Even with access to various housing schemes across the country, becoming a homeowner can be an expensive proposition. Beyond the required down payment, a home loan is your best financing option as it lets you pay for your house while offering you subsidies and tax benefits as well. Today, you can avail home loan financing through loan apps in India like Bajaj Finserv Experia Mobile App.
Such online loan apps help you access financing on simple terms, manage your borrowing, and avail your lender’s loan features with ease. However, before you download an app to get a home loan, take some time out to evaluate the home loan solutions in the market. As you do so, consider these 7 factors.
Amount of funding you require and can obtain
Normally, you get home loan financing amounting to 80% of your property’s price. This is because the remaining 20% usually is the down payment that you pay from your own pocket. So, if your property costs Rs.30 lakh, you would need home loan financing of around Rs.24 lakh. Therefore, it may make sense to consider how much funding you can qualify for before choosing the budget to buy a home. You can do so by accessing a pre-approved home loan offer, which is a customized loan offering available on top lender’s apps like Bajaj Finserv app.
EMIs amount you can manage
Before you finalize your home loan amount, chalk out your repayment plan. To do so, evaluate how your EMIs will impact your finances at present. Since around 50% of your income will go towards living expenses, the amount that goes to service all debts should not cross 50%. However, consider lowering your monthly debt payments even further so as to accommodate emergencies, investments, and other obligations. Deciding on the ideal EMI is easy when you can access EMI calculators in one tap on an online loan app like Experia.
Interest subsidies you can avail
At present, you can avail interest subsidies under the PMAY CLSS scheme. The subsidies are available to first-time homeowners and are based upon the income group you fall under. If you are eligible for a subsidy, avail a loan that lets you capitalize on it, like a home loan app. This high-value loan offers you funding up to Rs.3.5 crore, so you can buy your dream home without compromise.
Tax benefits you can claim
As you arrange to fund for your home purchase and plan your finances for the year, keep track of the tax reliefs you can claim. Currently, you can get principal deductions of up to Rs.1.5 lakh via Section 80C and interest deductions of up to Rs.2 lakh via section 24B. These are enhanced for senior citizens and in case of a joint loan application, both persons can claim the benefits.
Different types of loans you can opt for
You can choose to take a fixed, floating or a combination home loan. For fixed home loans, the interest rate stays constant through the tenor. In case of floating rate loans, your rate fluctuates as per your lender’s internal benchmark rate. Combination loans are a mix of the two. Pick the one that you evaluate to be the most economical.
Repayment facilities the lender offers
Lenders like Bajaj Finserv allow you to space out your EMIs over tenors running up to 240 months. This allows you to spread repayment over a longer tenor and thus service the loan more conveniently. You can also automate these EMIs by using the Bajaj Finserv app. Further, you can use the app to manage your loan, view and download statements, track past borrowings, and get support from a representative. Finally, you can use the online loan app to part prepay and foreclose your home loan too.
Your preferred lender’s eligibility terms
Availing of a home loan successfully starts with meeting your lender’s eligibility criteria. These are normally centered around your personal and financial profile. That said, the best way to get a loan on simplified terms is to apply via a pre-approved home loan offer. On apps like Experia, you can find a wide offering of customized deals under the pre-approved offers tab. This allows you to get tailor-made financing solutions and apply for the same in an instant.
Now that you are ready to apply for a home loan, use the right online loan app to hasten the process and become a proud homeowner quickly!