You want to own your dream home. You are saving up for it. But, you will need a financial support of a housing finance company in India. So, how you actually shop for it? What do you need to do to get the best home loan offer in India?

Step 1: Complete online research

First home buyers certainly need to do a lot of online search about home loans. But, finance savvy investment buyers are not exception too. Everyone needs to start this housing finance shopping process with a research. You need to know current home loan rates, rules and regulations, repayment options and interest rates available. But, everyone will need to know home loan eligibility criteria and documents required for home loan.

Pro Tip: It is crucial to remember that home loans are a complex financial product. Understand terms and conditions well enough to understand their impact on your financial status.

Step 2: Undertake SWOT analysis and consider third party opinions

It is important to understand how different aspects of housing loan affect you. You must know how your credit history, employment, and other factors will influence your housing loan eligibility. EMI calculator or home loan eligibility calculators cannot offer holistic interpretation of your application. Several personal, professional and financial details can influence your loan approval.

Pro tip: Advanced information at this stage of research will help you refine your choices. Realistic interpretation of your repayment ability can influence several decisions. E.g.: choice of property, neighbourhood, housing finance company and more.

Step 3: Prepare a home loan application and documents required

When you are shopping for housing finance, this is the most important step. You need to receive a loan approval with the most suitable home loan rates in India. So, you will need to submit the best possible documentation. Increment letter is better than just confirmation letter. Your documentation must reveal that your investments are higher than liabilities or loans. Include a co-applicant with a secure income, if possible. These details will influence response to your housing finance application.

Pro tip: Unless you know enough about house loans, consult with a personal finance expert such as credit repair expert. Do not rush to submit a loan application unless you are sure of its approval. A housing finance rejection can cost you dearly.

So, it is all about making smart choices every step of the way. This particular type of shopping must not take lender’s interest for granted. That is the most important aspect of home loan process. All the best!