With Dussehra and Diwali just around the corner, for many of us who have been waiting for an opportune time to buy a new property, the time couldn’t be more right or auspicious. Besides, the festive time is often perceived as the best time to make big financial purchases, such as homebuying, owing to the deals and offers to do the rounds in the market. If you’ve been considering buying a new house, many would say the time for it is now.
Those of us who are concerned about breaking the bank to fund this purchase doesn’t have to worry either. Just as project developers and builders are making exceptional offers on property prices to help the festive shopping sprees, home loan lenders are also offering low home loan interest rates among other attractive incentives to assist in your home-buying venture. Combining both can help your homebuying journey substantially – both in terms of property choices and savings on the purchase.
All an aspiring homebuyer needs to do is meet the set home loan eligibility criteria to be able to benefit from the lender offers and discounts, which is very feasible if the home loan applicant’s financial habits are on track. In this article, readers will learn the top reasons why the festive season is the optimal time to buy a house with the help of a home loan, and how to be eligible for a competitive home loan.
Why Buy a House During the Festive Season?
All an aspiring homebuyer needs to do is meet the set home loan eligibility criteria to be able to benefit from the lender offers and discounts, which is very feasible if the home loan applicant’s financial habits are on track. In this article, readers will learn the top reasons why the festive season is the optimal time to buy a house with the help of a home loan and how to be eligible for a competitive home loan.
- Bargain Deals on Property
Several reputed residential property developers choose to customize their offerings to the buyer’s needs and requirements during the festive season, to help them buy their dream home. Be it in the form of slashed property prices, rebates, subsidies, or flexible EMI schemes – potential homebuyers with bankable funding can have their pick of properties during the festive season.
- Reliable Property Choices
Another notable development in the realty sector has been the implementation of the RERA (Real Estate Regulatory Authority), potential homebuyers and existing homeowners can rest easy over the legality of their properties. All real estate developers and sellers have to comply with their respective state RERA norms to avoid strict penalties, which means that buyers can proceed with the developer of their choice without worrying once they’ve verified the project’s RERA status.
- Low Home Loan Interest Rates
Acting as a cherry atop the cream, along with property prices that suit your budget, you can also avail of low-interest rates on your home loan to make further savings. Home loan lenders offer reasonable interest rates to eligible salaried and professional home loan applicants and even offer self-employed applicants competitive rates to stay relevant. Those who’ve shied away from taking out a loan now have more reasons to avail of the loan because of the tax savings and EMI savings the loan investment can bring.
Meeting the Home Loan Eligibility Criteria
Now that you’re convinced about the timing of your property purchase, the next step is to check your current home loan eligibility before researching lender options, so you can work on rectifying your eligibility if required. Boosting your home loan eligibility enhances your chances of availing of a home loan with the best benefits the lender has to offer and avoids rejections that can stall your property purchase plans. Here are some of the points that factor heavily into your home loan eligibility –
- Repayment history
- Income and employment profile
- Existing financial obligations
- Repayment capacity
- Ongoing debt commitments
- CIBIL score and credit report
Aspiring home loan applicants are advised to check their eligibility before zeroing in on their lender of choice, as it will help them choose wisely and pick a lender who matches their eligibility and funding needs best.