Did anyone ever think that going for a home loan would be as easy as ordering groceries from your smartphone? As technology is evolving, it is making our lives more and more easy. Gone are the days when people used to plan an entire day to get a loan from their banks. Instead, you can easily sit in your comfort zone and do the same via your internet-enabled smartphone. Can you imagine how much time, money, energy and fuel you will save when you opt for a home credit instant loan app?
It’s been around a year since I moved to my new residence in New Delhi. The flat I was eyeing was seriously out of my budget. But this is where a home loan steps in, right? It helps you to make your dream come true. I’ve been using the Bajaj Finserv application for all kinds of recharges. One of my colleagues only told me about the home loan facility available on this app.
What is a home loan?
A home loan is a credit facility for those planning to buy a home or land, build a house on their plot, or renovate their home along with maintenance needs.
Whenever a person obtains a home loan, they mortgage their property to the lender. Here, a portion of the principal amount, along with interest, is paid through monthly EMIs. Therefore, it is essential to know that both the interest and the principal components qualify for a tax deduction.
(Note: One gains complete ownership of the property after the end of the loan tenor.)
How to avail it from a home credit instant loan app?
For better understanding of all the readers, I’ll share how I availed it.
- Download the Bajaj Finserv app.
- Sign up with your personal information.
- On the home page, you’ll see a ‘Loans’ icon on the top.
- Tap on it and go to the Home Loan section.
- Follow the steps, and you are good to go.
A home loan from a home credit instant loan app is not easy money as it is mandatory to be eligible for a home loan. And certain factors come into play for home loan eligibility. These factors are:
As there is no collateral here, the lender wants to know that you have a good income from your job and other sources that allow monthly payments.
With no credit history, the lender will have no reference to use while analyzing the credit conduct.
Banks will most likely grant you a home loan if you are young. This is because they look for borrowers who can easily repay the loan before retirement age.
Going for a home loan is not just searching for a ‘home credit instant loan apply online‘ and going for it. Such factors need to be kept in mind before applying for the same.
The cost of real estate in our country is increasing with time, and to be a homeowner in the current times, one usually has to avail of a home loan.
Now, the next time anyone thinks about how a home credit instant loan apply online can be done. They know what to do!