Many people have a desire to own their own house. It is a once in a lifetime opportunity that requires careful planning and a substantial amount of funds. Owning a property can reap you an array of benefits for years to come. No matter how comfortable and secure a rented property is, the happiness and contentment of living under your own roof is something else.
A home loan is an ideal option that will help you in fulfilling your dream of owning a house. However, due to the ongoing pandemic, you cannot take the risk of going out, so it is advisable to apply for a home loan online from the comfort of your home. Using a home loan EMI calculator, you calculate your home loan EMI with ease.
But before you start applying for a home loan online, we have curated a list of important tips that could help you out with the online procedure of home loan application and simplify the loan repayment-
- Research on Loan Options
When you are applying for a home loan online, with easy accessibility of information on the internet, make an effort to do extensive research on the different home loan options that are available online before applying for a home loan. Your research should primarily focus on important factors that will help in formulating a home loan, namely, down payment, EMIs, and repayment tenure. Researching these three factors before applying for a home loan will help you choose a suitable home loan from a better lender at attractive interest rates.
- Focus on Affordability
While applying for a home loan online, there are plenty of home loan options to choose from; affordability is a vital factor that you should consider before applying for a home loan online. Apart from paying the EMIs, you should be able to able to manage your cost of living comfortably. You should be able to maintain a steady flow of income to meet any unforeseen emergency.
- Carefully Choose the EMI’s
The equated monthly installments depends on you. With the advent of the home loan online feature, banks offer varied EMI options to cater to the borrowers’ different needs. EMI’s heavily rely on the downpayment you make at the time of purchasing a house. You should ensure that the EMI amount should not exceed 45% of your total income.
- Maintain CIBIL Score
Credit score maintenance is important when applying for a home loan online. Whether it is a cyclical credit card payment or a loan repayment, it is better to be regular. If you have a CIBIL score of more than 750, you will be liable to extract better interest rates on your home loan.
- Spend Carefully
Before you apply for a home loan online, it is important to follow a strict budget to meet your monthly EMI’s. You need to be regular in paying the EMI’s to maintain a good credit score.
- Keep an Eye on Foreclosure Norms
Keeping an eye on the changing RBI norms can be beneficial for you on many levels. If you can foreclose your home loan online by repaying the outstanding amount less than the given time, it saves you from paying any added expenses.
- Carefully Read the Documents
Thoroughly read the policy documentation for an overall and comprehensive knowledge of the home loan application.
Purchase a Home Loan Online
Don’t let the ongoing pandemic impact your dream of owning a house. Using the home loan EMI calculator feature online, you can calculate the EMI, monthly interest rate, and the monthly reducing balance and make your application in a few simple steps. You can avail of a home loan online from a reputable bank like Axis Bank that offers home loans at lower interest rates and smaller EMI’s. They have an easy online application procedure, offering home loans from Rs 3,00,000.
With the right home loan, buying your dream house can be a fun and exciting experience.
