Located in Uttar Pradesh, Ghaziabad is a prime location with many opportunities. The economy of the city primarily relies on railways and manufacturing industries. As a result, it draws talented and skilled workers from all over the country – with demand for housing going up in tandem. To ease financial planning while buying a property, a home loan in Ghaziabad is undoubtedly an intelligent choice.
Steps to Apply for a Low-Interest Housing Loan
- Visit the official portal of Bajaj Housing Finance
- Navigate to the home loan page and open the Online Home Loan platform
- Enter your personal information as requested – Identity proof, desired loan amount and current financial obligations
- Provide other relevant information, such as PAN, date of birth, etc., and submit the online application form
- Keep the Digital Sanction Letter you receive from us handy and safe
- A representative from the lender’s end will contact the applicant to take this loan availing process further
Costumers must remember that the applicable interest rate of a home loan decides the overall affordability. Hence, before application, a candidate must know the factors that affect the interest rate on a home loan and lower it as much as possible.
Factors Affecting Home Loan Interest Rate
Down Payment
Making a higher down payment is vital for availing a home loan in India with a lower interest rate. If a prospective borrower opts for a higher down payment, the financial institution will disburse a lower loan amount, thus lowering the interest rate considerably.
CIBIL Score
A CIBIL score for home loan significantly impacts the interest rate as it portrays an applicant’s trustworthiness and creditworthiness. Most lenders consider a CIBIL score of 750+ reliable and prove a disciplined credit repayment history.
Tenor
Applicants with a strong credit profile benefit from a longer repayment tenor as the lenders offer up to 30 years to those whose repayment capacity is reliable. However, one must note that opting for a longer repayment tenor makes it easier for you to be comfortable while repaying your loan but does not bring down the total interest you pay on the loan amount.
Property Location
The location of the property also impacts the interest rate. Property at a prime location with amenities will fetch a lower interest rate than a property with poor amenities. his is because if the borrower cannot pay the loan amount, a property in a prime location will fetch a higher resale value.
Job Profile
The job profile of an applicant directly impacts income stability and financial commitment. Hence, individuals with a high and steady source of income are more likely to pay the EMIs within due date than other borrowers. Accordingly, lending institutions charge a lesser interest rate for applicants with a steady source of income. Therefore, a high and constant income source might enhance the home loan eligibility of an applicant, helping faster loan processing.
Furthermore, customers can reap the benefits of the pre-approved offers extended by reputed financial institutions on products like home loans, loans against property, etc. These offers reduce the cost of borrowing and streamline the application process. Existing borrowers can check their pre-approved offers by entering their names and contact details.
Thus, prospective borrowers must note the pointers mentioned above to get a low-interest home loan in Ghaziabad. Also, check the eligibility and documents required for a smooth and hassle-free application process.