Introduction
Buying a dream home is a very important milestone in everyone’s life. Most individuals cannot afford to buy a home and rely on home loans. Choosing the correct home loan is very important as a best suited home loan can make the repayment process stress-free. So, it is essential to choose the best home loan which will give maximum benefits while buying a property.
Importance of a Strong Financial Profile
While investing in a house it is a best option to invest in properties like villas which will give massive appreciation of property. The value of properties which tend to increase with time must be selected. Also, choose villas from the reputed villa developers in Chennai – VNCT Global who offer the best villas and will help to get maximum loan at a low interest at nationalised banks. Buyers can choose their desired villas in Chennai from VNCT Global’s already completed projects that includes Beach Boulevard Kovalam, Waterfront villas, Gardenia One, Upper Deck Villas, and Ocean Drive Villas and can apply for a home loan to buy it easily.
Before applying for a home loan, buyers need to consider many factors and, one of the most critical factors is the credit score. A credit score is a measure of how likely an individual will repay their debts on time. The Credit scores range from 300 to 900 and the high scores indicate a low risk to lenders. A Strong Financial Profile demonstrates to the lenders that the borrower will pay the debts on time. It can help a borrower secure a low interest rate on the Home Loans.
Home Loan eligibility criteria for salaried employee
Buyers can explore their desired properties to purchase and investing in villas is a best option than apartments as villas will appreciate over time and give good value for money. Contact Us VNCT Global to book villas with utmost privacy and modern designs. To apply for loans for buying these best villa projects in India, applicants who are salaried must understand their eligibility criteria required for home loan.
- The person needs to be 18 years old and 60 years old.
- Salaried employees must have a work experience of 1 year overall and they spent 6 months in their current company.
- There are certain educational qualifications and graduation may be the minimum qualification compulsory for the home loan.
- Banks may set a minimum net income and if the person lives in a metro city, the minimum monthly revenue should be INR 20,000, and in any other city, the salary can be a little less.
Interest Rate for home loan India
Different banks offer different interest rates for buying properties like villas, flats, etc. Buyers can select any banks to avail home loans to buy from these best villa builders in Chennai. VNCT Global will help buyers in getting loans that have low interest rates.
Now, Union Bank of India offers the lowest interest rate that starts from 8.3% p.a. Bank of India also offers home loans at 8.3% p.a. Different banks offer rates of interest and buyers can choose any banks as they wish.
| Banks Starting | Interest Rate (p.a.) |
| HDFC Home Loans | 8.75% p.a. onwards |
| Axis Bank | 8.75% p.a. onwards |
| Canara Bank | 8.40% p.a. onwards |
| IDFC First Bank | 8.85% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards |
| Union Bank of India | 8.30% p.a. onwards |
| Bank of India | 8.35% p.a. onwards |
| State Bank of India | 8.50% p.a. onwards |
| IDBI Bank | 8.50% p.a. onwards |
| HSBC Bank | 8.50% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards |
| Standard Chartered Bank | 8.95% p.a. onwards |
| Dhanlaxmi Bank | 9.35% p.a. onwards |
| Tamilnad Mercantile Bank | 8.60% p.a. onwards |
| Bandhan Bank | 9.16% p.a. onwards |
| Yes Bank | 9.00% p.a. onwards |
| Aditya Birla | 8.60% p.a. onwards |
| Shriram Housing | 9.50% p.a. onwards |
How to improve your credit score fast
Credit Score can be improved fast by making on time payments, avoiding needless debt and paying down all balances correctly. Factors contributing to a high credit score include a low balance on your credit cards, older credit accounts, and minimal examinations for new credit.
Late payments, missed payments, higher credit card balances are the credit score detractors. Try to make on time payments and if you have trouble making payments on time, set an autopay for the minimum due and create calendar reminders through your online account.
Conclusion
The rise in the property prices across major cities of India highlights the importance of choosing the home loan. It is a significant step towards achieving all your dreams. The choice of a best home loan can impact your financial well-being for the years to come, and selecting a suitable loan is a main factor.
FAQ
- Can I get a home loan to buy a house?
Every salaried person can get a home loan for buying a house and many lenders provide loans that range from 75 to 90% of the total cost of the property depending on the loan value. - At what salary should I buy a house?
The minimum income to buy a house should be 20 to 30% of the lowest available house in your area. - What is the minimum down payment for a housing loan?
The minimum down payment for any home loan in India is 20% of property’s value. - What is the best age group for any person to buy a house in India?
The best age to buy any dream house in India is between 30 to 35 years old. It is when many people have established a stable career, and are positioned to manage a mortgage.