With various initiatives undertaken by the government for the infrastructural development of Varanasi, the city has progressed rapidly over the last few years. With an expansion of job opportunities, 24×7 electricity supply, an increase in transportation facilities and such, this city has become one of the forerunners among developing cities in India.
Varanasi’s rapid development over the past few years has prompted individuals from all over the country to consider it as one of the prospective cities for long-term settlement. It has led to a rise in the number of individuals seeking home loan in Varanasi to invest in house purchase.
Now, with a sustained rise in the demand for housing loans, financial institutions in India have made the advance readily available for borrowers. The feature-rich advance comes with numerous benefits that can make the process of purchasing a house significantly simpler in Varanasi.
Following is a guide that individuals can follow before applying for a home loan in Varanasi to improve the chances of approval and maximise benefits.
Factors to Check Before Applying for a Home Loan –
To avail the best home loan in Varanasi, borrowers must learn about its various features and the benefits they can avail from it. Following is an elaboration on the same.
- High loan amount –
Few financial institutions offer a high loan amount value of up to Rs. 3.5 Crore as home loan in Varanasi, which can ease the home-buying process for individuals.
- Competitive interest rates –
Before choosing your lender, you should compare the home loan interest rates offered by different lenders in the country. Opting for an advance with lower interest rates can allow you to reduce your repayment liability for the borrowed amount.
- Flexible tenor –
Few lenders offer a flexible tenor of up to 20 years in their home loans. Flexible loan tenor allows individuals to repay the loan according to their convenience.
- Instant approval –
It is crucial to ensure that your lender offers you the facilities of instant approval and fast loan disbursal to make the advance more accessible.
- Other benefits –
Apart from these, few lenders like Bajaj Finserv bring a plethora of home loan offers that make the advance more attractive. For instance, top up loans, doing a home loan balance transfer, minimal documentation, charge-free part prepayment, etc. are some of the features they bring to make availing the loan more advantageous for borrowers.
Important facts to remember:
Before you opt for a home loan online apply feature to avail the advance in Varanasi, you should check a few pertinent details mentioned below.
- Check if you fulfil the eligibility criteria –
Individuals need to fulfil a few criteria to apply for these credits concerning parameters like age, income, nationality, etc. For instance, a home loan in Varanasi can be availed only by individuals between 23 and 70 years of age, depending on their profession. Further, one needs to be a salaried individual or self-employed to avail it. They should also be Indian, residing in the country.
- Check if you have the required documents –
To avail a housing loan in the city, one needs to provide the following documents –
- KYC documents
- Form 16 or last salary slips
- Passport size photographs
- Bank account statements
- Property documents
Apart from these, lenders might ask individuals to submit a few other documents as well.
Besides these factors, you must also calculate your repayment liability for the advance by using an online EMI calculator. With this estimation, you will be able to know how much home loan EMI you can afford. It further helps to minimise the chances of any payment defaults in the future. With these few factors in mind, availing a housing loan in Varanasi can be an easy task.