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How to Choose an Ideal Home Loan Lender?

No other investment is more profitable, secure, and fulfilling than the one made in acquiring one’s dream home. And ever since lenders started offering easy home loans, the process of availing one has become even smoother. However, that is dependent on the condition that your home loan lender is an ‘ideal’ one. But how would you determine that? Read on to find out.

Home loan eligibility

Home loan eligibility depends on several important factors such as your CIBIL or Credit score, stability of income and employment status, age, property value, etc. Several home loan lenders offer relaxed eligibility criteria on their loans. It is better to opt for such lenders as it increases the chances of loan accessibility.

You can use an online home loan calculator such as the home loan eligibility calculator to know whether or not you meet the eligibility criteria laid out by a lender.

Application and documentation process

Nobody enjoys tiresome application process and burdensome paperwork. Thankfully, easy home loans are all about minimum application and documentation hassles. Apply for home loan with a lender who offers all-digital application processing and documentation upload. Also, ensure that your lender provides useful online tools such as the home loan EMI calculator to determine your EMIs beforehand.

Home loan interest rates

The home loan interest is the single most crucial component that will help determine money outgo. A lender offering low home loan interest rates is any day better than the one who charges high home loan rates. Moreover, choose a lender who offers flexible EMI repayment options to suit your budgetary needs. So, scour the internet, tap into the word-of-mouth network, compare your options, and make an informed choice.

Transparency

Besides the interest rate, home loans accompany other charges such as processing fees, bounce charges, legal charges, etc. While choosing a home loan lender, ensure that you are aware of all charges that accompany the loan. Not doing so can have significant financial repercussions during the loan tenure. A lender who is transparent and does not charge any hidden fees is the one you should be going for.

Customer support and turnaround time 

As the customer, it is only natural to choose a home loan lender whose customer support team is responsive and proactive. As such, many lenders offer various mediums – phone calls, emails, even virtual assistants. As a result, you can have your queries addressed in a fast and secure manner. Moreover, choose a housing loan lender that offers a quick turnaround time – time taken from home loan application processing to loan sanction and disbursal.

Buying a house is exciting, and with the right lender, the whole process becomes a breeze. Now that you know how to choose an ideal home loan lender, it is equally important to do your part in ensuring that your loan gets approved. For this, perhaps nothing is more important than maintaining a high CIBIL score, preferably over 750.

Before you apply for your home loan online, don’t forget to use an EMI calculator for home loan to know in advance the budgetary changes you may need to make every month to avoid defaults.

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