Blog #Axis Bank Home loan

There are certain factors that we need to consider before availing of a loan. 

1. The interest period
2. The flexibility in repayment
3. Customer-friendly service 
4. Experts, knowledgeable people who know what they are doing when you ask them queries. 

Based on this, you can conclude by choosing which bank to take your loan to.

The eligibility criteria for applying for a home loan is: 

1. The applicants for the above-mentioned home loan should be in the age range of 18-70 years. There are some banks that have different minimum ages for salaried and self-employed people.
   
   
2. The net monthly income earned should be more than 25,000 /-
   
   
3. If the net monthly income ranges from 25,000-40,000/-, then the applicant can be eligible for the loan if the EMI of this loan does not exceed 50% of the income.
   
   
4. For people who are having a net monthly income that is greater than 40,000/-, then they would be eligible for loans if the pre-existent and current EMI does not exceed 65% of their income.
   
   
5. For people who are earning a regular salary, timely salary credit is essential for loan eligibility.
   
   
6. The maximum loan tenure for a home loan can be up to 35 years, that is, until the individual turns 70 years at the maturation period. Some institutions offer lower tenure periods as well.
   
   
7. Adding the name of another working family member as the co-applicant can increase the chances of getting the loan. One such bank that offers some of these features is Axis Bank under the Axis Bank Home loan.
   
   
8. Other extended family members or friends cannot be taken into consideration as co-applicants.

How do we get to know or determine if a home loan is good for us?

You can decide which loans work the best for you and meet your needs and expectations, but you also need to check for these factors. They are: 

1. We need to check if it is covering your need to take a loan for your home.
   
   
2. We need to check if you would be able to pay that interest monthly along with your other expenses.
   
   
3. We need to have the required surety to provide to the bank to avail of this loan.
   
   
4. We should have a stable job.

These are some of the factors that need to be considered when it comes to home loan and be kept in mind while applying for any other kind of loan.

How do we know if the home loan that we are applying for is safe for us?There are two basic things that you should cross-check before deciding on availing of a loan for your safety.1) You have to decide first if you want a home or a home loan? What if you need money immediately and it takes time to process the loan? What if the owner of the land wants the money as soon as possible? You need to think about it 2) Are you in a stable job that would be able to handle paying for interest and your other expenses?

Conclusion: 

Home loans are one of the safest and the most secure forms of loans available. It is built on the trust the customer has in the bank and vice-versa. It can do you good if you cross-check the factors and analyse exactly why you need a home loan and how you are going to pay it. If you are clueless and just take a home loan and are suddenly not able to pay it, it works against you.

Also read this: Home loan for Unemployed 

The different kinds of loans are personal loans, home loans, education loans, gold loans, vehicle loans, agricultural loans, overdrafts, loans against property, loans against insurance policies and mutual funds, cash credits, etc. 

1. Personal loan: is considered one of the most expensive forms of loans because of its interest rates being slightly higher than the others. However, it can be used for various personal reasons and can easily be availed if the necessary documents have been produced.

2. Home loan: is the most flexible form of loan because it has lower interest rates and is extremely affordable. It helps people in putting a step forward towards reaching their goal to their dream house. They operate under a home loan EMI system. Several banks offer various products under the home loan.

3. Education loan: Many children have aspirations and dreams of going outside their homes; they would want to explore the world, they would want to go to universities at one corner of the world and study. What is stopping them? But an education loan helps these students reach new heights in life.

There are 2 ways in which one can avail of a home loan. Those are:

1. Online method
2. Offline method

However, the basic process of applying for a home loan is:

Step 1: You have to go to your nearest bank or fill in the application form for the required loan and the bank of your choice. You have to make sure that whatever information you are filling in your application form is accurate and there are sufficient documents. You would have to pay a Home Loan Processing fee.

Step 2: CIBIL Score Check. After going through your application form, it is the bank’s duty to assess your credit score, which is also known as the CIBIL score. If you have a decent CIBIL score of 700 and above, you are eligible to apply for the loan.

Step 3: Submitting the documents asked for. These include bank statements, tax returns if the applicant is self-employed, identity proofs- aadhar card, PAN card, etc. and passport size photographs.

Step4: After the submission of all these documents and forms. The bank assesses the applicant’s background thoroughly before approving the loan. If they feel the applicant meets the eligibility criteria set by the bank.

How do we decide on whom to borrow the money or from whom to take the home loan? The answer is quite simple. There are a few factors that need to be considered before deciding on who your lender is going to be. 

Offering lower interest rates- If they offer low-interest rates when compared to everyone else in the market offering the same product, then this could be the right choice of a lender that you are going to make. If you want to check affordable loans, you could check out Home loans in Axis Bank. 

Lower processing fees- so some banks or lending institutions have a minimum payment that you are required to pay for them to process your application form for the loan. Faster services- At the end of the day, we just want our work done first and as soon as possible. So one of the most important factors that should be looked at when looking for a lender for your loan should be fast services.

Conclusion: These are everything that one needs to know before thinking about applying for a home loan and in general need to know about a home loan.

Must Read:- Home loan available offline or online?