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Home Loans: A Detailed Guide for First Time Buyers

    Ramesh Tendulkar
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    By Ramesh Tendulkar
    Home Loans:  A Detailed Guide for First Time Buyers

    Buying a home is a universal dream. However, the growing inflation has made it quite difficult to buy your house. In such a situation, home loans can come to your rescue.

    If you are a first-time buyer, you might get confused with all the details and requirements.

    Do not worry. We will walk you through everything you need to know before taking a home loan.

    What Is A Home Loan?


    A home loan helps you finance the cost of purchasing or constructing a new house. You can also use it to reimburse the cost of repairing your existing home.

    Eligibility Criteria for Taking A Home Loan


    Banks and financial institutions have their own set of criteria that you have to fulfill before applying for a home loan. 

    • You have to be between 18 to 60 years of age.
    • You must have a stable income source. You can either have a job or be self-employed.
    • You need to meet the minimum income requirements of the bank or NBFC.

    How to Increase the Chances of Getting Your Home Loan Approved?


    Apart from fulfilling the minimum requirements, following some steps can help you get faster approval.

    • Make sure you have a decent credit score. If you have repaid all your previous loans on time, there is no reason to worry.
    • It is better if you have no existing loans. That will let you borrow a higher amount.
    • Disclose all your income sources. If you have a part-time job apart from your regular one, tell your lender about it. That will boost your credibility.

    What Are the Different Types of Home Loan Interest Rates?


    Well, you will get an option to choose from two types of interest rates when you apply for a home loan

    1. Fixed Interest Rate Home Loan

    When you opt for a fixed home loan interest rate, the rate will remain unchanged throughout the loan period. Fluctuations in the market will not affect it.

    As a result, your EMI amount will also stay fixed. Isn't that quite convenient? It allows you to plan your expenses in advance.

    2. Floating Interest Rate Home Loan

    Floating interest rates may vary according to the market conditions. They can either go up or down during the loan tenure. Well, going for a floating rate can benefit you if the rates of interest drop suddenly.

    However, a rise in interest rates might cause you trouble.

    Compare Home Loan Interest Rates Before Applying

    Home loan interest rates are not the same across different banks and NBFCs.

    Compare & check the Home loan interest rates offered by various lenders before making a decision. That will allow you to get the best deal and save a few bucks.

    Final Word

    Quick PNB Housing home loans offer the best service to its customers. It is an initiative of the Punjab National Bank and registered with the National Housing Bank. You can check your eligibility and apply for the loan online. So, do not wait further. Start planning for your dream home with PNB Housing Finance.

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