Several financial institutions provide home loans with different advantages and facilities in Kolhapur. So, while choosing the right advance, individuals should consider the following points-

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Borrowers can avail a loan amount up to 75-90% of the property value depending on the financier. Additionally, the loan eligibility criteria are calculated on occupation, income, credit score, etc. Thus, individuals should opt for lenders with basic eligibility criteria.

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The interest rate determines EMIs. Therefore, a home loan with a lower interest rate can accumulate lesser payable interest as well as affordable EMIs.

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Borrowers should be aware of various charges like processing fees, pre-payment fees, etc. while comparing different products.

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Easy documentation and approval process should be important factors to avail loans in a hassle-free way.
While selecting housing loans, individuals should look for a foreclosure option so they can prepay the loan amount entirely or partially whenever extra cash flow arrives.

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So, after comparing available loans depending on these points, individuals can easily find out the correct product.

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Also Read: https://www.bajajfinserv.in/home-loan

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A home loan in India is a secured loan that comes with prolonged tenors and lower rate of interest than unsecured loans. The loan amount is utilized to purchase the residential property in question.

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Some of the features of these loans include –

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1. Financing up to Rs. 3.5 Crore.

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2. Repayment tenors going up to 20 years.

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3. Subsidy on rate of interest with PMAY CLSS.

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4. Income tax benefits under these sections–

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a. Section 80C

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b. Section 24(b)

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c. Section 80EEA

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Home loans come with end-usage restrictions – you can only use it to purchase or construct a property.

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Lastly, the EMI you pay on a home loan is calculated as per the amortisation table. Even though the amount remains same, the principal and interest part in each EMI vary every month.

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You should once read: Applying for a Home Loan? Follow These Steps to Improve Your Eligibility

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https://www.wordplop.com/applying-for-a-home-loan-follow-these-steps-to-improve-your-eligibility/

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Individuals can leverage a wide range of techniques to improve the possibility of being approved for home loans. However, these are some additional tips on top of the home loan eligibility criteria that Housing Finance Companies (HFCs) require home loan applicants to follow.

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Boost your CIBIL Score – Ensure that you fulfill your repayment obligations timely to improve your CIBIL score. Most reputed housing finance agencies prefer applicants with credit score nearing 900. However, the lower CIBIL cap is 750.

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Include an additional source of income – Lending agencies prefer applicants who have multiple sources of income. It is because people with a higher income are less likely to default on home loans, thus posing a lower financial risk to the lender.

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Apply for a joint loan – Applying for a housing credit with co-applicant increases the eligibility of securing a debt. In addition, make sure that the co-applicant has an appropriate CIBIL score to improve your eligibility for home loans.

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In addition, keep your Debt-to-Income Ratio below 50% for enhanced home loan eligibility.

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Use home loan eligibility calculator: https://www.bajajfinserv.in/home-loan-eligibility-calculator

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Salaried applicants are eligible for a home loan if they fulfill the following requirements –

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Age – Age of the applicant should be within 23 – 62 years.

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Work experience - They should have a minimum of three-year work experience

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Nationality - Applicant should be a residing citizen of India.

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Minimum income – Minimum take-home income to apply for a home loan is Rs.25,000.

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CIBIL score – Borrowers should maintain a minimum CIBIL score of at least 750

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Additionally, some lenders also provide online tools like home loan eligibility calculator which enables an applicant to check the loan amount he or she is eligible for by entering the following details –

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Date of birth
Place of stay
Total monthly salary
Tenor period
Additional sources of income if any
Current EMIs

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Applicants should go through the eligibility criteria specified by the lender before applying. It will reduce the chances of rejection, which can harm their credit report.

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Moreover, you can use home loan eligibility calculator - https://www.bajajfinserv.in/home-loan-eligibility-calculator

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