Home means love, warmth, family, and a wholesome sense of belongingness. The feeling of happiness that comes with owning a house is unmatched. With the increasing expense, availing of the facility of home loan becomes a necessity. Wonder Home Finance believes in assisting throughout the journey of home ownership by being a fair, transparent, and informative partner. The company provides various home loan products like home purchase loan, home construction loan, home extension loan, and loan against property, along with balance transfer and top-up. It understands the needs of the low & middle-income housing segments; therefore, it provides doorstep service and localized processing of loan proposals through its extensive network of 102 branches. With attractive and affordable home loan interest rate, multiple home loan product options, a team of dedicated professionals, and a customer-friendly home loan application process, the company is committed to fulfilling the dream of owning a house for countless unserved families.
Home Loan with Attractive Interest Rate
Benefits of applying for a home loan with Wonder Home Finance
Wonder Home Finance with its quick sanctions, no hidden charges and minimum documentation facilitates its customers with a hassle-free loan-taking experience. The applicant can easily choose between fixed or floating home loan interest rate.
- Fixed home loan rate- this type of interest rate remains fixed throughout the loan tenure. It is less risky and gives the borrower certainty about the EMI amount and the total payout at the end of the tenure.
- Floating home loan rate — this type of home loan rate changes as per the market conditions and the base rate determined by the RBI. Usually, the EMI amount doesn’t vary with the changing interest rates, however, the loan tenure is adjusted to accommodate the changes in the interest rate.
Home buyers can also avail of a home loan tax benefit, in terms of a deduction on the interest paid on loan along with other savings options.
Below are the useful tips that a first-time home loan applicant must keep in mind before applying for a loan.
Tips: Home Loan Eligibility, Home Loan Calculator, Documents Required and more
- First-time applicants should start the process by checking their home loan eligibility using a home loan calculator present on the website of trusted lenders such as Wonder Home Finance
- A regular source of income and a good credit history are some of the most important criteria lenders seek. These factors play a very important role in securing a lower home loan interest rate. Before applying, applicants should ensure they arrange all the required documents regarding their income and pay off any outstanding debts to improve their credit ratings.
- Home loans can be applied using offline application methods where the customer can directly go to the branch where the documents required for a home loan are submitted along with the loan application and carry out the necessary steps.
- Analyzing the repayment options, additional charges and other terms and conditions of various lenders will help you shortlist and choose the final lender. Choosing a trusted and reputed lender such as Wonder Home Finance, gives you the advantage of nil prepayment and foreclosure charges.
- Choosing the right tenure over which one wants to settle the loan is a very crucial factor in deciding one’s monthly EMI, rate of interest charged, and the total payout over the tenure. A longer tenure may reduce the monthly EMI but would lead to a higher total payout. With the help of the Wonder Home Finance EMI Calculator, you can check your indicative EMI and tenure.
- Saving more for a higher down payment is always advisable for home loan applicants. This will help you in securing a favourable rate of interest keeping and lower EMIs as you would be taking a lower loan amount. This also improves your chances of easy loan approval.
- Having a female applicant to your home loan gives you an advantage of interest rate concessions offered to women borrowers. This also gives you additional benefits in terms of claiming tax benefits for each applicant and boosting loan amount eligibility.
DOcuments Required for Home Loan
- The most basic yet essential document is the filled and signed loan application form provided by the lender.
- A government-issued photo ID such as an Aadhar card, voter card, passport, or driver’s license are counted as identity and address proof.
- Depending on your income source, below mentioned documents needed to be provided.
- For Salaried Individuals: PAN Card, Salary slips, Form 16, and recent bank statements.
- For Self-employed Individuals: PAN Card, Income tax returns and profit and loss statements.
- Property Documents which include property title deed or ownership documents, applicable NOCs from related authorities and all the connected papers.
- Passport-sized photographs of all applicants.
It is highly advised to be well-prepared with the required documents which are free from any loophole.
Conclusion
Taking a home loan is a big decision an individual makes in his life. It is a step towards home ownership which requires advanced planning and systematic arrangements. Making a hasty resolution of a loan without looking into one’s financial standing can lead to an uncertain start. By making note of the above-mentioned points like home loan eligibility criteria, important documents required for a home loan, and the home loan interest rate and other charges, a first-time loan applicant can apply for a home loan with ease. You can always contact us for guidance and assistance. Wonder Home Finance ensures a hassle-free loan-taking experience with its minimal documentation, affordable EMIs, attractive interest rate, and customer-friendly services.
Read More:- https://wonderhfl.com/blog/top-tips-for-first-time-home-loan-applicants/
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