Buying your own home is a major financial decision that requires careful planning and funding. A home loan allows you to convert your dream of home ownership into reality in an affordable manner. If you are looking to buy a comfortable 2 BHK flat in the bustling city of Pune, a home loan is likely your best option for financing such a significant purchase. At Marigold Calendula, we understand that homebuying is exciting yet an overwhelming decision. You have so many questions in mind about finances and loan options. In this blog post, we will explain the need for a home loan and the application process that most home loan lender banks/ organizations follow. Let’s begin!
The Need for a Home Loan
Most people do not have enough savings to pay for an entire property in one go. A home loan bridges this gap and allows you to pay for your home through affordable monthly instalments over 5, 10, 15-30 years.
Taking a home loan has several benefits:
- It enables you to own your dream home much earlier than through sole savings. Property prices in urban areas like Pune continue rising each year.
- The interest rates on home loans are lower than personal loans, making it more economical for funding large property purchases.
- Apart from principal repayment, a portion of each EMI also contributes to paying off interest costs. This builds your credit score over time.
- Home loans provide tax benefits. Under Section 24(b) of the Income Tax Act of India, you can claim tax deductions on interest paid towards your home loan.
Home Loan Application Process
Now that we understand the need for a home loan, let’s look at the simple steps to apply for one:
1. Shortlist the property and check your eligibility for a home loan through online home loan eligibility calculators provided by banks. Pre-approve loan if possible.
2. Compile KYC and income documents like PAN card, Aadhaar card, latest Form 16, 3 months salary slips, etc.
3. Select your preferred bank, fill out an online or physical application form providing property and personal details.
4. The bank will evaluate your application and issue an in-principle approval/loan sanction letter if found eligible.
5. Pay the processing fees, submit signed copies of sale agreement and property papers.
6. The bank will disburse the approved loan amount directly to the builder/seller’s account on completing legal documentation.
7. Start repaying through EMIs as per the agreed terms and enjoy your new home!
To summarize, reaching out to banks, preparing documents and having good repayment discipline are key to a smooth home loan application process.
An Affordable New Residential Project – Marigold Calendula
Audumbar Group is a renowned real estate developer offering premium residential projects across Pune. Our latest launch Marigold Calendula comprises of 126 luxurious 2 BHK flats in the prominent localities of Wakad and Aundh.
Some key advantages of investing in Marigold Calendula include:
- Spacious 2 BHK flats ranging between 780-854 sq.ft at attractive prices.
- A reputed MahaRERA approved project.
- Excellent connectivity to major highways, offices, colleges within a 5 km radius.
- World-class amenities like clubhouse, gym, playground, security features etc. within the premises.
- Audumbar Group is known for quality construction, timely delivery and efficient customer care.
- Home loan options with leading banks and NBFCs. Owning your dream home could be easier than you imagined!
Conclusion
A home loan provides the ideal means for middle-income homebuyers to fulfill their aspiration of owning a comfortable 2 BHK flat in Pune. By understanding the benefits of a home loan, preparing required documents and having a clear repayment plan, the entire process becomes simple. We hope this blog has given you useful insights into financing your new home purchase. Do check out Marigold Calendula project to invest in an ready-to-move-in 2 BHK flat coming up in a residential hotspot of Pune within your budget. Wishing you the very best in your homeownership journey!
