How to Apply for a Home Loan

Expensive purchases like real estate sometimes require additional funding over and above one's savings pool. During such times, home loans provide considerable relief to most potential home owners. But before applying for a housing loan, applicants must consider loan feasibility by evaluating home loan essentials, such as the payable monthly instalments, interest rate, loan repayment tenor and the amount of loan one is eligible for. 

How to Apply for a Home Loan

Availing of housing finance necessitates extensive planning and groundwork. In this respect, first and foremost, one should research the loan deals offered by various lending institutions. While doing so, use an online home loan EMI calculator to check and compare their interest rates. Online calculators are offered by most lenders on their official websites. 

Remember, even the tiniest difference in interest rates can significantly increase or decrease the cost of your home loan. EMI calculators will also give you a fair idea of how much principal amount you should ideally apply for so that you do not feel burdened while making loan repayments in the coming years. 

Look up your lender's website for pre-requisites such as eligibility criteria, necessary documentation and so on. You can even make use of online home loan eligibility calculators to assess your loan eligibility. Organise the loan-related documents and keep them handy. Further, you can check your CIBIL/credit score to understand how lenders might view you as a borrower. 

Individuals can apply for a home loan both offline and online. Either you can visit your lender's branch office or you can simply fill the loan application form on their portal. Once you submit the form with the required details, a representative will soon get in touch with you and walk you through your home loan journey.