— Clix (@ClixHimself) February 15, 2021 This isn’t the first time Clix has been banned from Twitch, and in a screenshot he shared following the news, it’s not looking too good for him. This is the place to sit back, have fun, and watch Clix. You might even pick up a few pointers for your next match!
Finding a perfect home that satisfies your requirements and expectations is crucial, and equally important is finding the best home loan offer. There are hundreds of lenders and NBFCs in India who are willing to give you home loans. However, the most important question is which lender to choose to get the best home loan experience. Remember, when you apply for a home loan, you financially commit yourself to the lender for as long as a couple of decades, and sometimes even more. There are few key tips that can help you find the right home loan and have a hassle-free experience.
1. Start by Saving Money for the Down Payment
It is crucial to plan your finances before applying for a home loan. Make a monthly budget first and start saving some amount of money every month accordingly. You can use the saved money to make your down payment. The more down payment you make, the lower the loan amount you will need and the lower the interest amount you will need to pay.
An easy way to save money is to set up an automatic transfer from your bank account to a dedicated account for savings every month. By doing this, you will save a fixed amount of money each month and you will not spend the money that you intended to save.
2. Check Your Credit Score
If you have a credit score of over 725, you can actually get some great deals on home loans. A high credit score proves your creditworthiness to the lender, due to which they agree to offer you loans with better loan terms. Your credit score depends on your credit history. Check your credit score online and see where you stand. If it’s more than 725, you get high chances of getting loan approval and you can get attractive interest rates on your home loan.
3. Know the Eligibility Conditions
Applying for a home loan without knowing the lender’s eligibility conditions will only result in loan rejection. For Clix Capital, you need to fulfil the following eligibility criteria:
- You must be minimum 22 years old at the time of loan application, and maximum 65 years old by the loan term-end
- You must be a self-employed professional or a salaried employee
- The combined income of your household should be a minimum of ₹ 3 lakhs per annum
4. Keep Your Financial Documents in Place
Apart from your identity proof, address proof, and application form, you need to provide some financial documents as well to prove your income. Clix Capital is a reputed NBFC that has different documentation requirements for salaried employees and self-employed professionals.
Salaried individuals need to submit the following documents:
- Your salary slip for the last 3 months
- Your bank statements for the last 6 months, which must be showing your salary credit
- The latest copy of Form 16
For self-employed individuals, these are the documents that are required:
- Your business profile
- Your bank statements for the last 6 months
- Income tax returns & financials for the last 2 years, including your balance sheet, and profit and loss accounts
Keep these documents ready to accelerate the loan application and approval process and have a hassle-free loan experience.
5. Use a Home Loan EMI Calculator
A home loan EMI calculator is an important tool that can help you understand how much EMI amount you can afford every month. Using this calculator, you can get an estimate of your monthly installment and identify how much loan amount you should apply for and for how long as per your repayment capacity.
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6. Compare Different Loan Offers
While looking for home loans, you will find many loan offers with varying interest rates and loan terms. However, apart from the interest rate, there are several other factors that you need to consider before accepting a loan offer, including eligibility conditions, loan amount, fees and charges, customer service, etc. Talk to the lender’s customer care center and determine if they are the right choice or not.
7. Understand the Type of Interest Rate
The interest rate applicable to your home loan offer can be fixed or floating. A fixed interest rate remains the same irrespective of the market rate, while a floating interest rate decreases or increases with fluctuations in the market rate. As far as home loan is concerned, Clix Capital gives you two options of interest rates to choose from:
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- Floating interest rate all through the loan term
- Fixed interest rate for the first 2-3 years, and then floating interest rate for the rest of the loan term
8. Stay Updated with Your Loan Repayments
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Once your home loan is approved and you get your loan amount, don’t forget to repay your EMIs. Missing or delaying EMIs can lead to unnecessary late-payment charges that can make your loan experience unpleasant. So, make sure that you pay your EMIs on time thoroughly throughout the loan term. Staying abreast of your loan EMIs also helps in improving your credit score and enhancing your creditworthiness.
Observe the above mentioned tips to have the best and hassle-free home loan experience. We, at Clix Capital, offer home loans of up to ₹ 2 Crore, with loan tenure of up to 25 years. Apply for our home loan and take advantage of our streamlined loan application and approval procedure to have the best loan experience ever.
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For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp
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You can also reach out to us at hello@clix.capital or call us at 1800 200 9898