According to Knight Frank India’s half-yearly report, 1,73,363 new residential launches are complete in India, which signifies the high demand for residential properties among the masses. Additionally, there are multiple discounts and special offers on home loans at the moment that are being offered by most banks and NBFCs. Thus, it is now a perfect opportunity for prospective buyers to get their dream home.
There are multiple home loan festival offers in 2023 that banks, as well as non-banking financial companies, have been launching. Diwali is a festival of good fortune and prosperity. Apart from making all the small purchases like clothes, household items, and sweets, it is also an apt time to make a milestone investment. Then why not go for a new home?
About home loan holiday season offer 2023
Many reputed financial institutions have announced special home loan offers for all types of customers. This offer is available on all the loans approved and disbursed until Diwali 2023.
Applicants who have a good credit score of 750 or more are eligible for this special home loan interest rate. By opting for this festive special home loan, borrowers will have to pay a very low EMI.
Features and benefits of this festive season home loan
Customers who decide to go for a home loan this holiday season can take advantage of a wide range of features and benefits. Some of them are as follows:
Simple Application process
The home loan application process is easier and faster these days. Applicants can sit in the comfort of their homes and complete the entire application process. Customers can opt for the option of doorstep document pick-up to skip branch visits entirely.
Long repayment tenor
While availing of a home loan, customers have the freedom to choose a term to repay the loan at their convenience. This way, the loan repayment does not become a burden or obstruction for the loan applicant.
There are a huge number of projects to choose from
While searching for their dream home, customers can take a look at the list of pre-approved projects that many financial institutions have. These include properties belonging to different budgets, choosing one of which will help in getting better borrowing terms, such as quick and hassle-free loan processing.
Once the home loan application gets approved and document verification is complete, applicants can expect to receive their home loan disbursal within 48 hours.
Online tools for better financial strategies
Before applying for a loan, it is important to check whether a person is eligible for the loan amount he or she is planning to apply for. It is also preferable to check the amount of EMI a person has to pay if he or she applies for a specific amount, so as to make financial arrangements accordingly. Many financial institutions offer online tools for both purposes.
Customizable repayment options
Various financial institutions offer home loans for both under-construction and ready-to-move-in homes. Additionally, customers can customize their repayment options and start repaying their loans by paying only a part of the EMI so that they get some time to get used to the home loan process.
Online loan management
To offer a seamless borrowing experience, lenders offer a completely online loan management system. To check all the loan-related details and documents, customers need to log in to the customer portal.
There are many banks and other financial organizations that offer pre-approved loans for their long-standing customers. If customers opt for it, they can get multiple benefits like faster loan disbursal, etc. To check whether a person is eligible for such an offer, they need to visit the official website of the lender.
Eligibility criteria to get home loan festive offers 2023
In order to be eligible for the special home loan festive offer, applicants need to fulfill a basic set of eligibility criteria. Here is a checklist for all the interested customers:
To be eligible for this offer, applicants have to be citizens of India who reside in India or they can be Non-resident Indians.
This offer is available for both salaried as well as self-employed applicants. However, the rate of interest chargeable for the home loan will vary.
For salaried individuals, the minimum age to apply is 23 years, and the maximum is 75 years. In the case of self-employed individuals, the minimum age limit is 25 years, and the maximum is 70 years. The upper age is taken into consideration based on the maturity date of the loan. In the case of salaried individuals, the upper age limit is subject to change depending on the profile of the property they choose.
Year of work experience
In the case of salaried individuals, the minimum work experience required is 3 years in any public sector, private sector, or Multi-National Company. In the case of self-employed individuals, the minimum business vintage must be 5 years in the current enterprise.
How to apply for the home loan festive offers 2023?
It is quite easy to apply for the home loan festive offer. Here is a step-by-step guide for all interested customers:
Step 1: Visit the official website of the lender.
Step 2: Navigate to the home loan application form.
Step 3: Fill up the form carefully with mandatory details such as full name, contact details, employment type, income details, and PIN code of area of residence.
Step 4: Enter the OTP and complete the remaining steps of the home loan application process.
After the lender receives the home loan application, their representatives will get in touch within 24 hours to help with documentation and other remaining steps. Documents such as PAN card, Form 60, Aadhaar card, voter ID, property documents, etc., are necessary for the approval process.