Money in bank in 24 hours

Apply now

A Veterans Guide To Home Loans

  • Highlights

  • Understand your eligibility before applying

  • Look for an easy top-up loan and Flexi loan facility

  • Choose a lender offering EMI holidays

  • Seek online loan access and easy prepayment terms


Becoming a homeowner is something to celebrate, as it not only gives you an asset that appreciates in value, but also fulfils an important need for you and your family. As home loans form a vital part of this process, getting to know more about them from someone who has done it before is the best way to prepare yourself.

The first step towards getting a housing loan is to check your loan eligibility and credit score. You can easily track your loan eligibility by using a loan eligibility calculator. You will also need to check your repayment ability given your present monthly income and expenses. Next, you will need to find the right lender to meet your financial needs.


Look for lenders who offer the following superior benefits.


Top-up loans:

You may need additional funds to make the house suited to your tastes. This will include personalising the interiors and making improvements to ensure your new address reflects your style. A top-up loan will help you finance these minor renovations, without the need for additional documentation. Typically, this loan will also enjoy the same tenor as your home loan and have a low-interest rate.

Flexi loan facility:

This service allows you draw funds from the Flexi loan amount as and when you need to. The rest of the amount will be available to you at a later date, as and when you need it. Besides, you only have to pay interest on the amount that you use. Also, you can choose to pay interest-only EMIs and can repay the principal at the end of the tenor. You can withdraw, repay and re-avail the prepaid funds as many times as you’d like to within the tenor.

Additional Read: Difference Between Flexi Business Loans and Term Loans

EMI holiday:

Some lenders have attractive offers such as 3 EMI holidays when you take a home loan. This gives you time to plan your finances and budget for the monthly EMI payments.

Six Things to Remember Before Taking a Home Loan

Online home loan management:

Certain lenders go a step further by assigning you an online loan account that has all your home loan details. You can log on to check whether EMI payments are being credited, manage prepayments and check the loan balance.

Additional Read: 3 Simple Steps for Effective Home Loan Management

Prepayment and foreclosure facility:

Ensure that you have the option to prepay part of the loan or the entire loan amount during the tenor. Further, ensure no penalties are applicable for such payments. This will help you pay off your home loan faster with excess income and reduce your interest payments in total.
When you are taking a home loan, ensure that you have the financial stability to make EMI payments. Moreover, have a plan to repay the home loan at the earliest. It may not always be possible, but keep on eye out and see how you can prepay the home loan for additional savings.

DISCLAIMER:
The information, products, and services included in or available on bajajfinserv.in may include inaccuracies or typographical errors. Changes are periodically added to the information herein. bajajfinserv.in and/or its respective suppliers / affiliates may make improvements and/or changes on the bajajfinserv.in website at any time.
The material contained in this site and on associated web pages is general information and it is not intended to be advice on any particular matter. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. The decision with respect to any financial product or opportunity or nature or suitability or choice or the viability of any product or service shall always be sole responsibility and decision of the subscriber and user.

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up

Dos and Donts of Investing in Property for Great Returns

PRODUCT GUIDANCE

Dos And Don'ts Of Investing In Property For Great Returns

Subscribe Now

Subscribe Now

Subscribe to our monthly newsletter and get the latest updates

Thank you for subscribing