Buying a home is one of the most important decisions in one’s life. With affordable home loans arriving on the scene, buying a home has become a reality for many.
You are now able to take home loans at one of the most affordable rates in the industry with a lot of transparency and reliability. But, to make the right choice when it comes to taking a home loan, it is important to understand how home loans work in India.
Applying for a home loan in India typically involves the following steps:
1. Research and compare: First, research and compare home loan options from various banks and financial institutions in India. Look for interest rates, loan amounts, repayment tenures, and other terms and conditions.
2. Check your eligibility: Before applying for a home loan, check your eligibility based on your income, age, credit score, and property value. Refer this blog to know how to check your credit score – https://www.vklalco.com/questions-you-should-consider-while-buying-a-flat-in-2023/
3. Gather documents: Next, gather the necessary documents, which typically include your identity proof, address proof, income proof, and property-related documents like sale agreement, property tax receipts, and NOC from the builder/society.
4. Apply online or offline: You can apply for a home loan online or offline. For online applications, visit the lender’s website and fill out the application form. For offline applications, visit the nearest bank branch and fill out the form in person.
5. Wait for verification: Once you submit your application, the lender will verify your documents and eligibility. They may also conduct a property inspection and valuation to determine the loan amount.
6. Get approval and disbursement: If your application is approved, you will receive a loan offer with the terms and conditions. Once you accept the offer, the lender will disburse the loan amount directly to the seller or builder.
7. Repay the loan: Finally, you will need to repay the home loan in monthly installments (EMIs) over the loan tenure. Make sure to pay on time to avoid late payment charges and penalties.
V. K. Lalco Group currently has 2 projects under construction in the Western Suburbs of Mumbai. VKLAL HARI is located in Borivali East and VKLAL VISHNU is located in Dahisar East. Both are 22 storey towers that offer the perfect combination of affordability, comfort and convenience. VKLAL VISHNU is nearing possession and has very limited availability remaining.
VKLAL HARI construction is in full swing and supplies of many flats are running out fast. Please call our Sales Team to find out more information.
The dedicated on-site sales team can help you find the perfect flat for you and they can help you through the loan application process to ensure a smooth and easy transaction.
V. K. Lalco Group is proud to announce that we have established tie-ups with some of the leading banks in India. These include Bank of India (BOI), Bank of Maharashtra (BOM), Housing Development Finance Corporation (HDFC), State Bank of India (SBI), Bajaj Finserv, Union Bank of India, Saraswat Bank, IDBI Bank, Axis Bank, and DCB Bank.
As a result of these partnerships, buyers in our under construction flats in Borivali and Dahisar have many opportunities to obtain loans from any of these banks, thereby providing them with a range of options to choose from. We are pleased to have been able to offer our customers such a diverse selection of financial institutions to work with, and we look forward to continuing our partnerships with these banks in the future.