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How To Secure A Large Home Loan With A Long Tenure?

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5 Dariya News

5 Dariya News

5 Dariya News

23 Nov 2023

Purchasing or renting a home marks a significant milestone in the life journey of many individuals. In the past, people had to save their entire lives to fulfil the dream of purchasing a new house. But with the easy availability of Home Loans, buying a home has become much easier now.

People can now borrow a Home Loan at competitive interest rates from lending institutions and realise their dreams of owning a home. These loans provide ample funds to repay over a specified period comfortably. Based on your eligibility, top lending institutions like Kotak Mahindra Bank can offer 50 lakh Home Loan  at best interest rates. 

Borrowers can choose Home Loan tenure of up to 25 years. However, the longer the tenure, the more the interest payable, so selecting the suitable tenure is essential. 

Understanding Your Financial Readiness

It is crucial to have a solid financial foundation before going for a sizable loan. There are a few things a person needs to ask oneself concerning their financial situation. These include the down payment, monthly expenses, loan EMIs and other financial commitments to manage their loan better.  

Those preferring a lower loan amount with a shorter repayment tenure will attract lower interest rates and thus reduce the EMI burden. They will also be able to cut down on the overall interest outgo and speed up repayment. 

A Home Loan EMI Calculator can help borrowers calculate their monthly instalments before applying. Applicants can change tenures and loan amounts to find a suitable EMI per their budget.

Also, borrowing should not deplete one's accumulated savings, as is often the case with the down payment. So, when considering the potential savings available for the down payment, it is important to ensure that one does not overlook their retirement and essential life goals.

Maximising Your Loan Eligibility

Here are a few tips to increase your chances of getting a larger loan amount with an extended tenure.

Increase your credit score: It is crucial to have a good credit score, as it serves as a vital eligibility factor. Ensuring your credit score has been thoroughly checked beforehand is of utmost importance. Your credit score reflects your reliability and creditworthiness. A higher credit score increases the likelihood of lower interest rates. Therefore, if you aim to qualify for a Home Loan, you must boost your credit score.

Consider opting for a joint Home Loan: Eligibility can be enhanced by having a co-borrower. Lenders use the combined income of all co-borrowers to assess eligibility. Additionally, sharing the repayment burden can lead to more favourable tax conditions.

Address your debts: Lenders consider the debt-to-income ratio, which significantly influences their loan approval decisions. Having high debts on your financial statement can negatively impact your eligibility. It's important to clear any unsecured debts and pay off credit cards before applying for a Home Loan.

Declare additional sources of income: Supplementing your income enhances your financial fitness and capacity. When filling out the application, declare additional income sources such as rental income, part-time business earnings, and interest income, among others. This can increase the loan amount and reduce the interest rate.

Don't overlook your retirement and essential life goals when considering potential savings for the down payment, as these are often critical aspects to consider.

Navigating Loan Tenure Options

Repaying a Home Loan can be made possible through timely instalment payments termed EMIs. The value of EMIs depends on the interest rate, loan amount, and tenure. Lenders consider the borrower's profile, age, and income before deciding on an interest rate.

Nevertheless, one can select a term that matches their budget. It is crucial to ensure the tenure is suitable for the EMI value. Hence, experts argue that all aspects should be considered before choosing a tenure that suits most customers' needs. A housing loan emi calculator is essential for calculating the EMI on a specific Home Loan tenure. 

Choosing the Right Lender and Loan Product

Factors that should guide one when selecting a Home Loan include interest rates, tenure, and loan eligibility requirements.

Top banks offer Home Loans with varied rates and terms. Evaluating these based on one's budget and personal preferences is essential.

Checking the bank's responsiveness, reliability, customer care, and reputation is another crucial factor when choosing a lender and a Home Loan product. Knowing what the customer is getting in terms of fees and other charges is essential.

If assistance is needed, it is crucial to consult a financial adviser and select a loan that aligns with long-term financial goals and remains affordable and flexible.

Conclusion

To secure a large Home Loan for an extended period, adequate preparation is vital, including finding an appropriate financial institution that caters to your interests. Maintaining a good credit score, providing correct and updated information, and including a co-applicant can be beneficial in securing a bigger loan amount with the lowest interest rates. 

Considering your financial situation, selecting the right loan amount and suitable loan tenure are essential. Most importantly, choosing a lender offering the lowest Home Loan interest rates is crucial to manage your loan efficiently.

 

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