A complete guide on how to apply for home loan in Gurugram

Do you live in Gurugram and want to apply for a home loan in Gurugram? 

If yes, you can do that easily online right on the website of your preferred lender.

In turn, it can help you to save your time and let you avoid stepping out in COVID-19 times. 

Read on and know the easy steps to apply for an online home loan in Gurugram! 

Applying for an online home loan in Gurugram made easy 

1. The foremost step is to land on the website of a lender you want to apply for a home loan in Gurugram with. 

2. On the website of your lender, you need to access the online home loan in Gurugram application form. On the loan application form, you need to enter your personal, financial and employment credentials. They are your name, income, monthly Salary and as required. 

3. Submit the online housing loan application form. 

4. Once done, your lender’s representative will connect with you quickly to guide you with the next relevant steps. 

5. The remaining process is hassle-free. Submit the required documents and coordinate with your creditor for the verification. 

The home loan in Gurugram application process of most lenders is quite simple and straightforward. This way, you can focus on finalizing your property to be purchased. 

Apply for home loan and getting the approval not only lets you enjoy a large amount but even access home loan tax benefits. 

Before you begin applying for a home loan in Gurugram, you should ensure having a higher CIBIL score of 750+. You should also have a consistent employment record and apply young to get the housing loan approval faster and at a lower interest rate. 

It is also advised to compare all housing loan deals online before finalizing one. It is because you can easily compare all offers and pick a deal meeting your needs and budget.

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Looking For a reliable interest rate on Home Loan: Apply Now!

 An E home loan is one of the most applied financial solutions to help you buy or build a new home. 

But when you avail of a home loan, you also have to deal with interest charges payments. 

And if you choose a longer tenor, you may have to pay a higher rate E home loan interest rate. 

On that note, let’s check out ways you can enjoy E home loan interest rates in this post!

1. Go for a shorter tenor 

If you want to avail of a lower E home loan interest rate, you should choose a shorter tenor. Doing that may increase your EMI amount, but you will save big on home loan interest rate. It will also lead to reducing the overall costs of availing of a home loan.  You should also use the home loan EMI calculator and know an amount that you will pay as the EMI over a small tenor. 

2. Compare all loan offers online

When it comes to the application for an E home loan, you will come across different offers. It may confuse you which one to choose and not. The best thing is to land on a third-party website and choose a deal matching your needs and budget the best. This facility is available for free and 24x7. 

3. Pay more as the down payment 

The higher is your down payment amount, the less you will have to borrow and pay lower E home loan interest rates. Hence, it should be your goal to put a higher home loan down payment. 

4. Rely on a home loan balance transfer

If you are already repaying a housing loan and want to enjoy a lower rate of interest, you should switch your loan to a lender offering a lower rate. This way, you will be able to bring down your home loan cost and pay reduced EMIs. 

Considering these aspects, you can manage affordable home loan interest rate easily.

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Things to be Noted Before Applying for a Home Loan

 Are you willing to apply for a housing loan and move or construct your dream home? 

If yes, the first thing is to meet your lender’s eligibility conditions. 

Many people don’t consider a few factors before applying for a home loan and suffer. 

Let’s check out a few aspects that you need to note while apply for home loan in this post!

1. Maintain a higher CIBIL score

If your CIBIL score is robust, nothing can stop you from getting the housing loan approval for a large amount. You can also do that at a lower rate of interest and pay reduced EMIs. Hence, you should ensure having a strong credit score. You can do that by paying your existing loan and other EMIs on time. A credit score of 750 and more will be considered ideal by renowned lenders to sanction your loan application fast.

2. Compare all available offers online

While applying for a housing loan, you will come across many deals, making you confused. Hence, you should always make it a point to compare all available deals on a third-party website. This way, you can pick an offer that meets your needs and budget the most. 

3. Check out your lender’s eligibility norms  

The lender you want to apply for the housing loan has eligibility norms mentioned on their website. Thus, you can check out all and prepare in advance. It is also good to use the home loan calculator like the eligibility calculator online. Using it, you can know an amount that you can get. You can also know about an amount that you will pay as the EMI, along with current home loan interest rate charges. 

By considering these disused aspects, you can easily approach your home loan application better and enjoy a quick approval.    

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Know How to Deal with Hiked Home Loan Rates With Calm

 Home loan interest rate is determined based on the current market scenario. For instance, RBI controls the repo rate that further influences this rate. On top of that, lenders add their spread, and finally, a rate is proposed to borrowers. 

Thus, individuals who want to get rid of fluctuating home loan interest rates can adopt the following measures. 

• Part-payment 

Individuals can make full use of the surplus cash if they have to pay off a considerable portion of the loan. It will allow individuals to save substantially in interest payment and shorten the tenure. Selected financial institutions also facilitate part-payment with minimal charges. 

In this respect, they can use an annual bonus, interest income from fixed deposits, maturity and the likes. 

• Increase EMIs

Generally, lenders tend to increase the loan tenure if interest rate hikes. Even if it temporarily lowers EMI outgo, the cost of borrowing rises exponentially. Thus, it will be wiser for borrowers to opt for a high EMI and reduce the tenure. 

However, set home loan EMI amount as per repayment capacity, which will ensure smooth loan repayment. 

• Pre-payment

Paying off debts quickly allows borrowers to carry on other financial liabilities with ease. Thus, they can pre-pay EMIs to reduce the principal outstanding, in turn, lowering EMI and interest outgo. 

• Home loan balance transfer 

Another effective way to tackle hiked home loan rates is by choosing loan balance transfer. Existing borrowers can transfer their outstanding loan balance to a new lender, which offers better services and lower interest rates. To maximise the benefits, borrowers should opt for this option in the initial phase of repayment when the interest rate generally remains on a higher side. 

However, this transfer also accompanies several charges that borrowers have to pay both to new and existing lenders. Thus, before selecting, assess the need for the transfer and cost of it. 

These are some of the possible ways to manage hiked home loan interest rate with efficiency. 

Read Also: What factors Affect Your Home Loan Interest Rate

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Myths to Ignore While Getting a Home Loan

Many people may have the required eligibility to apply for the home loan, but they still don’t apply for it. 

Other than facing different issues, they also don’t do that owing to some home loan myths. 

Let’s check them out in today’s post so that you can ignore them and apply for the housing finance confidently!

1. Shorter loan tenure is good 

Yes, when you avail shorter loan tenure, then it means saving on the home loan interest rates. But you also need to understand that it means paying a bigger loan EMI amount that may affect your outlays. It can leave little scope to concentrate on other outlays. 

2. Good cibil score comes with the loan approval 

Yes, the cibil score is one of the key factors while determining the home loan eligibility of the applicant. If it is higher, then you may get the loan approval. But factors like your income, age, job stability, employer credential, property location also matter.

3. Home loan rates are not negotiable 

You may still believe that home loan interest rates are not negotiable. But this is far from true! If you are not satisfied by the home loan rates by lenders, then you can always negotiate for a lower rate. Having a good cibil score, repayment and employment history may help you get an affordable rate of interest. 

4. Lenders levy heavy penalties for making prepayments and foreclosure

Another myth doing the round is that if you make prepayments and foreclose the loan earlier than the tenure, then you need to pay exorbitant charges. It is not true! Lenders are not supposed to charge any amount on floating rate loans. For fixed rate based housing loans, your lenders may ask for some money. It may vary from one lender to another. 

You are now aware of the leading home loan myths that you can now ignore and apply for a home loan with confidence. If you are ready, then you can now apply for the housing loan by comparing different loan offers online. This way, you can pick the best deal matching your needs and repayment capacities.   

Must Read: Home Loan EMI: 6 Ways You Can Reduce It Easily

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Property In Pune Experiencing Boost Each Year

Have you finally decided to invest in real estate? For this, you need to be precise on the property you wish to invest, plan your budget and search for a property that can prove to be a rewarding investment.

If the current trend in the property in Pune is noticed, it was clear that there is a steep rise in the property with a rise in the number of investors. With the current volatility in the real estate sector, this is the right time to invest in your dream home and get a good profit over time.

Pune is a hotspot where you can notice a large number of professionals moving to the city in search of a good career. They also look for a dream home with modern amenities to live with their family. With this, the exceeding demand for the property in Pune keeps the price of the property spiraling each year.

There are various reliable real estate developers who provide great options for the property. Property here is at boom due to the easy access to Mumbai. Thus, investing here comes up with amazing benefits.

As an investor, you can easily find the budgeted property in 1 BHK, 2 BHK, 3 BHK, and other dream home options. The rates of the property have just doubled in the last 5 years and are expected to rise in the years to come. Banks and non-banking financial companies easily approve the home loan on these properties.

You can contact Bajaj Housing Finance for the low-interest home loan to get the dream home financed easily.

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