Gurgaon is one of the leading urban regions in the country today and one of the most prominent in the NCR. After its surge in infrastructural development after the IT sector was set up here around two decades back, this region has never looked back and today the demand for housing here has gone up exponentially. The rise in population of the region has also attracted investors here and it is a top destination for real estate development. Today many first time home buyers are eyeing Gurgaon to buy their first property because it is more affordable than Delhi and yet is very well connected to it. It has all the perks and amenities that one could want and be availing a Home Loan in Gurgaon is also made easier because of leading banks and NBFCs like Bajaj Finserv.
The first step towards buying your home is to ascertain how many loans you are entitled to so that you know your buying capacity and look for a property within your budget. Once you have a tentative idea about the kind of property you want and how much it could cost, use a housing loan EMI calculator to calculate how much you would be expected to pay each month as your EMI and whether you would be able to pay them or not. The calculator will ask for some information like your income, the Home Loan interest rate of the bank or the NBFC you are thinking of applying for the loan, the loan tenure and if there are any additional sources of income. Based on these aspects the calculator will provide you with the information regarding how much will you have to pay as interest over time.
There are certain documents required for Home Loan as well and they include Photo ID and Age Proof, Address Proof and the IT returns for the last three consecutive years, which is the same for all. For salaried people, one would have to provide the salary slip of the last six months and the bank statement of the last three months. Those who are self-employed or have their business will have to provide the TAN as a business proof, along with sales tax documents. Apart from these, the creditors could ask for any other documents as per their requirements.
There are several factors which will determine whether you are eligible to buy a home in Gurgaon and although there are separate parameters across the various banks, more or less all of them will rely on your past repayment history and your credit score. A good score will give you the advantage of arguing for lower interest rates. Some banks are also keen to know the construction status of the project. Once your loan is approved you must also go through the sanction letter carefully and clarify any doubts so as to avoid payment of any hidden charges later but such cases rarely arise.