How to Find Home Loans Using housing.com?

| November 23, 2014 | 0 Comments

If you have found a property you are certain about purchasing, the next thing you need is a home loan to facilitate your purchase. It is extremely rare that someone does not take a loan and makes the complete payment of the property in one go. Such buyers lie in the outlier category and therefore do not form a part of this discussion.

housing

For all practical purposes, it is assumed that loan against property is an important requirement of a house purchase. The most important aspect of such home loans is highlighted above. The buyers do not have to offer any extra collateral for the purchase. The very home that they purchase becomes the collateral for the bank till the loan plan is closed.

So how does a person who has just found a new home online apply for a home loan?

 

Applying for home loan the housing way

Housing.com has initiated its home loan service to allow users to easily find home loans of their choice. To enable comprehension, the portal has created an open source guide which is accessible by all.

This home loan guide provides all the details about home loans that a layman needs to know. Starting from the technical jargon and going on to explain how to service a home loan; this guide is one of the most comprehensive repositories of home loan ‘gyan’ available online. It has been designed to ensure that users know all the practical aspects of loans before applying. The knowledge thus imparted gives them the independence and the leverage to make their own choices.

Once someone knows about all that goes into a home loan application, he/she can access the home loan EMI calculator of housing.com as a starting point. This calculator requires a person to fill in his/her income details along with any other liabilities. Accordingly, the results page displays the amount of loan that this person is eligible for and approximately what EMI would he/she have to pay for that loan sum.

The time period of the home loan is exhibited as variable. One can move the slider of the time scale to change the loan tenure and obtain the EMIs accordingly. Once the EMI and the time frame is set, one can also view the actual available plans.

 

Compare plans online

Once a prospective home owner has verified his/her eligibility, he/she can look at the plans that are available for him/her. All the plans are listed out in rows just beneath the results of the home loan EMI calculator. The name of the lending institution, followed by interest rates and processing fee are all listed in a row. Of one intends to see a complete breakup of the listed plan, hitting the “+” button allows him/her to do so.

This can be done for all the plans that are listed in that page. This gives a user the opportunity to compare them all and choose the plan that suits his/her needs the best. One can proceed with the application process by hitting the “Apply” button alongside the plan summary. Housing.com also allows users to track their application by simply logging in and monitoring them.

In Conclusion 

Housing.com allows all its users to access its home loan services for free. One can find his/her eligibility without revealing any personal information or paying any money.

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Category: Home Loan

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