Everyone dreams of buying his or her home one day, And no matter how far-fetched it seems, one can always achieve this lifetime goal with the help of firm decisiveness and efficient planning. With home loans, you can turn your dreams into reality without any inconvenience, even in the times of the ongoing pandemic.
Availing any loan without understanding its concept or knowing enough about it is the biggest mistake a person could make, which can land him into deep troubles. Hence, it is better to research well on the loans you are planning to take for your home, read about the repayment terms, requirements and eligibility criteria, defaults, etc. and then apply for the same through a home loan app.
We have prepared a mini-guide for you to make things simpler and less complicated!
Knowing your Loan Plan
The first step to requesting a loan is finding out the best loan plan that suits your circumstances and goes together with your budget as well. Look out various available deals on instant loan apps like Bajaj Finserv, compare them and select the one that will aid you the best. Following are some things that you must compare:
Interest Rates
The rates of interest are the charges of borrowing money, which need to be repaid with the home loan amount within a specified period. Various lenders and financial institutions follow differing rates, depending upon how riskier the lending might be.
Moreover, the interest rates can be- fixed, floating or both combined.
In the fixed ones, the interest rates are constant for the entire repayment period whilst in floating ones, the benchmark or referrals rates decide your rate of interest. Hence, the latter is prone to fluctuations. And in the combined ones, a part of your loan amount is advanced on fixed rates and the other on floating rates.
Repayment Tenure
The repayment tenure refers to the period you will take to repay all the loan amount to the lender with the interest rates. If you select shorter periods, the burden on your EMIs will be more and vice-versa. Also, most of the financial institutions charge pre-closure fees when you tend to pay the entire amount before the repayment tenure ends. You can avoid it by using easy apps for home loans since they do not charge such fees.
Defaults
Defaults refer to the inability to make payments timely. When you are listed as a default, you will face penalties, or in some extreme cases, strict legal action as well. Hence, read the terms and conditions properly before making a deal and be vigilant not to miss any repayment, or at least inform your lender in such circumstances.
Documentation Required
Easy apps for home loans provide the option of minimal documentation or paperwork required. All you have to do is upload your identity and address proofs, proof of income and employment.
Eligibility Criteria
Whilst the eligibility criteria might be challenging to pass when applying offline, with home loan apps, you can avail a loan even if you are not a salaried person, or do not hold a credit history.
Disbursement Process
Another crucial factor to keep in mind is the approval and the disbursement process of your loan amount. In case you need the money on an urgent basis so that you can secure your home from other parties buying it, consider applying on instant loan apps.
With such platforms in your smartphone, you can avail money within a few minutes!
Conclusion
Online loan lending apps for purchasing a home are the best since they put you at utmost convenience and make the entire procedure a lot less complicated than what it is. You can apply for a home loan whilst sitting in your home or doing work in the office. All you need to remember is checking the loan plans first, comparing different deals and then finalising on one.
