Are you looking to purchase a new home? But do you think it’s a bit too taxing on your wallet? There is, however, a way for you to purchase a new home without having to finance the whole purchase yourself. Agrim Housing Finance has made it exceedingly simple and gets easy home loans to buy your dream home. Wondering how? All that you want to know is here.
What is a home loan?
A housing loan, often known as a mortgage, is a loan used to purchase, build, or repair a house. It is accessible at a fixed rate of interest, which must be paid as part of the EMI including the principal amount. Furthermore, the property in question could be either commercial or personal.
Types of home loans
Home purchase loan: This is the most common sort of loan. A house purchase mortgage can be used to acquire a new or used home.
Home construction loan: This loan is for people who want to build their own home rather than buying one that has already been built. The approval process for this loan is slightly different, as it includes the cost of the plot as well.
Home improvement loan: Do you want to improve and renovate your home? A home improvement loan can assist you in doing so. This includes interior and exterior repairs, painting, the construction of an above-water tank, and electrical improvements, among other things.
Home extension loan: Use home expansion loans to change your home’s current structure and add new rooms. This loan can be used to increase the scope of your home’s building space.
Factors affecting housing loan eligibility
- CIBIL score
Your creditworthiness is generally determined by your CIBIL or credit score. A lender can analyze your repayment capabilities and provide you with a suitable interest rate. If your credit score is low, you’ll have a harder time getting a loan, and vice versa. As a result, ensure you have a credit score of at least 750.
- Debt-to-income ratio
If your debt consumes a significant portion of your monthly income, you’ll be considered a high-risk borrower. On the other side, having a low debt-to-income ratio will enhance your chances of getting the loan. It may also assist you in obtaining a lower interest rate.
- Employment
A consistent source of income and a stable job can persuade a lender of your ability to repay your loan. Your monthly income will also determine your loan eligibility. The higher the income, the more probably the loan would be approved.
Agrim finance housing will ensure that you have a pleasant borrowing experience with minimal paperwork and quick disbursement. You can easily finance your new home with our interest rates and simple repayment options.
Contact us through www.agrimHFC.com or call us by 1800-123-8841, our home loan experts will assist make you understand to get easy home loans through our Agrim housing finance .
