Home Loan EMI – Though owning a house is a dream for many, people require external funding to turn this dream into reality. And while there are many loan providers, one must carefully research and select the loan provider that is the most beneficial to them.
Loan providers like the PNB Housing Finance Limited have made applying for a home loan extremely easy by offering home loan applications online.
So, thanks to digitalization, now your entire home loan borrowing process can happen online, in the comfort of your home, with minimum physical interaction. It is of utmost importance in this time when the Covid pandemic is rampant.
You can carry out your research sitting in your house, compare the different offers, and choose the one that suits you the most.
The good thing is that the entire process takes very little time. However, a few things to be kept in mind before making a home loan application online are: –
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Check the home loan eligibility criteria:
The first thing you must do is look at the eligibility criteria for home loans offered by the lender. The lender will have a set of requirements one must fulfill to qualify for a home loan, such as income, other obligations, credit score, etc. By noting the eligibility criteria beforehand, you can ensure that all documents are in order before applying for the loan.
One important thing to note is that if you apply for a loan and get rejected, it can harm your credit score. Therefore, it becomes all the more important to go through the eligibility criteria and first self-determine if you are eligible for the loan or not. You should apply for the loan online only when you know for sure that your loan application will not be rejected.
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Applicable interest rate:
The higher the housing loan interest rate, the higher is your borrowing cost. So, one must look at the applicable home loan interest rate and determine affordability before applying for the loan. Usually, lenders offer two interest rates: Fixed interest rates and floating interest rates. If you opt for a fixed interest rate, you protect yourself from market ups and downs. However, fixed interest rates are generally higher than floating interest rates.
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Home loan EMI:
Another vital thing to do before applying for a home loan online is to calculate the EMI you will have to pay.
It will help you determine whether you can comfortably repay the loan over the loan tenure and help you manage your finance better.
You can calculate the EMI by using a home loan EMI calculator. By knowing your tentative EMI amount in advance, you can plan well and avoid any chances of default which, again, if it occurs, will affect your credit score negatively.
By entering your required loan amount, loan tenure, and interest rate in the home loan EMI calculator.
You will get a tentative EMI figure almost immediately.
Again, do this before applying for the loan, as this will even help you understand your repayment capacity.
Now, let us look at the process of applying for a home loan step by step:
- Firstly, head on to the bank or financial institution’s official website.
- Go to their loan application form online
- Provide the details such as your name, age, proof of income, ID proof, address proof, details of co-applicant.
- Based on your requirement, mention the loan amount, loan tenure, and rate of interest you would prefer.
- Check if any special offers or pre-approved offers are going on.
- Upload other required documentation and paperwork as asked. Now, your application is complete.
If you have any doubts or are stuck anywhere, you can contact the finance provider on the toll-free number mentioned.
So, now that you have read the whole process, don’t you think it is pretty straightforward? Especially in the current times, online services like this have proved to be extraordinarily beneficial and time-saving. So, go on and fill that loan application online and get your loan sanctioned easily.
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