Are you currently residing in a rented house in Pune? Do you feel like it would probably be good to move into your own house? You can easily do this with a Home Loan in Pune. Read along this article to know more about the benefits of a Home Loan and the procedure for applying for one.
The benefits of getting a Home Loan
A Home Loan will lend you with funds to buy a home. This loan can be repaid over a term with Equated Monthly Installments (EMIs). Many banking institutions these days function completely on the internet. You can also calculate your monthly EMIs online with an EMI calculator and keep a track of the remaining installments.
With increasing property rates, the rental rates are also going high. If you decide to buy a home with a Home Loan, you can finish the repayment over a few years. Live peacefully without having to pay for anything else in your house.
With a rented house however, you will save quite a lot on what you would otherwise spend on Housing Loans. However, the rise in the rental rates will actually reduce your savings over time.
Some banks and NBFCs provide extra benefits like a Home Loan + option. This loan is like a top-up to your existing loan. It provides you with additional funds to manage renovations for your home, if required.
Home Loan eligibility in Pune
When applying for a Home Loan in Pune, it is necessary that you fulfil the required criteria.
- You must be a resident of India with a minimum age of 25 years.
- Your minimum salary should be Rs.45000 and have a work experience of 3 years or more.
Documents required for a Home Loan in Pune
Make sure to furnish all the below mentioned documents while applying for a loan.
- A photograph
- An identity and signature proof
- A proof of residence
- Income statement
- Bank statement of the last 6 months
Note that the above mentioned documents are the basic requirements for the loan. In some cases, you might be required to submit some additional documents.
Apply online for a Home Loan in Pune
You can easily apply for a House Loan online in most of the banks and NBFCs. Most of them follow the below listed procedure.
- Fill all your personal details along with the details of your employment and financial status.
- View different loan offers and pick the one that suits your taste.
- Submit the details of the property you wish to buy.
- You will have to pay a security fee to lock the loan for yourself.
- Upload the required documents to complete the procedure.
With this, you are now aware of all the details you need to know for applying for a Home Loan in Pune. Now go ahead and buy the home of your dreams.