Pune is the second largest city in Maharashtra and is considered as the cultural capital of the state. The city is also known for manufacturing, automobile, government and private sector research institutes as well as educational, management and training institutes which in turn attracts students and professionals from across the country. This has led to the growth in the housing sector which means more demand for housing loans in the city. However, the process to apply for a home loan can be a cumbersome process. But don’t worry, we have listed some easy tips for you to get hassle-free home loans in Pune.
Here are the tips to get hassle-free home loans in Pune
1. Credit history:If you are looking for a home loan in Pune, then you must have a good credit report. You must maintain your credit score well by repaying all your loan amount on a regular basis or paying credit card dues, if any. All the banks and housing finance companies acquire the details of each and every customer from CIBIL. Therefore, if you have applied for a loan earlier which got rejected due to any reason, CIBIL maintains that record for further references.
2. Financial stability:To get a home loan in Pune or anywhere in the country, you need to givedetails and proof of your annual income and expenses to the bank. If you have a stable job, you can avail a home loan easily from a bank. However, if you already have a bigger loan amount, then bank may not give you the loan considering your overall liability. Hence, maintain your finances before applying for a home loan.
3. Keep documents ready:There are a lot of financial documents that you need to get hold of and provide while applying for a home loan. Having these documents ready and in order will help with the speed of processing.
Following is a generic list of property documents that need to be submitted for a new property loan application:
Property development plan copy
No objection certificate (NOC) issued by the developer
A copy of the agreement between the developer and you
Mother deed of land on which property stands
Letter of allotment given by the Housing Board/Society/Private builder
Original receipts of the advance payments that are made towards the purchase of flat
4. Age factor: The early you apply for a home loan,the more is the possibility of a bigger amount getting sanctioned to you by the bank compared to taking a loan in late 40s or 50s when you may find it difficult to avail a loan of higher amount as repayment of the loan will get affected once you get retired. During such conditions, banks generally provide a short-term loan. So, it’s advisable to take a loan at an early age to avoid default on payments.
5. Calculate EMI:Use online Home Loan EMI calculator to know how much EMI you can afford to pay every month on the borrowed loan amount. Various banks and websites of online marketplaces like MyLoanCare have their personal EMI calculator which allows you to calculate your monthly EMI based on different loan amount,interest rate and tenure.
Conclusion: So, if you are planning to avail a home loan, you should never fall short of options to avail a housing loan in Pune. Various leading banks and other financial institutions such as HDFC, ICICI Bank, PNB Housing, SBI, Citibank etc are willing to provide you funds with easy documentation and hassle-free process. Banks or NBFCs takes a decision on your loan after property evaluation and verification. Most of these banks come out with special schemes for the city on a regular basis and hence, it is advisable to do a comparative analysis of all offers before choosing the best loan for yourself.