Home loan tenures range anywhere from 15 to 30 years which is a comfortable period to pay back for most people. Home loan interest rates are from 7% to 11%.Home loans from some banks don’t require proof of income which is a piece of great news for self-employed individuals as they don’t have a salary account like employed individuals. Also for unemployed individuals only if they have a good credit score.You can receive an 80% loan of the property value which is higher than other secured loans such as a car loan. Home is also a less risky object to avail a loan upon than a car. Remember we generally buy a home thinking of it as an investment. So actually helping your finances and liquidating using home loans is not wrong. Everyone needs help with their finances once in a while and secured home loans with a lower interest rate and comfortable payback periods are a great option to do so.
A home loan is a safe way of securing loans when in a financial emergency. Home loans have very basic criteria such as the gold article and basic KYC information such as Adhar card and pan card and all the property information. Criteria for paperwork is quite rigid and needs to be completed thoroughly.Although based on the bank you are also required to provide salary slips, proof of profits if you are self-employed for a home loan approval. Some banks don’t require proof of employability but, these banks generally tend to have higher interest rates.
Indiabulls home loan provides an interest rate of 8.99% per annum. They have a fully digital mode of application, approval, and disbursal. They have a collab with magic bulls where you can find a home through their inline portal and apply for financing immediately.They have homes across Mumbai, Delhi, Chennai, and other leading cities in India. They have collaborated with Pradhanmantri Avas Yojana to get a discount of 2 lakh on loans for all people. They also have emergency loans on properties.
The biggest advantage being that the lender or bank gives you a loan of a higher value than most other loans as property values tend to be on the higher side. Always remember this comes with responsibility. You need to spend the money responsibly to be able to pay the EMIs back on time. Home loans have one of the most rigid EMI policies of all loans. Failure to pay them on time can result in a penal interest rate(2% for that month),
extra fees by the bank, negative impact on credit score.
If you are availing the home loan in an emergency you don’t have a ton of time to think over it then avail a little more money than you need use some amount for emergency and also use the rest to invest in right places which will help you in paying the EMIs of the home loan tenure.If you do have time to think over it and get the best deal possible then do your research on different home loans then find out about the different bank and their schemes. Banks have schemes for different people and those schemes are designed to fit your needs and they will give a better deal on interest rates and payback tenure of the home loan.
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