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What You Need to do to Qualify for a 100% Home Loan

By Finserv MARKETS - Mar 28,2019
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What You Need To Qualify For a 100% Home Loan?

Owning a house is an unfulfilled dream of many and is something that is on top of everyone’ list. After all, buying a house does not simply bring immense physical comfort, but also financial benefits. The advantages of buying a home are many and simply cannot be summed up in a few words. It is a well-known fact that purchasing a home is becoming unaffordable for a majority of Indian citizens due to inflation. Hence, the real estate markets in cities are inflated and working-class people can’t buy homes with just their savings.

Getting a home loan from a reputed financial institution is of paramount importance for accomplishing your dream. Thankfully, this option is easily available and provided by many financers. It is important that you avoid unregulated loan sharks that are known to swindle unsuspecting customer with offering unrealistic offers. Instead, keep an eye out for regulated lenders who are known to provide 100% home loans to deserving customers.

There is a plethora of advantages associated with getting a 100% home loan, but it’s important to be cognizant of the minute details before applying for one. This type of housing credit is generally long-term and will require a lot of important things to be taken into consideration. The biggest benefit of a 100% home loan is that you won’t be required to put down any deposit while purchasing your house. Hence, this variant of housing credit sounds like an attractive prospect for most customers.

The value of the deposit will be added to the remainder of the home loan, which must be repaid as a part of regular loan payments. By opting for a no-deposit down payment home loan, you can save capital at the beginning of your home purchasing journey. This saved money can be used for meeting other expenses like renovations, transfer fees and attorney’s fees.

However, it’s also important to note that not everyone can apply for a 100% bajaj finserv home loan. This is because not everyone can afford to repay the home loan amount. Head over to the Finserv MARKETS website and use the eligibility calculator to get a fair idea. Utilising such resources will help you effectively calculate your budget while narrowing down your options. Following are the steps for calculating your home loan affordability:

  1. Mention all your sources of income.
  2. Enter your current EMI amount or obligations (if you have any).
  3. Enter your city of residence.
  4. Fill in your date of birth.
  5. Mention your net monthly salary.
  6. Choose your home loan tenure.

The easy to use Home Loan Eligibility Calculator can help you calculate the amount you will receive as your Home Loan. Here are some other factors that might affect your home loan eligibility:

Age and work experience:

In simpler words, if you’re younger, the chances of getting a home loan are higher. This is because the repayment period is usually drawn across  20-30 years. And, your work experience is to provide the lender insights regarding your home loan affordability.

Financial stability:

This is a no-brainer; all financial institutions verify the applicants’ financial capabilities before disbursing any kind of loan.

Credit history:

A positive credit history will significantly boost your chances of getting a 100% home loan. On the contrary, a bad past debt repayment record will have a negative bearing on your housing loan eligibility.

Other important criteria for getting a 100% home loan are:

  • You should be an Indian citizen.
  • Applicants must be salaried with a minimum of 3 years work experience or self-employed.
  • Salaried applicants must be in the age group of 23 to 62 years.

Now that you know the eligibility criteria for 100% home loan, try applying for the same and live in the house of your dreams.

Home loans with Finserv MARKETS come with attractive interest rates and a host of other features and benefits that can help you realize your dream of owning a home. What’s more? The entire process is quick, easy and can be processed right from the comfort of your home. You can also avail PMAY benefits. So why wait? So why wait? Get your home loan with Finserv MARKETS, today!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522