Housing loans have helped many people buy their dream houses. A housing loan is a secured loan, with the house acting as security. With a reliable lender, one can acquire a housing loan with minimal paperwork in no time.
Gone are the days when people waited months to obtain a housing loan in India. With the rise of NBFCs and digital lending, anyone can buy their dream house.
Are you looking for a housing loan of 15 lakhs in India? Read on to understand more about a housing loan of up to 15 lakhs.
How to obtain a 15-lakh housing loan?
Individuals can get a housing loan of up to Rs 15 lakhs to fund the purchase of their new house. Once the house is purchased, the title deeds might remain with the lender. It happens because the house will be collateral for the housing loan obtained. Once the borrower repays the housing loan, the title deeds are returned by the lender.
The EMI for a housing loan of 15 lakhs will depend on the interest rate and repayment tenure. For example, 15 lakh home loan EMI for 10 years (assuming the interest rate is 10%) amount will be around 20,000 per month. After changing the interest rate, the EMI for the housing loan of 15 lakhs will change. For example, with an interest rate of 12%, the monthly instalment for a housing loan of 15 lakhs will be around 21,500 (repayment tenure is ten years).
An individual must choose the right lender for the housing loan. The higher the interest rate on a housing loan, the higher the monthly instalment. For the same rationale, individuals should choose a lender that offers affordable interest rates on housing loans. A reliable lender will allow applicants to choose a repayment tenure of more than ten years. Longer repayment tenures might decrease the monthly instalment amount. However, the borrowers will end up paying more interest charges with a longer repayment tenure on housing loans.
Individuals can also get housing loans of more than Rs 15 lakhs from reliable lenders. When an individual fails to repay a housing loan, penalties are applied by the lender. After repeatedly missing out on payments, the house might be acquired by the lender to recover costs. Now that you understand the intricacies of a 15 lakhs housing loan, let us know how to get it.
Eligibility criteria for a 15 lakhs housing loan in India
Individuals need to understand the eligibility criteria for housing loans in India. The basic criterion for home loans in India is to have a substantial monthly income. The housing loan applicant should be salaried or self-employed, like CAs, doctors, business owners, architects, etc. Without a stable monthly income, the lender cannot judge the repayment capacity of the loan applicant.
One also needs to maintain a good credit score for a housing loan of Rs 15 lakhs. Without a good credit score, the interest on housing loans might be high. Also, the housing loan application might be rejected due to a poor CIBIL score. If your credit score is low, try pre-paying your existing loans or credit card dues to increase it. Applicants with poor CIBIL scores aren’t considered reliable by lenders. For the same reason, their housing loan applications are rejected. One should try to keep a CIBIL score of more than 700 to get a housing loan of 15 lakhs without any hassle.
Besides the CIBIL score, the nature of employment and other factors like age is also considered for housing loans. The minimum age for housing loans in India is 21, while the maximum is around 65. Married individuals usually get extra benefits with housing loans. Co-applying for a housing loan with your partner will increase the chances of approval. Usually, housing loan applications are thoroughly cross-checked for approval. Without risk analysis, lenders cannot approve a housing loan of Rs 15 lakhs. Since people might default on a housing loan, lenders need to be sure. Based on the risk score, the interest on housing loan is decided for each borrower.
Documents required for a housing loan of 15 lakhs
Several documents accompany a housing loan application. The housing loan application might get rejected if the required documents are not presented.
Some documents required for a housing loan of Rs 15 lakhs are:
- ID proof
- Address proof
- Income proof
- Property documents
Remember to fill out the housing loan application properly to boost approval chances!