Rakesh is a 35-year-old IT executive who has a small family with a wife and two kids. Rakesh has been working in a company from the past 7 years and has secured a better job in Delhi. The company he is about to start working with is offering accommodation for only one person, but Rakesh is planning to move to Delhi with his entire family and settle there. In order to put his plan into action, Rakesh needs to buy a house in Delhi that would accommodate his entire family. Since the realty rates are high in Delhi, Rakesh has decided to buy his house with the help of a housing loan.
Home Loans are lending products offered by the financial institution using which an individual can purchase the house he or she desires, but the terms and conditions of the Home Loan lenders tend to vary in different states. Since Rakesh is moving from his hometown to Delhi; he might have to face different terms and conditions offered by the Home Loan lenders of Delhi.
While looking for Home Loans, Rakesh was astounded and horrified by the interest rates of the Home Loans set by the banks. Since the banks have lengthy procedures, long waiting period and even the loan approval is not guaranteed. Disappointed and disheartened, Rakesh searched for a better way to get a Home Loan. He found out that there are Non-Banking Financial Companies (NBFCs) that have easier loan process and offer a low-interest rate on Home Loans. The question that befalls in front of him is how to apply for a Home Loan in Delhi with the help of an NBFC.
How to apply for Home Loans?
To get your loan approved, to know about the correct procedures for applying for a Home Loan and how to apply for a Home Loan that has low-interest rates, you can rely on the NBFCs. The best thing about applying for a Home Loan from an NBFC is that there are two different ways through which you can apply for a Home Loan. You can apply through the online website or the manual way by visiting the branch.
The online process is believed to be faster and easier. You just need to visit the website of the lender and fill in the necessary details once the details reach the lender, the lender will call you for the loan verification. Once the details are verified, the lender will send a representative to collect the necessary documents required for the loan approval. You will receive a call about the loan approval status after which you just need to visit the lender’s office for the final approval formalities.
In the offline procedure, you have to go to the lender’s office fill out the loan application form, attach the necessary documents and submit the form. The lender will verify the documents, and once the documents are verified, the lender will notify you through a call. After getting a call from the lender, you need to visit the lender’s office for the final formalities of the loan. Once the loan is approved, it will get sanctioned within 72 hours.
It is essential that you look for a low-interest Home Loan, as the interest rate on Home Loans can make a huge impact on the final repayment amount. Mostly the lenders charge you the interest amount by adding it in your EMIs. So to know the amount you will be charged as an EMI for a Home Loan, you can also take the help of the Home Loan EMI calculator.