Highlights on Home Loan in Gurgaon
These are the vital factors that an ideal individual must consider before availing of a housing loan in Gurgaon.
Highlights [Latest Updated on 08/16/2023]
|Interest Rates||8% p.a. to 10% p.a|
|Processing Fees||0.50% to 2%|
|Loan Tenure||Up to 30 Years|
|Loan Amount||Up to 75% or 90% of the property value.|
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Housing Loan Eligibility Criteria in Gurgaon
The eligibility criteria for home loans in Gurgaon can vary from one lender to another. However, generally, you can expect the following criteria:
- Age: The applicant's age should be somewhere between 21 to 65 years.
- Income: Applicant must have a minimum of Rs. 25,000
- Occupation: Both salaried and self-employed individuals are applicable.
- Residence: The applicant might be an Indian citizen
- Credit Score: A CIBIL Score of 750 or higher is ideal for getting a home loan in Gurgaon.
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Home Loan in Gurgaon - An Overview
If you are looking for a home loan in Gurgaon, this might be the best time to apply. The interest rates on home loans have reached historic lows. I.e., you can save a lot of money on your monthly repayments and reduce the overall cost of your loan. However, getting a home loan is not as easy as it sounds. Well, that's may not entirely true! It is super easy, actually. But getting a home loan with the best home loan rates in Gurgaon would be a daunting task. It required extensive research and tactics. In this guide, we are going to reveal how one may get the cheapest home loan in Gurgaon.
How to Get Housing Loan in Gurgaon with Fast Disbursement
Follow these simple tips to speed up the housing loan in Gurgaon:
- Research and Compare Lenders: Start by researching different lenders and comparing the best home loan rates in Gurgaon. Pay attention to customer reviews, seek recommendations, and consider lenders with a track record of fast and efficient loan processing.
- Gather Required Documents: Assemble all the necessary documents in advance. These may encompass identity proof, address proof, income documents, property documents, and bank statements. By having these documents readily available, you can prevent any unwanted delays and ultimately expedite the overall application process.
- Check Eligibility Criteria: Take note of the eligibility criteria established by the lender and ensure you meet all the requirements. Typically, these criteria include factors such as age, occupation, income, credit score, and financial stability. To obtain the most accurate and up-to-date information regarding eligibility criteria, refer to the official website of your chosen lender. Use AI based Housing loan eligibility calculator developed by Urban Money.
- Maintain a Good Credit Score: A good credit score is paramount for quick loan approval. And it is essential that you cultivate a robust credit history by diligently paying bills on time, managing credit utilisation prudently, and abstaining from defaults or late payments. Adhering to these practices can fortify your creditworthiness and significantly enhance your prospects of swift loan approval.
- Opt Digital: Nowadays, nearly every leading lender in India provides online home loan applications. You can easily locate the application form on the official website/app of your chosen lender. All you need to do is input your personal, occupational, property and loan details in the short digital form. In a jiffy, a representative/employee of the lender will contact and guide you through the subsequent steps until you successfully secure the loan. Typically, this entire process can be seamlessly completed online, saving you time and effort.
- Promptly Respond to Queries: Be responsive and proactive when the lender reaches out with any queries or additional document requests. Furthermore, the lender will conduct a property valuation and legal verification to assess the market value and legal compliance of your property. Therefore, it is essential to be available and attentive during this period. Ultimately, maintaining timely communication and providing the requested details promptly throughout the process will cause to speed up the process.
- Through Urban Money Website: Urban Money is a fintech company which is headquartered in Gurgaon. It enables you to compare various lenders in Gurgaon, assess your eligibility criteria, and apply for loans via online. Simply visit the official website of Urban Money, upload the necessary documents, and submit your home loan application in Gurgaon. Urban Money will verify your information and promptly connect you with your selected lender. Furthermore, it provides support with the legal and technical facets of the loan process, including property valuation, title verification, registration, and more.
Note: Certain lenders offer a valuable service known as 'pre-approval,' which allows you to take a proactive approach by requesting them to assess your eligibility criteria and verify your documents in advance. The lender avails your request and provides an estimated loan amount based on their evaluation. Once you have passed the pre-approval process, you can obtain a loan within a relatively short timeframe, roughly 4 to 6 hours.
Documents Required for Home Loan in Gurgaon
Here are the documents that you need to submit in order to avail of a house loan in Gurgaon:
|Type of Documents||Applicable Documents|
|Proof of Identity||PAN card, Aadhaar card, passport, voter ID card, driving licence, etc.|
|Proof of Income||Salaried applicants: salary slips, Form 16, bank statements, income tax returns, etc. Self-employed applicants: profit and loss account, balance sheet, business licence, registration certificate, et|
|Property documents||Title deeds, sale agreements, allotment letters, receipts of payments, encumbrance certificates, etc.|
|Other Documents||Passport size photographs, processing fee cheque|
As a millennium city with umpteen employment opportunities, sophisticated infrastructure, well-planned civic amenities, high-end skyscrapers, gated communities, luxury apartments, elegant villas, condos, spacious flats, and more - Gurgaon offers choices aplenty. And, of course, these properties are may super expensive, so you may need a home loan in Gurgaon to finance your purchase. However, with a good credit profile and good repayment capacity, one may get a home loan at the lowest rates.
People Also Asked About Home Loan in Gurgaon
Q. What is the process to transfer a home loan in Gurgaon?
Ans: Contact your current lender via a letter or an online form, and collect the necessary documents from them. These documents usually include a loan consent letter, a foreclosure letter, a list of property documents, a statement of your loan account, and a No Objection Certificate (NOC). Apply for a home loan transfer with the new lender along with the loan consent letter. Subsequently, the new lender will take care of the remaining process.
Q. Is it good to buy a house in Gurgaon with a home loan?
Ans: Yes, it can be a good decision. However, it primarily depends on your financial capacity and the prevailing interest rate. And it is advisable to explore and secure the lowest home loan interest rate in Gurgaon.
Q. Which bank is the best for home loans in Gurgaon?
Ans: Following are the top lenders that offer the cheapest home loans in Gurgaon are: ICICI Bank, Axis Bank, Bandhan Bank, HDFC Bank, Tata Capital, Kotak Mahindra, Punjab National Bank, and SBI.