Purchasing your own home is the greatest and most important financial decision of your life. Once you have finalized the home that you want to buy, the next significant step is to identify the bank or financial institution that will provide you a home loan for its purchase. 

home loan

Here are things to know before selecting your home loan. 

Loan amount and eligibility: 

The amount of the loan is calculated by the borrower’s monthly income. Moreover, the loan calculation is done based on the property’s valuation. 80 to 90 percent of the value of the property is the loan amount approved. The rest of the amount is to be paid by you. So choose a bank that adjusts the loan rate as per your requirements. 

The interest rate: 

home loan interest

The EMI and interest outlay are based on the home loan’s interest rate. Before choosing the bank from where to borrow money, do some market research. Aim for the loan with the lowest interest rate possible. You must also pick whether the loan you choose will have a fixed or adjustable interest rate.

You must select a floating rate of interest if interest rates are falling; however, if interest rates are rising, you should select a fixed rate of interest. Choose a bank that provides the type of interest you require. 

Processing costs and prepayment policies: 

The bank will charge you a fee for handling your loan application when you apply for a loan. An amount ranging from 0.25 percent to 2 percent of the loan’s total amount may be charged as the processing fee. You should make sure that the bank you selected for your loan processing charges is the cheapest.

home loan documentation

Documentation procedure:

The documentation procedure for home loans are never ending. However, some banks will require less paperwork to process your loan application. Make sure you present your age proof, proof of identity, and proof of income to the banks when you apply for a loan. 

Turnaround time:

Always go with a bank that processes and disburses home loans more quickly. After the loan is disbursed, the bank that has a solid reputation for turnaround speed and excellent customer service should be selected.

Therefore, do thorough research before selecting the bank for your home loan and pick the one that suits you best.

How we can help


Bridl360 can help you choose a property that suits your tastes and a bank with a  good home loan and a good Pre-EMI system so that you don’t have to settle for less.


We have a variety of luxurious apartments and villas with affordable Pre-EMI systems and fabulous amenities that could easily be the home of your dreams.


For more information or to book an appointment, contact us here or call us on +919966696961

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