What’s your current couple goal? Buying your first home? Great! Then consider not exhausting all your funds to save a liquidity crunch. Better take the help of financial tools like loans. Here are 5 ways to finance your first dream home.
Get a Home Loan
A home loan can be the best tool to finance your first home. The top lending bank offers home loans with beneficial features like:
- A digitalised home loan application process for faster turn-around time and your convenience.
- Tailor-made loans available after minimal documentation.
- Loan amount up to 5 crore INR as per your eligibility and needs.
- Repayment tenure up to 30 years so that you can repay in small EMIs as per your capacity.
- Attractive low home loan interest rates based on your loan repayment and credit history.
- House loan EMI calculator (on the official website of the bank) to get an auto-calculated EMI based on your chosen loan amount, tenure and interest rate.
Take a Loan against Property
The best bank offers this kind of loan not only against residential properties but also commercial ones like godowns and industrial plots. To use such property as security, consider taking a loan against it. See if the bank allows an easy documentation and loan application process. You may get the loan quickly based on your GST returns or business bank statements, and avail of:
- The highest loan amount of up to 7 crore INR as 80% of your property value
- Extended repayment tenure of up to 20 years to help reduce your EMI amounts
Go for an Unsecured Personal Loan
A personal loan can also help in buying a home. If you don’t want to offer any collateral, choose an unsecured loan and have peace of mind. Look for the following benefits when opting for the loan:
- Highly competitive interest rates
- Loan amount of up to 40 lakh INR
- Repayment tenure up to 60 months
- Flexibility to make a certain amount of part payment
- Availability of a top-up on an existing loan from the same bank
Choose a Consumer Durable Loan
You also need to invest in plumbing, electrical wiring and flooring to make your home livable. To cover the costs effectively, get a consumer durable loan and see if you get the following benefits:
- Loan amount of up to 5 lakh INR
- No cost EMI so that you pay the equated monthly instalments with no additional costs
- Flexibility to repay within 36 months
- Get instant loan approval
Opt for an Easy Buy EMI Card
Now it’s time to tick off buying home appliances on your to-do list. For that, go for an easy buy EMI card from your bank if you’ve been its well-performing and loyal customer. The card may empower you to buy essential home appliances from multiple online and offline stores of bank-authorised dealers across India. You may be allowed to borrow up to 5 lakh INR, buy now and pay later, and enjoy no-cost EMI!
Alternatively, you can take a loan against your credit card or fixed deposit and go for buying your first sweet home.