Home Loan
However, application processing online ensures faster approval of the home loan. Flexible tenures, low-interest rates, and easy repayment options are some of the advantages which allow the user to achieve financial freedom and save money in the process. The home loans which are provided by Rupee Station enable the applicant to buy a ready built-up or under construction house of their choice.
BASIC HOME LOAN FEATURES
- Home loans usually have higher repayment tenures which vary from 5 years to 30 years.
- The repayment period for a home loan is decided at the time when the applicant applies for the home loan.
- Prepayment of the home loan can also be accomplished. Some of the home loan providers charge a prepayment fee if the applicant prepays a loan while some do not.
- Home buyers should examine the home loans available to find the perfect deal for home loan offers.
- The Equated Monthly Installment (EMI) is the money that the user pays each month to repay the home loan principal amount and the interest amount.
- When calculating the home loan EMI, both the accrued interest and the principal value are taken into account.
- The applicant can work on the home loan EMI calculator to calculate the EMI which they will pay.
- The home loan involves processing fees and other charges related to it such as registration prices, penalty on prepayment, commitment prices and various other costs (documentation/consultation).
TYPES OF HOME LOANS
Home loan is a broad concept, and there are various types of home leans which the user can get. The types of Home Loans are:
- Home purchase loan
- Plot Loans
- Home construction loans
- Home improvement loans
- Home conversion loan
- Home extension loan
HOW TO APPLY FOR THE HOME LOAN
Step1: The applicant first requires filling a form. This can be done manually by marching down to the bank, or they can fill the online application form.
Step2: The application form which is submitted is first viewed and after an application form is considered it is then approved. The bank announces the decision within a few minutes
Step3: The applicant form after getting accepted is then processed, and the money is transferred to the applicant within two working days