A Handy Guide to Avail a Home Loan in Agra

The real estate market in Agra has witnessed a substantial growth enhanced chiefly by middle-class housing. At present, the valuation of real estate properties in Agra is among the highest in Tier-II cities across India. Nonetheless, the city has witnessed a soaring price trend over the last 2 years. This growth of the real estate sector is in tune with the overall economic growth of the city courtesy renewed industrial and business growth. As a result, Agra is witnessing a large influx of professionals migrating to the city. Home loans in Agra offered by several financial institutions are among the fastest-growing financial products availed by individuals in the region.

However, in order to utilize the benefit of the loan, you need to fulfil certain set criteria.

Eligibility criteria for a home loan

       Age- In order to avail the home loan, the applicant should be at least 21 years old and not beyond 65 years of age.

       Employment type- Both salaried and self-employed individuals with regular income can apply for a home loan.  Salaried individuals should have a minimum of 2 years of work experience. Businessmen, on the other hand, should have a minimum work experience of 3 years to get a  home loan in Agra.

       Income- Salaried individuals in Agra should have a monthly income of at least Rs.20,000 to avail the loan.

       CIBIL score- An ideal score of 750 is required to gain approval for a home loan. It is thereby essential to maintain your credit score. This ensures the lender of your ability to repay the borrowed sum.

       FOIR- Fixed Obligations to Income Ratio is the capacity of a borrower to pay back their loan. Financial Institutions check your ability to pay back EMI on the stipulated time by making an assessment of your personal credit history and income documents. You will be favoured by the lender if you are able to pay off your monthly instalment amount on time.

In order to avoid default payment, borrowers can use an EMI calculator to better plan your finances. Borrowers should have knowledge beforehand about the adverse outcomes on defaulting on home loan EMI.

Documents essential for the approval of Agra home loan

       KYC details including Aadhaar card and PAN card.
       Signed application form with photograph.
       Last 6 months financial account statement.
       Salaried individuals should provide last 6 months salary slips along with Form 16 or Income Tax returns.
       Self-employed individuals should provide last three years IT returns in addition to CA certified accounts and audited balance sheets.

Here are few added pointers to best benefit from the home loan –

       Addition of co-applicant- Home loan in Agra can become much more affordable if the borrower chooses to include spouse or parents as their co-applicant. Additional income will boost up your eligibility to avail a higher amount of loan and increase your budget for your desired home.

       Interest rate- Generally, there are two types of interest rates- Fixed rate and Floating rate. Borrowers looking to avail a loan in Agra are given the choice to select their home loan rate of interest as per their convenience-

1.      Fixed-rate interest- EMIs remain constant throughout the tenor, allowing the beneficiary to estimate their future payments.

2.      Floating rate- This form of housing loan interest rate increase the chances of EMI affordability, as they decrease with the conditions of the market. This rate is advantageous due to zero charges applicable on foreclosure or part prepayment.

Go through the above-mentioned guidelines to get instant approval for a home loan in Agra. Subsequently, it will also help in repaying the loan within its predetermined tenor, thus securing finances.

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