Bikaner is a city which aptly depicts the cultural beauty of India. Not only is it a popular tourist destination, but Bikaner is also home to more than 6 million people. The rising demand for real estate in here as a consequence of increasing demand for housing in India as a whole has led to higher inquiries about home loan offers in general.
While opting for a home loan in Bikaner, there are several things to be kept in mind. Such as-
Firstly, you have to fulfill the eligibility criteria for the same. The following conditions need to be satisfied to successfully apply for your home loan –
- Age – Applicant’s age should be between 24 years and 65 years.
- Income – The income statement of the borrower has to be produced, with proof of at least 6 months of work experience. In the case of self-employed individuals, the profit and loss statement and balance sheet of the last year has to be submitted.
- CIBIL score – A credit score of 750 or higher is ideal to avail a home loan in Bikaner successfully.
- FOIR – The fixed obligation to income ratio, determining your ability to pay your EMI on time, should ideally be less than 50%. This implies that the total liabilities of the borrower should amount to less than 50% of his/her monthly income.
Though not mandatory, having an optimal FOIR percentage increases your chances of availing a high-value loan at reasonable interest rates.
Along with these, certain other factors can also affect your home loan eligibility.
Two types of home loan interest rates are prevalent in the market- fixed and floating. The advantage of the former is that it provides financial stability. You can plan out your expenses ahead of time if you opt for a home loan with a fixed interest rate regime.
On the other hand, floating interest rates allow you to enjoy lower EMI payments subject to the market trends. Floating rates vary as per market fluctuations so they can decrease and ease your repayment or increase too.
The home loan will not provide the total price tag for the property. Loans are capped to cover up to 75% of the property’s value, the remaining amount must be provided as a down payment.
Choosing an ideal loan tenure is crucial while applying for a home loan in Bikaner, as it determines the time period of your financial liability. A shorter loan tenure has the advantage of a smaller liability duration, albeit with larger EMI payments. Longer tenures, on the other hand, pose a smaller monthly burden, but for an extended period.
You can opt for a home loan online apply facility and determine the optimal tenure on the website of the preferred financial institution.
There are several advantages of availing a home loan from any NBFC. Buyers can avail home loan deduction in income tax on the principal amount paid by till to Rs 1.5 Lakh per annum. They can also claim exemptions on the interest paid till up to Rs. 2 Lakh per annum.
They can also opt for various government-sponsored subsidy schemes to avail loans at subsidized interest rates as well as numerous added benefits. With more than 1.53 Crore houses being built in the country by such central and state governments, the real estate sector may be able to reconcile its current slump.