The First Time Home Buyer’s Guide to Getting a Home Loan in Chandigarh

Purchasing your first house can be exciting but at times overwhelming; getting a home loan to purchase your first home adds to the feeling of being overwhelmed. If you are considering purchasing a property in the Tri-City area, getting a home loan in Chandigarh may be your answer.

Chandigarh is a well-designed city with modern day facilities, highly clean and aesthetically fabulous. The availability of employment in both the IT and the service industry causes there to be a large demand in Chandigarh.

As a result of this, there are now numerous banks providing appealing terms on various types of home loans in Chandigarh to aid first-time purchasers with their access to the real estate market.

Typically between 21 and 65 years.

You must have a stable source of income from your employment or business.

A credit score of 700 or higher is preferred.

Both employed and self-employed individuals can apply for a Home Loan in Chandigarh.

Most lenders provide loans up to 75-90% of the property value. The rest of the amount needs to be paid as a down payment.

Utilize online tools for calculating eligibility for a loan

Compare current interest rates, fees and processing times between banks

All required documents must be uploaded by the applicant

The lender will verify documentation provided by the applicant

Disbursement of approved loan funds will take place once the loan has been approved.

Pay your bills on time and reduce your debts.

Save at least 20% of the property price.

Online loan advisors like BankEMI help you compare options quickly.

Always check the processing fees and penalties.

Choose EMIs that fit easily in your monthly salary.

Avoiding these pitfalls will assist you in acquiring the best Home Loan in Chandigarh deal.

The act of buying your first home has always been an accomplishment. When you approach it with good financial planning, with reasonably good financial skills, and by working with a lender who will give you the best possible terms, it shouldn’t be very difficult to get the money to purchase a house.

1.What is the salary needed for a mortgage?

The majority of lenders require you to earn a minimum monthly income of 25000–30000 Rupees in order for you be able to secure a mortgage.

2.How low can your credit score be before the lender will grant you a mortgage?

Mortgage lenders will not approve anyone who has a credit score below 700 to take out a mortgage loan.

3.What is the average time taken for the approval of a mortgage loan by an online lender after submitting the online application form?

Most online mortgage lenders will approve your request for an application for a home mortgage loan within 24 hours -72 hours of submitting your application.

4.Can a self-employed person apply and be eligible for mortgage finance?

A self-employed applicant can obtain a mortgage if they satisfy the lender’s requirements while the same is true for an applicant who earns a salary and for who is employed may also qualify for a mortgage as long as they satisfy the lender’s requirements.

5.What is your ideal loan term?

A loan term of 20-25 years is most commonly sought after to easily pay monthly EMIs rather than for the entire loan term.