We at Muthoot FinCorp understand that every individual aspires to find a permanent abode and the concept of a home is different for different individuals. Some people would find it comfortable to live in an apartment, while some prefer having their own bungalow with a lavish garden. They save little by little for this purpose. However, financing a home is not easy. Even if a buyer dips into their life savings, it might not be enough. It isn’t a good idea to do so either. Hence, the best way to fuel your dream of a home is through taking a Home Loan
Benefits of Taking a Home Loan.
There are a plethora of advantages to taking home loans. Tax rebates, speedy completion of transactions with minimal paperwork, and simplified loan documentation procedures are some of the benefits that consumers can avail, especially when taking a home loan from Muthoot FinCorp through its sister concern Muthoot Housing Finance Limited. Here are the top ten benefits of taking a home loan:
- Save yourself from paying a lump-sum amount
- Home loan interest rates are lower
- Higher loan to value ratio
- Convenient payment options
- Tax benefits
- Personalized service from your nearest Muthoot Housing Finance Limited branch
- Option of Prepayment
- No restriction on the usage of loan proceeds
- Minimal documentation (only basic paperwork required)
- Availability of top-up loans
Tips to Increase Your Home Loan Eligibility
Home loan eligibility is determined by different factors such as income, assets, employment status, and other financial aspects of your life. Here are a few steps you can take to improve your online home loan eligibility:
- Pay all your credit card bills and loans on time
- Keep your debt-to-income ratio minimal by paying off your smaller debts
- Get your credit score in order
- Check for any delinquencies on your credit report
- Base your loan amount on your affordability
- Apply with a co-applicant who meets the eligibility conditions perfectly
Types of Home Loan Available In India
There are a number of home loans available in India, and the following is the list of the most popular home loan options:
- Standard Home Loan: It is the most popular type of home loan to buy an apartment, a bungalow, or real estate in India.
- Home Construction Loan: This type of loan is taken by individuals who wish to build a home on a pre-owned piece of land.
- Home Improvement Loan: This loan is taken for restructuring, improvement, or renovation of a pre-owned home.
- Home Loan Balance Transfer: This type of loan is taken by customers who wish to transfer their pre-existing home loan to another lender offering better features.
There are many other types of loans related to homes available with Muthoot Housing Finance Limited. Visit Here to check.
Things You Must Know Before Avail A Home Loan
Now that you are eligible to take a home loan, it’s imperative to understand a few things before availing of it.
- Get the right Home Loan plan. Muthoot FinCorp offers various kinds of home-related loans through its sister concern Muthoot Housing Finance Limited. Our team can help you understand all plans in detail so that it becomes easy for you to take one.
- It is important for customers to meet the eligibility conditions to get a high Loan-to-value ratio. Lower eligibility will reduce the loan amount you may be eligible for.
- You can check your monthly EMIs using the home loan EMI calculator available on our website and decide the structure of the loan.
Also Read: Make Your Dream Home A Reality With Muthoot FinCorp’s Home Loan
How To Buy Dream House With A Home Loan
Home loans are made extremely simple by Muthoot FinCorp. There are two easy ways in which you can avail of a hassle-free home loan:
- Call us at 1800 102 1616 and speak to our customer care executive to know all about home loans, their eligibility, the application process, and documentation.
- You can also visit your nearest Muthoot FinCorp or Muthoot Housing Finance Limited branch to get your home loan processed quickly.