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We build homes to live and to make memories so that they can be cherished. Building a home has become tougher since real estate prices have moved northwards in the past few years. In India, where most of the people are young and urbanization a dominant factor, home loans are becoming the most sought out phenomenon. Home loan is a product where lender provides money to the individual for purchase or building a house. Home loan India can be availed either for purchase of a new house or for renovation of the existing house. Buying your first home can be intimidating, especially faced with many different loan types. You can get multiple types of loan for doing a particular task. But home loan helps us to buy house of our own choice which we might be planning from long time. In order to take home loan to buy a house, you will have to make sure that you have some money to pay the down payment of the house. There are various factors on which your home loan application is dependent which are listed below: • Income: Income of the applicant is the first thing evaluated by the loan provider. Your income levels determine the amount of loan for which you are eligible. • Tenure of the loan: Loan application and loan amount are dependent on the tenure of the loan you opt for. The longer tenure you opt for, higher is the probability that you will get more loan. • Interest rate offered: Financial institutions earn interest on the loan they provide you. While determining the interest rate for your loan, they evaluate your credit score. If your credit score is high, more the probability that you will get higher amount of loan at cheaper interest rate which is always the plus point. • Existing loans: If you have some other loans, your eligibility for the high amount will come down as you will have to service and repay more amounts of loan. The lender will consider above factors in order to determine your loan eligibility along with the loan amount. One can compare home loans in India to get the best deals from various offerings. If the credit score of an individual is high, then he will have the power to negotiate. You can compare home loans in India at policybazaar.com as it provides various tools that will help you to get the loan meeting your requirements. Getting a home loan India will seem very easier if you visit policybazaar.com and make comparison of the deals available as you can potentially save money. -------------------------------------- Author Bio : Priyanka author of this article. In this article its discussed about home loan india, and to know about Compare Home Loans in India.To Know more about home loans Please Visit the site: http://www.policybazaar.com.
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