How to Get a Home Loan Quickly in Noida?
Posted: Jan 04, 2018
If you are a salaried individual who has been craving to purchase his/her own abode and say goodbye to your rented apartments, you can avail a Home Loan in Noida or anywhere else and be on your way.
Yes, a Housing Loan is a unique facility that lets you avail a House Loan of between Rs.20 lakh and Rs.10 crore with a leading lender. Even if your salary is less, you can still avail a Home Loan.
Although most of the borrowers want to avail a House Loan, they are not aware about their Home Loan eligibility which decides if they are fit to avail a Housing Loan or not.
Top lenders provide a free feature on their websites called a personal loan eligibility calculator which you can use to know your eligibility instantly.
Home Loan eligibility criterion
Most of the online lenders determine your eligibility by multiple factors such as:
> You should be an Indian citizen
> Your age should be under 25-58 years
> A salaried employee with at least three years of work experience
3 steps to getting your Home Loan in Noida approved quick
Your Home Loan in Noida may approve faster if you take care of the three major conditions.
1. If you have maintained a high credit score
The first thing that a lender will see while assessing your Home Loan eligibility is – your creditworthiness. Yes, when you have a healthy creditworthiness, a lender may not see you a risk factor and sanction your House Loan faster. Your credit score or the CIBIL is the basic parameter that decides if you are Home Loan ready or not. If your score reads 750+ or more, a lender may not only approve a Home Loan that you want, but even offer you a housing loan at a reduced rate of interest.
2. If you have a splendid repayment history
Having a clean repayment history mean repaying all your existing loan EMIs and credit card outstanding on time or before due dates. Yes, when you pay all your liabilities as mentioned above on time and every time, a prospective lender can award you a Home Loan without hassles. Why? A lender looks for candidates who have been repaying all their debts on time, and as a result, they consider them as safe bets. Thus, maintaining a good track record of your repayment is a vital factor to grab a good deal as far as the interest component of the loan is concerned, making it affordable to manage.
3. If you have a stable employment history
If switching jobs now and then just for a pay raise is your passion, change it now if you have a Home Loan in Noida in mind in the near future. Yes, lenders do not consider borrowers with an average employment history. As a matter of fact, you need to have at least 3 years of employment history to be eligible for a Home Loan and also avail a reduced Home Loan interest rate.
Home Loan balance transfer – Works great for existing Home Loan customers
If you have an existing Home Loan with another lender and are not happy with the high interest that you are paying along with the other customer service, you can opt for Home Loan balance transfer.
Leading lenders award you a Home Loan balance transfer at a low rate of interest so that it becomes affordable for you to manage the monthly cash flows.
You can also make the most of a top-up loan which lenders also offer if you have other needs to cover. A top-up loan is offered at a lower rate of interest and with a longer tenor to the tune of Rs. 50 lakh.
The Bottom Line
Now that you are aware of the conditions that will assist you to avail an easy and a faster Home Loan in Noida or anywhere else, check your Home Loan eligibility online today and get started!
Arwind Sharma is a financial advisor with an experience of more than 7 years. He has worked for topmost financial firms in India and has been a visiting faculty at many reputed institutes in India.