How To Get A Home Loan In Dharwad
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Dharwad, located in the north-western part of Karnataka, is a developing industrial hub of the state. With the expansion of more than a thousand small and medium scale businesses, the city has been a prime spot for people to reside in. Since more people are now inclined to invest in housing properties here, the growth of home loans in Dharwad is also increasing.
Many non-banking financial companies like Navi are coming up with attractive housing loan facilities that can help individuals fulfill their dream of purchasing a new home. To make the most of it, you need to acquire detailed information about it.
So, let’s dive in!
Table of contents
Benefits And Features of Navi’s Home Loan
Here are the benefits of availing of a home loan in Dharwad from Navi:
- Get Access To Substantial Funds
In the case of this particular credit, borrowers get a high loan-to-value ratio. This means one can expect a sizeable loan amount while availing a home loan. This way, you can easily make use of the funds to finance the purchase of a new house.
- Flexible Repayment Terms
The secured nature of home loans allows individuals to choose a repayment tenure of up to 25 years. This automatically makes the repayment process much easier as you have smaller EMIs to manage. However, keep in mind that choosing a longer repayment tenure can increase the overall interest outgo too. Make sure to select it wisely.
- Fast Disbursal And Minimal Documentation
When you avail home loans in Dharwad from Navi, you can expect the funds to get disbursed within a few hours to days. The process involves KYC verification only and submission of some basic documents. Make sure to keep all these documents handy before you apply so that the procedure does not become time-consuming.
Other than these, the availability of customised offers, tax benefits, zero administrative charges are some additional perks you will get by availing a home loan.
Also Read: 5 Benefits Of Taking A Joint Home Loan
Eligibility Criteria For Home Loan In Dharwad
In order to make use of the aforementioned benefits, applicants need to meet certain eligibility parameters set by Navi. Here is a tabular representation of all the necessary eligibility requirements:
| Factors | Requirements |
| Age | The age of the applicant should be at least 18 years in order to be eligible for this loan. |
| Income | There should be a steady source of income to get better interest rates and flexible terms. Salaried applicants need to have a minimum of 2 years of work experience at MNCs or reputed companies. On the other hand, self-employed individuals need to run the business for at least 3 years to qualify for this type of financial assistance. |
| Repayment Capacity | Total EMI obligation must not go beyond 50% of the applicant’s total income. |
| Credit Score | 750 or above |
Other than these, evaluating the property and its condition also falls under these criteria. According to the guidelines of RBI, the maximum loan amount one can get through a home loan cannot cross 90% of that particular property’s value. In that case, the borrower must pay a considerable amount as a down payment. However, such parameters can vary across different lenders. Apart from these, you might need to meet some additional lender-specific criteria as well.
Also Read: 5 Tips To Keep In Mind Before Applying For A Home Loan
Documents Required To Apply For A Home Loan At Navi
Eligible individuals need to provide certain documents when they apply for home loans in Dharwad. Note that just like the eligibility criteria, the documents required can also vary from one lender to another. Here is a list of documents potential borrowers generally need to submit while availing home loan at Navi:
- Age proof (Aadhaar card, driving license, PAN card, passport, etc.)
- Address proof (Voter’s ID, ration card, utility bills, etc.)
- Income proof documents such as income tax returns, salary slips, etc.
- Property documents
- Duly-signed application form
- Passport size photographs
- Detailed information and supporting papers of an existing loan, if any
Steps To Apply For A Home Loan At Navi
Once you qualify for Navi’s home loan, here is the process you need to follow in order to apply for a home loan in Dharwad at Navi:
- Step 1: You will have to install the Navi app on Android or iOS to avail a home loan. The application is convenient and user-friendly.
- Step 2: Once you install the app, you need to register using your mobile number first.
- Step 3: Enter your personal and employment information.
- Step 4: Submit Aadhaar and PAN card details here too.
- Step 5: Select the city the property belongs to and provide the property’s details over there. Make sure to submit the required documents during this procedure.
- Step 6: Select the repayment tenure and loan amount that you wish to avail. Once you enter all the necessary details and submit the right papers, it takes just a few minutes or days to get the approval for your home loan.
Note: Navi offers home loans of up to Rs.5 crore, and the interest rate starts from 7.39% per annum only. It is a 100% paperless procedure as the entire application process is carried out online.
Final Word
Not just attractive interest rates, availing home loans in Dharwad from Navi can be beneficial for a lot more reasons. The paperless process makes the procedure quite hassle-free, and you can prepay the loan any time you want. However, you must check out the foreclosure charges before utilising that facility.
FAQs On Home Loans In Dharwad
- Are there any tax benefits on home loans?
The Indian Government offers a multitude of tax benefits on housing loans. Primarily, you can receive a deduction of up to Rs. 1.5 lakh on your principal repayment under Section 80C during a financial year. Apart from this, you can also claim up to Rs. 2 lakh deductions on home loan interest payments.
- What is loan-to-value ratio?
Loan-to-value ratio refers to the maximum loan amount that your lender is ready to provide based on your chosen property’s market value. Keep in mind that a lender will never cover 100% of the property’s cost. The borrower must pay a portion of the cost as a down payment.
- What is the primary benefit of a home loan balance transfer?
The main benefit of a housing loan balance transfer is that it lowers a borrower’s interest burden. Additionally, refinancing such a loan often allows borrowers to avail extra credit in the form of a top-up loan.
- How can I avail a home loan if my income does not match the minimum requirement?
Most lenders allow borrowers to jointly apply for a housing loan. Therefore, if your income is not sufficient, you can submit the application with a co-borrower who fulfills the requirement of the lender. Doing so also improves the overall eligibility and can lead to better terms.
- What should I consider before foreclosing my home loan?
The two most important aspects to consider before foreclosing your home loan are the foreclosure charges and interest savings. If the expenses related to the foreclosure exceed the interest savings, undertaking the same would result in losses.
Before you go…
Are you looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to ₹5 crore. Install the Navi app now and get instant in-principle approval right away! Interest rates starting at 7.89% p.a.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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