After a hectic day at work, you long to get home. It provides a relaxation space where you can spend quality time alone and enjoy the company of your loved ones. It also protects you from harsh weather conditions and other external factors. Buying a home also assures immense financial security and lets you enjoy incredible capital appreciation over time. Today, residential properties are available in an extensive value range.

Set a reasonable budget to explore viable properties. Ideally, a budget of Rs. 1 crore is decent for buying a 1BHK flat in a good area in your city. It is a significant amount, so you may need financial assistance to manage it. Applying for a home loan is a viable option as it lets you borrow a considerable amount at a competitive interest for a tenure of 30 years. The pointers explain how you can get a Home Loan worth Rs. 1 crore:

Choose a suitable bank

Housing Loan is a common product offered by every bank. Hence, you can apply for a Loan with any bank of your choice. Ideally, apply for a Loan at a bank with competitive interest rates and flexible repayment terms, which makes your Loan repayments affordable. The Home Loan EMI calculator is a tool that can be useful for comparing interest rates. Check any bank website to access the online tool.

Meet the eligibility criteria

Every bank has fixed eligibility criteria. Approach your bank’s customer representative or check their Online Banking platforms to learn their eligibility criteria. The bank checks your eligibility to decide on the Loan approval and extend a suitable offer. Hence, it is important that you fully meet the bank’s eligibility criteria. Furthermore, look for ways to improve your Loan eligibility.

It may speed up the approval process and make you eligible to borrow a significant Loan amount at a competitive interest rate. This results in an affordable Rs. 1 crore Home Loan EMI that you can repay without feeling burdened.

Complete the documentation

You need to fill out the application form and submit a set of them to apply for a Home Loan. You can get the Loan application form from the nearest bank branch or download it from online platforms. The list of documents required for a Home Loan is also mentioned on the bank’s website. Note the list of documents required and gather them. This ensures you submit all accurate documents for your application.

The bank takes reasonable steps to verify your documents and establish your Loan eligibility. Based on this, they make you a Loan offer. Input the Loan offer variables in the Home Loan calculator to determine the Rs. 1 crore Home Loan EMI. Accept the Loan offer if the payable EMI is within your affordability.