Amazing facts about home loan interest rates you must know

Planning to buy a new home? As we see the hiking prices for everything, deciding to buy your own house is courageous. Fortunately, you have come across the best platform to gain all the information on home loans.

 

Basic home loan, being the best mortgage gateway in India, is the ultimate stopping point where you find the necessary details that make the procedure of taking a home loan easy. We churn out the best in the market of home loans and choose the most suitable for you and your needs. You must be wondering what is article is going to be about. In this article, we have collected all the queries related to interest rates on home loans and shot them down with simplified answers.

 

What are fixed and floating rates of interest?

 

There are majorly two types of interest rates that you can choose for your home loan. Basic home loan does the work for you and picks up the right one that offers home loans at low interest rates.

1. Fixed rate of interest - it is an unchanging rate that a bank offers on your home loan. It means that even if the rate of interest on home loans rises or falls down in the future, you will have to repay the loan at the same rate at which you started.
2. Floating rate of interest - here, in case of changes in a bank’s rate of interest on home loans, you have to repay it at the current rate according to the particular bank that lent you the loan. 

Which one is better?

You must be asking yourself which one to choose. If you are comfortable with changing interest rates, you can go ahead and choose the floating rate of interest as it also waivers the prepayment penalty. Meaning during the term of your loan if you want to pay a large amount at once in order to shorten the time period of your loan, there will not be any penalty for that.

 

Even though the fixed rate of interest is slightly higher than the floating one, it will be fixed for the entire tenure of your loan, no matter what happens.

Basic home loan helps you see the clear picture and pick the best-suited interest rate on housing loan. 

 

What are the Eligibilities for taking a home loan?

We try our best to bring in front of you, the entire eligibility criteria of the best banks that can lend you a loan. Basic home loan tends to do the work of a home loan eligibility calculator. 

Age - to get a home loan sanctioned, the applicant must be a minimum of 18 years of age, and should not exceed the maximum age of 60 years.

Salary - most banks stipulate a minimum monthly salary of INR 15000 to 20000. However, in some cases, a person can still get the loan on a salary of less than INR 15000 per month.

Self-employed people - even though the figures vary from one bank to another, the minimum income for a self-employed person should be INR 2,60000 per year to avail home loan.

Tenure of the loan - one has to apply for a home loan for at least 5 years, with a work experience of a minimum of 2 years. One can take a loan for a maximum of 30 years.

Minimum loan amount - for someone to avail of a home loan, they must apply for a minimum amount of INR 8 lacs, and a maximum amount of INR 100 cr., with terms applied.

Final words

 

Too many rules to remember, isn’t it? Nevertheless, with Basic home loan, you get free eligibility check and end-to-end fulfillment.

 

We collect all the essential data from the best home loan banks in India lending home loan at low interest rates and enlist them on the basis of your requirement and preferences. Making your job easy and accelerating the process of getting the loan sanctioned.

So what are you waiting for? This could not be simpler. Pick up your phone and contact us at the earliest. Get ready to have a beautiful life in your own new home.