Loan FinCap provides the lowest rate of the market. You can compare all the loan providers offer under a single roof. A home loan can be used to buy a new property like flats, bungalow, and row houses also. Banks generally provide 80% to 90% of the property value as a home loan. The remain balance has to be arranged as the initial down payment. You can also avail a personal loan for further down payment amount. Nowadays some builders provide fully furnished flats to enable higher loan amount. This also reduces the cost of furnishing the house on possession. Home loans are available from 5 lac to 25 Cr. Loan FinCap suggests you the lowest rate of interest.
Most lenders get the property valued independently and provide loans based on their estimated value. It is important to remember, however, that frequently their valuation is significantly lower than the actual cost and hence the requirement of the borrowers goes up. Home loans in Indian Banks are provided up to maximum of 80% (90% for loan amount below INR 20 lakhs) of the value of the house. Home loans are repaid using Equated Monthly Installments (EMIs) spread over a fixed tenure.
Home Loan eligibility depends upon various factors. A few of them are listed here –
Income : Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50. Tenure : The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI. Age : Your age will determine your home loan tenure and hence your eligibility. Interest Rate offered : Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher.. CIBIL Score : Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.
We started with the aim of making the complete loan process as easy as possible so that every individual can have access to credit easily. FinCap is one of the major digital lending platforms in the country which uses technology and analytics tools for analyzing and processing customers loan application
Shub Society,
Telephone : +91 94285 57850
Email : info@loanfincap.com