Gurugram has witnessed rapid urbanisation in the last couple of decades. This expeditious development has led to the establishment of multiple industries, boosting employment opportunities. Thus, to afford an address in this thriving city, a home loan in Gurugram is an intelligent choice.
Step by step guide to apply for a home loan in Gurugram
The steps to apply for a home loan in Gurugram are –
Step 1: Application
The first step to avail of a housing loan in Gurugram is application. For this, prospective borrowers have to visit the official website of their preferred lenders and fill up the required details, such as name, contact number, employment details, pin code and others.
After filling out the online application form, candidates have to provide certain documents to the representatives of their lenders. These documents might include –
- KYC documents
- Aadhaar card
- Driving license
- Voter ID
- Employee ID card
- Financial documents
- Last 3 to 6 months bank account statements.
- Salary slips of last 2 months
- Proof of business existence for last 5 years.
- Property documents
3: Processing of documents and verification
After providing relevant documents, a lender will process the documents for authenticity. For the same, lenders might also contact relevant organisations and workplaces for verification.
In the next step, a lender will check the CIBIL score of an applicant and verify the credit report. If all these factors are satisfactory, the financial institution will proceed to the next step.
4: Sanction letter
After successful authentication and verification, lenders will issue a sanction letter that usually contains –
- Loan amount
- Repayment tenor
- Rate of interest
- Interest type
5: Fee payment
Now, applicants will have to make a one-time secure fee payment to further process the application. However, lenders might also ask applicants to pay the fee earlier.
6: Final check and loan disbursal
Lastly, the lending institution will inspect the property site and run a legal and technical check before the loan amount is disbursed.
But, before availing of a home loan in India, customers must check all the prerequisites beforehand, as this might help them avail a low interest rate on this credit facility.
Tips to avail a low-interest home loan
A few tips to avail a low-interest home loan are –
Tip 1: Opt for a suitable tenor
The tenor is inversely related to the home loan interest rate. Hence, opting for a longer tenor will fetch a lower interest rate. However, one must remember that the opting for a longer tenor will increase the overall borrowing.
2: Maintain a stable and high income
As candidates with a higher income are likely to pay their credits on time, lenders often consider them a trusted EMI payment source. Hence, they consider higher-income individuals for a low interest rate.
3: Keep CIBIL score high
A high CIBIL score of 750 and above portrays a candidate’s creditworthiness and trustworthiness. Hence, an applicant with an excellent CIBIL score is likely to pay his/her credits on time; therefore, the lender considers him/her for a low-interest home loan.
How to check CIBIL score?
The steps to check CIBIL score are –
1: Visit the official portal of your preferred lender and navigate to the check CIBIL score section.
2: Enter your personal details.
3: Verify identity using OTP received on the mobile number or Email ID.
4: Finally, get the free CIBIL report.
However, customers must calculate home loan eligibility before applying for a home loan. Reputed lending institutions provide online calculators for this purpose, and based on a few variables, this calculator will let the prospective borrower know about the maximum loan amount they are eligible for.
Prospective borrowers must also know that they are eligible for specific home loan tax benefits. Under the Income Tax Act, according to Section 80 C, Section 80 EEA and Section 24B, borrowers can avail tax exemptions on the principal and interest amount.
Selected financers extend pre-approved offers that simplify and expedite loan processing. Such offers are available on a range of financial products like loans against property, home loans, etc. You can enter your name and contact number to check your pre-approved loan offer.
Hence, prospective borrowers must consider the pointers above to avail a home loan in Gurugram at an affordable interest rate.