Home Loans in Faridabad

How to Get a Home Loans in Faridabad

Faridabad is a major city in the state of Haryana. It is one of the satellite cities of Delhi with well-developed infrastructure and public amenities. Since it is part of the National Capital Region of Delhi (NCR), many working-class individuals seek to own a house in this region.

Faridabad has some amazing properties and most of the leading builders constructing apartment projects. If you are planning to own a house in Faridabad, you can find all leading home loan lenders offering competitive home loans for eligible individuals. You can get low interest rates and high repayment tenure to own your dream home today in Faridabad.

Snapshot of Home Loans in Faridabad

Top Home Loan Lenders in Faridabad

Popular localities in Faridabad and their property rate trend are

What are the eligibility criteria to get a home loan in Faridabad?

Since house loans are issued for significant amounts and have lengthy repayment durations, banks have tight eligibility criteria for sanctioning them. The following are the basic prerequisites:

• To apply, you must be either a salaried employee or a self-employed professional. Individuals who are salaried, self-employed professionals or non-professionals, business owners, and farmers are all included.
• You must be at least 18 years old and earn a monthly salary, as well as be able to show that you have a steady source of income.
• A minimum of two years of work experience is necessary for salaried employees, as is a minimum of two years of business continuity for self-employed individuals.
• The minimum age to apply is 21 years old, and the maximum age is 60 years old (at the time of loan completion)
• A credit score of 700 or higher is preferred.
• Your net monthly income should be at least Rs.15,000 per month.
• You must have worked in your current position for a minimum of two years.

Also Read: Bank VS HFC; which is better for a home loan?

Credit Score and Home Loans in Faridabad

In Faridabad too, like any other city, a minimum credit score is necessary to obtain a home loan. A credit score of 700 and above is considered favourable.

When lenders are processing your house loan application, they look at your credit score. A credit score is a three-digit figure that ranges from 300 to 900 and reflects your creditworthiness to a lender.

Lenders want a credit score of 700 or higher when processing a house loan. If your credit score is below 700, you will still be approved for a loan, but with unfavourable loan terms such as high interest rates and processing fees. You can get a very favourable interest rate and other benefits if your credit score is better than 700.

Additional Read: Steps to fix your credit score before buying a house

FAQs – Home Loans in Faridabad