In-depth guide to applying for a home loan in the midst of the COVID pandemic

New Delhi, Delhi, India (NewsView) Making a crucial decision like buying a house is difficult in times of confusion like the COVID pandemic. However, many people are still planning to buy their dream home in 2021 and are looking for quick and easy home loan options. What if anyone is still wondering if now is the right time to make such a crucial decision? The answer is yes! Many Indian states have lowered their stamp duty to encourage home buying among the population, and RBI has offered Rs. 10,000 crore to Nabard and NHB to boost affordable and rural lending. So, for those who are considering applying for a home loan in the midst of the Covid pandemic, here is a step-by-step guide that can help. Who is eligible to apply for a home loan? Any natural person who meets the following eligibility conditions is eligible for a mortgage from Clix Capital: • At least 22 years old at the time of the loan application, and at most 65 years old at the end of the loan • Must be a self-employed worker professional or salaried employee • Combined household income must be at least 3 lakhs per year Online application process In view of the social distancing standards imposed due to the COVID pandemic, many lenders now allow the process of Apply online directly from the comfort of borrowers’ homes. Many NBFCs like Clix Capital have user-friendly online platforms that people can use to apply for a home loan in minutes. If an applicant meets the aforementioned eligibility requirements and has a credit score of 725 or higher, they can apply for a home loan online without any physical contact. Tips for Improving Home Loan Eligibility Here are some tips that can improve an individual’s mortgage eligibility and provide a hassle-free lending experience: Save big on the down payment: the more down payment they pay is higher, the more the loan amount they will have to take, and the lower the interest they will have to pay. Thus, before applying for a mortgage, it is advisable to set up the down payment over a few years. Improve Credit Score: Applicants must have a credit score of 725 or higher to apply for a home loan from Clix Capital. The higher their credit score, the easier the terms of their home loan will be. Keep Documents Ready: Although NBFCs have minimum documentation requirements, applicants are required to present certain essential documents including address, proof of identity, and financial documents. Choose the loan term wisely: Clix Capital allows borrowers to repay the amount of their mortgage for up to 25 years. The longer they choose to stay, the smaller their IMEs will be, but the interest expense will be higher. If they choose a shorter duration, their EMI may be larger, but they will save a lot on interest expense. It is therefore crucial to be careful when choosing the loan term using a home loan EMI calculator. Features and Benefits to Look For During the COVID pandemic or otherwise, no one would want their decision to go wrong. So here are some of the most important features and benefits to look for in a home loan: • Large loan amount • Competitive interest rate • Flexible repayment term • Easy eligibility requirements • Minimum documentation requirements • Easy Application & Fast Approval • Excellent Customer Service Clix Capital offers home loans up to Rs. 2 Crore with a repayment term of up to 25 years. Offering all the features and benefits mentioned above, the digital platform is synonymous with security and convenience for applicants. For any questions, contact [email protected] or call 1800 200 9898.


(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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