Detailed Guide on Applying for a Home Loan Amidst COVID Pandemic

Taking a crucial decision like buying a house is difficult during confusing times like the COVID Pandemic. However, many people are still considering buying their dream house in 2021 and looking for quick and easy home loan options. If anyone is still thinking about whether it is the right time to take such a crucial decision? The answer is YES!

Many Indian states have reduced their stamp duty to encourage home buying among the people, and RBI has offered Rs. 10,000 Crore to the Nabard and NHB to boost affordable and rural lending. So, for those who are considering applying for a home loan amidst Covid Pandemic, here is a detailed guide that can help.

Who is Eligible to Apply for a Home Loan?

Any Individual who fulfils the following eligibility conditions is eligible to apply for a home loan from Clix Capital:

• Minimum 22 years of age at the time of loan application, and maximum 65 years by the loan term-end

• Must be a self-employed professional or a salaried employee

• Combined household income should be minimum ₹ 3 lakhs per annum

Online Application Process

Considering the social distancing norms enforced due to the COVID Pandemic, many lenders are now allowing online application process right from the comfort of the borrowers’ homes. Many NBFCs like Clix Capital have user-friendly online platforms that people can use to apply for a home loan within minutes. If an applicant meets the above-mentioned eligibility conditions and have a credit score of 725 or above, they can apply for a home loan online without any physical contact.

Tips to Improve Home Loan Eligibility

These are a few tips that can improve an individual’s home loan eligibility and give them a hassle-free loan experience:

Saving Big for the Down Payment: The bigger the down payment they make, the lesser the loan amount they will need to take, and the lower the interest they will need to pay. So, before applying for a home loan, it’s advisable to build up the down payment for a few years.

Improving Credit Score: The applicants must have a credit score of 725 or above to apply for a home loan from Clix Capital. The higher the credit score they have, the easier will be their home loan terms and conditions.

Keeping the Documents Ready: Although NBFCs have minimal documentation requirements, the applicants need to show some essential documents, including their address, identity proof, and financial documents.

Choosing the Loan Tenure Wisely: Clix Capital allows borrowers to repay their home loan amount in up to 25 years. The longer tenure they choose, the smaller will be their EMIs, but the interest outgo will be higher. If they choose a shorter term, their EMIs may be bigger, but they will save a lot on interest outgo. So, it’s crucial to be careful while choosing the loan tenure using a home loan EMI calculator.

Features and Benefits to Look for

During the COVID Pandemic or otherwise, no one would not want their decision to go wrong. So, these are some of the most crucial features and benefits to look for in a home loan:

• Ample loan amount

• Competitive interest rate

• Flexible repayment tenure

• Easy eligibility conditions

• Minimal documentation requirements

• Easy application and fast approval

• Excellent customer service

Clix Capital offers home loans of up to Rs. 2 Crore with a repayment tenure of up to 25 years. Offering all the features and benefits mentioned above, the digital platform spells safety and convenience for the applicants.

For any queries, reach out at hello@clix.capital or call at 1800 200 9898

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