Many of you will surely agree on the fact that availing a home loan is not an easy thing. It is a time-taking or you can say a tedious task that requires a lot of expert skills to crack the best deal. And, as far as availing the same is concerned, it would not be wrong to say that there are plenty of lenders available. But with many lenders also comes the confusion as which one is better. Thus, in order to clear the confusion and keep you away from this hassle, we are here. Yes, all you need to do is just read the article below.
Today, in this article, we are going to talk about Shriram Housing Finance, one of the leading and reputed names in the industry. Being a famous NBFC, it caters to the housing needs of one and all. But before you take that final call, it is important that you should be aware of the hidden factors. So, let’s not waste any time further and talk about those factors in the article below.
Home Loan Interest Rates
The journey of a loan begins by knowing the rates. Yes, that’s what every borrower does. So, talking about this lender, it is currently offering the rates that stand at 15% per annum to one and all. However, if we go deep down into the matter, the lower the range, the better it is for you in the long run as it helps in reducing your monthly installment burden as well as Interest Outgo. Hence, which is no doubt one of the best things that will further make you enjoy a hassle-free journey ahead.
Home Loan Eligibility Criteria
Soon after knowing the rates, the next thing on which you should pay attention is none other than the eligibility norms. Yes, though different lenders have their own norms, which is important for an applicant to know. However, if we talk about this lender, it has an age criteria, which says that an applicant needs to have a minimum age of 21 years at the time of availing the loan and maximum age should be 65 years at the time of loan maturity.
Not many borrowers pay attention to the credit score but this three-digit numeric summary plays a crucial role in availing the best deal. Lenders do check the same before offering the credit to the borrowers so as to know their creditworthiness. Usually, a score of 700 or above out of 900 is considered to be good enough that grabs the attention of the lenders. Though different lenders ask for different scores but generally more or less it remains the same.
While going for Shriram Housing Finance home loan, it is important that you should pay attention to your monthly installments. Yes, use home loan EMI calculator in order to know whether your monthly installments are pocket-friendly or not. With the help of this device, you can take a calculative decision in the future.