that offer the best deals on home loans. We have shortlisted few such best Banks from metro cities like Mumbai, Delhi, Bangalore, Chennai and other tier cities that offer home loans at attractive interest rates;
|Bank||Interest %||Processing Fee|
|Indiabulls||8.80||1,000 – 5,000|
|Kotak||8.90||Up to 10,000|
How can I get approved for a higher home loan?
You can understand the maximum loan amount you can be eligible for by utilizing the Home loan calculator Here you will have to fill in your home loan requirement like tenure, salary and interest rate expected. The results will help you get the offer you desire.
How can I get the best home loan?
In order to get the best home loan, you can begin working on your credit score first. Pay all your dues on time whether it is credit card bills or loan EMI payments. Ensure you don’t have bounced cheques or any other negative strike on your profile. This will ensure you can get approval for a higher home loan amount.
To find the best deals, you can always visit Ruloans.com and compare loan options from major Banks and NBFCs.