Once you have decided upon your dream home in Bangalore, you are moving into the next step in the cycle ‐ financing the purchase. Unless you’re born with a silver …
Once you have decided upon your dream home in Bangalore, you are moving into the next step in the cycle ‐ financing the purchase. Unless you’re born with a silver spoon, like millions of us, you won’t come across lakhs and possibly crores of rupees required to fund a home purchase. That’s where a home loan comes into the picture. And, there’s no better time than the present to opt for a home loan, especially considering loans are now available for as low as 6.50%. So, let’s dig right in and take a look at how you can get the best home loan in namma Bengaluru.
Shop for Offers
You shop for just about everything ‐ groceries, cars, toys, flight tickets, clothes, and so on. So,
why don’t you shop for a home loan as well? That’s right. Shopping around for offers is the
best way to find the home loan you need.
Here’s what you could do: approach the three most popular nationalized and private banks
of your choice and ask them for the best rates they can offer.
Sort Out Your Down Payment
Banks expect you to make a 10 to 20% downpayment of the total cost of a home before
applying for a loan. The higher the down payment you make, the better the prospect of
getting a low-interest home loan.
Walking in with a sizeable downpayment is the best bargaining chip you can have. You may
even walk away with an interest rate that’s a few basis points lower than the prevailing
Take a Deeper Look at Your Credit Score
Credit scores have become the standard when determining your creditworthiness for all
lines of credit. Usually, a credit score of over 750 is enough to get you a good home loan.
However, having a score close to the 850 to 900 range will make banks line up to offer you
A higher credit score means you are less likely to default on repayment when compared to
someone with a lower credit score. So, apply for a credit report from CIBIL, Experian, or CRIF,
analyze if all your payments are accurate, and ensure you get all disputes rectified to keep
your scores high.
Find Builders with Pre-approved Loans
Real estate developers have upped their customer satisfaction game in recent years. They
are leaving no stone unturned to ensure prospective buyers have the smoothest home
buying experience. To that end, they are partnering with top banks to finish due diligence
and are getting loan approvals for all buyers as long as the credit score and documentation
are in place.
At 5 Elements Realty, we have a history of offering great value propositions for people across
all walks of life in the silicon valley of India. We have successfully delivered dozens of
completed projects and have dozens more in the pipeline. So, come, end your home search
with us, and rest assured that you are receiving a world-class experience at affordable rates.
Visit us at 303, Brigade Corner 110/73, 560 082, Kanakapura Rd, 7th Block, Jayanagar,
Bengaluru, Karnataka 560070, to learn more about our projects and enjoy a guided tour of
your new and forever home.