Home Loan is one of the most opted banking products in our country because of the primary need of our countrymen is owning a home. Indiabulls is one of the leading financial institutions that provide a few amazing banking products of which one is the Home Loan facility. The most important thing that one should always keep in the mind is the interest rate your lender has been offering. Indiabulls Home Loan interest rate is that one thing that separates itself from other lenders and makes it the most preferable among the customers. Many people still don’t know what impact a higher rate of interest can make on your EMI amount that you have to pay while repaying the loan amount.
In this article, we will be telling you about many things about the Indiabulls Home loan rate of interest, the application process, and the required documents so that you could take an informed decision about it while choosing the loan. So don’t stop your stroller and keep reading!
What is Indiabulls Home Loan Rate of Interest and what are the factors that determine it?
Indiabulls Home Loan rate of interest ranges from 8.80% to 12.00% per annum which is pretty affordable considering the current financial market. You need to remember that this is only a range from which you will get the final rate of interest. It depends on various factors such as profile, loan amount, property type, tenor period, and most importantly CIBIL score.
Your profile will include your age, employment type – whether you’re salaried and self-employed, your employment history – the number of months/years from which you’re working or running your business, and any existing liabilities.
Loan amount matters a lot in determining your Indiabulls home loan rate of interest as a higher loan amount will fetch you a higher rate of interest and vice versa. So it’s important that you choose the loan amount according to your repayment capability otherwise it may cost you a lot in the longer run.
Your tenor period also impacts the rate of interest as a higher repayment period, say 15-20 years will make you pay more interest amount in comparison to a shorter repayment period.
Your property type also decides the rate of interest. If your property location is better, then the lender will automatically find it more secure in sanctioning the loan amount as compared to a property with absolute no amenities and with a bad neighborhood. So it’s important to make sure that the location or property for which you’re taking the loan is suitable.
Your CIBIL score plays a huge role in determining your CIBIL score because if you have a good repayment history and subsequently, a good CIBIL score which is considered to be 700 or above, then chances of getting the loan amount at a lower rate of interest are comparatively high.
How can you apply for the Indiabulls Home Loan?
Now you know everything about the interest rate and other things about it, and want to apply for the home loan, then you can go to the official website of Indiabulls and fill the application form by filling out a few basic details like your name, mobile number, city, annual income, etc. And your application will be on its way.
- Duly signed Application Form
- Processing Fee Cheque
- Property Documents
- KYC documents like ID proof, Address Proof
- Income Proof Documents like Salary Slip or ITR, etc