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Home Loans – Important Info and Tips

Home Loans - Important Info and Tips | Pharande Spaces

Tempting offers, low interest rates, and flexible EMIs – getting a home loan in India is easier now than ever. Thanks to the services of India’s reputed financial institutions, you can now get a home loan with minimal effort, and purchase that dream home you always wanted for yourself and your family.

However, as simple as it may sound on paper, acquiring the best home loan comes with its own set of dos and don’ts. As a homebuyer, it is imperative that you tread carefully, read all the terms and conditions of repayment, all the factors involved, and customer service aspects, in order to enjoy a healthy, smooth experience.

Before we jump to the tips and tricks, pay heed to the following trivia bout getting a home loan in India:


  • A home loan can be acquired between 75-80% of the capital value of the house, wherein, the borrower has to provide the rest from their own pockets.
  • The parameters for the borrower’s eligibility include employment status, duration of employment, monthly income, and credit score.
  • The borrower’s credit history is of particular importance to the bank, as it determines whether the borrower will be able to repay the loan on time and without any hassle.
  • Some banks also include Stamp duty and registration charges in the loan value, so the borrower needs to ensure who’s liable to pay for them.
  • The interest rate of any loan is subject to the market; if the market rates increase in the future, the borrower’s interest rates are likely to increase too. This is called a “reset clause” that the banks have recently introduced in their fixed rate.

Now that you’re aware of how bank loans work, let’s take a look at the following tips and tricks to keep in mind while applying for a home loan:

#1: Be practical while selecting a home.

Buying a home is a personal decision, but it needs to be practical too. Do not choose a property that you’re not going to be able to afford. Home loans and their attractive offers might look good at the moment, but you are the one who has to keep paying the installment every month. Therefore, your loan should have an EMI of no more than 45% of your total monthly income.

#2: Consider a longer loan tenure.

Longer tenures are affordable, as you get a lower monthly installment. However, that also means that you end up paying more in terms of monthly interest. But, if affordability is your major concern, a longer tenure is advised, as with time, you have a higher chance of paying off the loan earlier.

#3: Fix credit score mistakes before applying for a loan.

Your credit score is your financial identity card. Any bank you go to for a loan will first review your credit score, and then decide whether you’re eligible for a loan or not. Therefore, if you’ve committed financial mistakes in the past, rectify them, and improve your CIBIL score. This will increase your chances of getting the home loan you desire.

Now that you know everything about home loans, why not explore homes by Pharande Spaces at L-Axis? A beautiful cluster of 2, 2.5 and 3 BHK luxury flats for sale on Spine Road, Pune, these residences make for an ideal dream home.

Explore L-Axis here

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