With the way price rises, in the real estate market witnessed in the previous decade, owning a home is out of reach if we exclusively depend on our money.
A home loan is a blessing in such instances, and buying or constructing a house with a 100% home loan is the dream of every first-time home buyer.
100% Home Loan in India
Well, the solution is a little bit difficult to understand, but after reading this article you’ll get to know.
Although home loans are available to aid you with acquiring or constructing your property, you will have to pay a specific amount as a down payment. The rest of it can be funded by lending organizations like banks, housing financing firms, etc. However, collateral may still be required.
However, people who don’t have huge money for the down payment can still get a home loan but with some terms and conditions attached so that banks have a margin of safety against any probable drop in the value of the property.
This post will help you investigate the right choices to receive the maximum financing for your house which might be up to a 100 percent home loan.
100% Home Loan Options
There are various options for financing your dream home using loans totally. While the full cash may not necessarily come from a single home loan, there are other possibilities that may be utilized.
There are many other options available with ReferLoan that have to get the Home Loan with 100% or even 110% as well, of the Home loan amount. But there are some terms and conditions with the best eligibility criteria.
Banks always check after some of the following eligibility criteria for a better loan amount.
Good CIBIL Score
High Salary ( if a Salaried person )
Good Business TurnOver
All other complete and proper documentation.
Getting a Home Loan
The buyer’s first and most reasonable financial choice is a Home loan.
‘How to secure a 100 percent house loan’ is a question most first-time home buyers ask.
Banks and other lending businesses make loans of up to a stunning 90% of the total value of the residential property.
The Loan-to-Value ratio is regulated by RBI regulations which specify that individual home loans can be funded up to 90% of the value of the total loan is up to Rs. 30 lakh.
Similarly, for the loan amounts between Rs. 30 lakhs and Rs. 75 lakh, loans can be up to 80% while loans over Rs. 75 lakhs can be issued only up to 75% of the value of the property.
However, one must understand that the bigger the loan amount, the greater is the danger for the lender, which is why interest rates may be higher and credit score criteria would be tougher.
Thus, a Home loan satisfies the majority of financial needs. But what about the rest?
Funding via Personal Loan and Term Deposit
Another alternative that most are not aware of is to seek a personal loan to finance the purchase of your dream property. The amount of the loan will depend on your
credit score
previous loans /credit cards
disposable income, and
repayment ability.
Popular lenders like ReferLoan give reasonable loans that are disbursed within a few hours of loan approval with more than 90% of the loan amount. We have more than 50+ options to provide you with the best value out of it.
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Why Home Loan from ReferLoan?
There are many reasons but here are a few:
Best and trustworthy fintech company to provide Loans & Credit Cards
More than 50 Home Loan Options with ReferLoan
Fast and Easy Disbursal of the Loan amount
Maximum loan percentage at the time of disbursal.
Compare and get the Lowest Rate of Interest.
Get TAX Benefits with expert teams.
To apply for Home Loan click here
Additionally, you may also obtain loans against term deposits which come at a significantly cheaper interest rate and are considerably easier to receive as they are secured loans.
Conclusion
While you may not be able to secure a 100% Home loan, by following the strategies described above, you may absolutely finance your home building or purchase through Referloan and get a chance to save your savings for an emergency.