Nashik is the fourth largest and one of the most beautiful cities located on the lap of nature in Maharashtra. The city makes profits from exports, large industries, agriculture, handicrafts, businesses, etc., and is known as the wine city for its wine industry.
Nonetheless, the living cost in Nashik is on the affordable end compared to other Indian cities. This makes Nashik a preferable option to buy a house in India. So, if you want to avail of a home loan in Nashik, follow the steps given below.
How to apply for a home loan?
Before apply for home loan in Nasik, an individual needs to know about the application procedure and select a financial institution that is most convenient for him/her. Then, follow these steps to complete the home loan application process:
1: Visit the official website of your preferred lender.
2: Navigate to the home loan page from the portal.
3: Open the online application form from that page.
4: Fill out the application form by entering personal information, such as full name, mobile number, PIN code, job profile, and others.
5: Provide additional relevant information, such as PAN details, date of birth, etc.
6: Finally, recheck the information and submit the application form. After submitting, a representative for the lender’s end will contact the candidate to take the process further.
However, before applying for home loans, individuals must be well versed with the eligibility criteria and the required documents to avail an instant approval for the loan amount.
Documents required for a home loan
Individuals need to submit the following documents to avail of home loan in India in a hassle-free manner:
- Address proof, such as Aadhaar card, Voter ID card, Passport, Driving License, etc.
- Last 6 months bank account statement
- Identity proof (Voter’s ID card / Driving licence / Aadhaar card / PAN card)
- Income certificate such as 2-year Form 16/ latest payslip
- Passport size photographs
- KYC documents
- Property papers
Individuals have to meet the lender-specific eligibility criteria to avail of a home loan in Nashik. Home loan eligibility criteria are not the same for all lenders. Here are some of the basic criteria:
- Nationality: Applicants should be residing Indians.
- Employment status: Both self-employed (minimum 5 years of business vintage) and salaried individuals (minimum 3 years of work experience) can apply for a home loan in India.
- Age: Salaried person should be in the age group of 23 to 62 whereas; the age limit for a self-employed individual is 25-70.
- CIBIL score: The minimum CIBIL score for a home loan is 750.
In case individuals are wondering how to check CIBscoresore, they can directly visit the official website of CIBIL and follow the instruction provided.
Moreover, eligible candidates must calculate home loan eligibility by using the home loan eligibility calculator to avoid lenders’ rejection.
Features and benefits of a home loan
Customers opting for a home loan in Nashik will benefit in the following ways:
Lower interest rate:
The interest rate for a home loan is relatively lower than other credit facilities due to its secured nature. Moreover, the RBI has kept the repo rate unchanged at 4%, further boosting home loan applicants. The lower the interest rate the better the loan affordability.
Home Loan tax benefit
An individual can enjoy tax benefits on both principal and interest paid on a home loan per the ITA.
Selected financial institutes also extend pre-approved offers on products, such as loans against property and home loans.
Such offers provide an effective way to expedite the application process. Borrowers will have to enter their names and contact details to check their pre-approved offers online.
Hence, an applicant needs to follow all the details and steps mentioned above to apply for a home loan in Nashik. Also, one must remember to check the eligibility criteria and documents before applying.