Noida is located in Uttar Pradesh and part of the National Capital Region (NCR). Due to its high employability, this city draws job seekers from around the country, thus increasing real estate prices.
Noida has every amenity required, such as job prospects, transportation, enhanced lifestyle, making it an ideal place to live. Therefore, leading financial institutions provide multiple benefits for prospective borrowers to avail a home loan in Noida.
Steps to apply for a home loan in Noida
The steps to apply for a home loan are –
Step 1: Visit the official website of your preferred lender.
Step 2: Navigate to the housing loan webpage to view the online application form.
Step 3: Fill out the application form with personal information such as full name, pin code, contact number, employment details, date of birth, PAN details, etc.
Step 4: Finally, submit the application form. After this, a representative from the lender’s end will contact the candidate to proceed with the loan availing process.
Although availing a home loan is simple, it is essential to fetch a low-interest one. For this, applicants can note down a few tips.
Tips to get a low-interest home loan
Tips to avail of a home loan at an affordable interest rate are –
Tip 1: Maintain a high CIBIL score
A high CIBIL score of 750 and above portrays a candidate’s creditworthiness and trustworthiness. Hence, they have a more disciplined repayment history, so lenders prefer to provide them with the benefit of a low-interest rate. If candidates are not aware of their scores, they must learn how to check the CIBIL score.
Tip 2: Opt for a shorter tenor
Tenor is inversely proportional to the interest rate. This means that a longer tenor will fetch a lower interest rate. However, opting for a longer tenor will increase the overall borrowing expenses. On the other hand, opting for a home loan for shorter tenor may incur higher EMIs but eventually lead to substantial savings.
Tip 3: Maintain a stable employment
If a borrower has a high and steady income source, they are likely to get a home loan at an affordable interest rate. This is because these candidates are more likely to pay EMIs on time without defaulting.
But, before applying for a home loan in India, customers must make sure to check the prerequisites. These pointers differ with lenders, and hence to get lender-specific eligibilities, they must learn from official executives or websites. Despite this, a few of the essential criteria for availing a housing loan remains the same.
Home loan eligibility criteria
The common eligibilities for a home loan are –
- Applicants must be the citizen of India
- They should be between 23 to 70 years of age.
- Self-employed applicants should have a minimum business existence of 5 years.
- Salaried applicants must have a minimum of 3 years of work experience.
Documents required for a home loan
The documents required for availing of a home loan are –
- KYC documents
- Income proof
- Last 6 months bank account statement
- Passport size photographs
- Proof of last 5 years business existence.
Also, most lenders advise borrowers to calculate home loan eligibility to get the maximum amount they can avail. This will help them in financial calculations and planning.
Also, selected financers extend pre-approved offers that simplify and expedite loan processing. Such offers are available on a range of financial products like loans against property, home loans, etc. You can enter your name and contact number to check your pre-approved loan offer.
Hence, prospective borrowers must check the steps mentioned above to avail a home loan in Noida. Also, make sure to check the tips to settle for an affordable lender.