Following the trends of escalating prices in the real estate sector all across the nation, Gurgaon followed in pursuit. The city saw a boost in its real estate market in 2019 breaking its dry spell of a dormant industry for the last 5 years. It can be significantly attributed to the implementation of the RERA Act, 2016 that brought in real estate investments. Following the rise in demand of the real estate sector, there has been a considerable rise in the front of a home loan in Gurgaon too.
Such secured advances from the reputed lenders come with their leverages of the slashed down the rate of interest, PMAY compliance, a higher credit amount of up to Rs. 3.5 Crore, etc. However, despite such convenient access to considerable funding and other lucrative features, availing a secured loan requires borrowers to take into account a few aspects. Such an informed decision ensures that they avail advances from lenders who cater to their tailor-made financial requirements.
Factors to consider while availing a home loan
Secured advances like home loans involve the mortgaging of collateral. Subsequently, lenders are more willing to offer higher loan to value and over a shorter loan processing time. It is because; they have the reassurance of repayment via liquidation of an asset in case of default. However, since availing credit is a crucial financial responsibility and involves an impending financial burden during repayment. Thus one needs to take into account the following factors before availing home loan offers
- Avail only what you need
Borrow only according to your repayment capability, considering that borrowing more can take a toll on your budget during the repayment process. Assess your financial condition and avail the loan based on what you can repay later. It is better to take help from a guide to getting better home loan interest rates at which you can make payments later.
- Select feasible EMIs
You can use an online EMI calculator to assess the amount you would need to pay monthly before availing the loan. It will give you an insight into an approximate figure of expenditure and help you plan your monthly budget well. Additionally, you can also tune in the tenor to obtain an EMI that is in accordance with your current financial liabilities.
- Keep a short tenor
Keeping a tenor long or short on the home loan in Gurgaon depends entirely on the borrower’s current financial repayment capability. In case the borrower can afford to pay higher EMIs, they can choose to go for shorter tenors. However, in case they have other financial liabilities, going for longer tenors is the best option.
- Credit score
An individual who desires to avail a home loan should have a healthy CIBIL score of 750+. Financial institutions prefer to extend loans to an individual with appropriate repayment patterns. A good credit score can determine your home loan EMIs and is likely to be proof of a borrower’s creditworthiness and repayment capability.
Apart from this, borrowers should also keep in mind the eligibility criteria required for a home loan online apply. Nominal eligibility criteria ensure faster approval of the loan and hence act as leverage for the borrower.
The eligibility criteria to avail a home loan in Gurgaon are mentioned below:
- Age bracket – 23 to 62 years (salaried individual), 25 and 70 years (self-employed borrower).
- Minimum 3 years of work experience or business vintage for a minimum of 5 years.
- Indian citizenship.
Prospective homebuyers in Gurgaon can approach lenders like Bajaj Finserv for Home Loans which come with the best home loan interest rates as well as a host of additional benefits such as easy balance transfer, Top Up Loan facility, no charge part prepayment or foreclosure, etc.
With a suitable home loan in Gurgaon, borrowers can easily arrange for a fund to finance their residential purchase. With the tax deductions under Section 80C, 24 (b), and 80 EEA, they can also save considerably on the repayment of the same.