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How to Get a Home Loan in Pune
Pune is a developing city and also has a lot of well-known educational universities, medical and engineering colleges, and schools. ... ...





How to Get a Home Loan in Pune

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Posted on: 08/31/17

Pune is a developing city and also has a lot of well-known educational universities, medical and engineering colleges, and schools. Pune is also called the “Oxford of East” as a few universities are listed amongst the best institutions in India. Pune city is also referred to as the Deccan Odessey. Weather conditions in Pune are pleasant throughout the year. IT companies have been attracted to Pune city due to the educational background the city has been maintaining. Also, they have been setting up their bases in Pune. Hence, it is predicted that soon there will be a lot of job opportunities available in Pune city.

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Property rates in Pune have been stable, and the real estate graph does not seem like it will go downwards in the future. New residential projects are being set-up in Hinjewadi and Wakad which are central areas in Pune as well as the Pune Singhad Road which is a relatively new area. However, the rates are high, and the flats get booked quickly at a fast pace. Hence, affordable homes are being set-up at Pune Sinhgad Road with 1, 2, and 3 BHK apartments.

A financial help given by a lender to the borrower to purchase a property or land and charging interest are the same. As people are not able to purchase a house with their savings, opting for a Home Loan in Pune is advisable. Moreover, staying in a rented apartment may save you a little bit of money, but you have to keep on shifting year after year, and you may not get the same amenities as you had in your previous apartment. Here are some things you should know before applying for a Home Loan.

  • Down Payment: Down payment is the amount that you have to pay before you avail the loan. Your lender is not entitled to give you 100% of the loan amount. Hence, your lender will expect you to pay at least 15 to 20% of the loan amount as down payment. Hence, if you are applying for a loan of INR 10 lakhs, ensure that you have at least INR 2 lakhs in your account.

  • Front-End Ratio:

Also known as EMI (Equated Monthly Instalment) to income ratio. The percentage of your annual income deducted to pay off your EMI is called the Front-End ratio. Payments made by this ratio include insurance, principal, taxes, and interest.

  • Back-End Ratio:

Also known as the debt to income ratio. It is calculated by dividing your estimated EMI with your monthly income. Child support payments and credit card receipts form the back-end ratio.

  • Maintenance Charges: Once you have acquired the possession of your apartment, you have to make sure that you maintain it well and spend on household appliances. Also, look after your family and cater to their requirements. Hence, it is important that you manage your expenses well.

The eligibility criteria for getting a Home Loan is as follows:

  • Applicant should be between 25 to 58 years

  • Applicant should be an Indian citizen

  • Applicant should be salaried and have a minimum work experience of 3 years

  • Minimum loan amount can be 30 lakhs, and maximum can be 10 lakhs

Once, you fulfill the mentioned Home Loan eligibility criteria then getting an approval on your loan application will be easier for you. Well, if you are planning to buy a house of your own, then you should apply for a Home Loan in Pune.


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