Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > Your Guide to Finding the Best Home Loan Scheme in 2022

Loan for Home

Your Guide to Finding the Best Home Loan Scheme in 2022

Your Guide to Finding the Best Home Loan Scheme in 2022

If you have decided to finance your dream home with a loan, the first step will be finding a home loan scheme. 

At present, the interest rates on home loans are at an all-time low, and the application process is highly simplified. You will find numerous lenders offering you loans at the drop of a hat- but don’t rush! 

Getting a loan is a big decision, one that can affect your finances for years to come. To help you, here is a guide to finding the best home loan scheme in 2022. 

Compare interest rates 

The interest rate is the most critical factor that affects your repayment amount. Since interest rates vary among lenders, do your research and find the most affordable ones. 

Some schemes offer fixed interest rates. Your interest rate will remain constant even if the lender revises the rates, so your EMI amount will stay the same throughout the tenure. You can use a home loan EMI calculator to evaluate your EMIs in advance.

In contrast, some schemes have floating interest rates, which change according to the RBI’s decisions. Your EMI amounts can vary during your tenure and a floating loan is better when there are reliable indications that interest rates might decrease in the future. 

Additional Read – What is Housing For All By 2022 Mission in India

Check your eligibility

Once you’ve shortlisted lenders, go through their eligibility criteria. If you are a first-time homebuyer, you can benefit from government incentives like the PM house loan schemeor PMAY. So, check if you qualify for them before applying. 

Lenders may impose different criteria for salaried and self-employed individuals. Broadly, your eligibility depends on your age, income, employment stability, and, most importantly, your credit history. 

The importance of a good credit history

If you have a low credit score, lenders may reject your loan application or extend high-cost loans.

Conversely, a high credit score, preferably over 750, indicates that you are a responsible borrower, so lenders will readily approve your application and give you more competitive home loan interest rates. 

So, check your credit score online before approaching your preferred lender. Repay your existing debt, make timely repayments, and practice good credit discipline to boost your CIBIL score. 

Additional charges

Visit your lender’s website and understand all additional costs such as the processing fee, down payment charges, prepayment costs, and valuation fees applicable. Keep an eye out for any hidden loan charges. 

Terms and conditions

Every lender has its own set of terms and conditions regarding loan products. Read the fine print and note what it states about loan sanction, disbursal, and repayment. 

Additional Read – Different Housing Loan Options Available in India

Turnaround time 

Turnaround time is the time from the application of a loan till the final disbursal of the loan amount. Select a lender that has a short turnaround time. 

Final thoughts

A home loan is a long-term financial responsibility. So, researching is a must. Don’t hesitate to contact your lender to learn about their services. 

If you are looking for a credible housing loan financier, Tata Capital is here to help. Visit our website to check your home loan eligibility and learn more about our competitive interest rates and flexible repayment options. 

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.