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Mr. Avinash Gowardhan, a Central Government employee, stationed in Andaman and Nicobar, always wanted to buy a home of his choice in his hometown for the family.
Because he was always on the move, he had kept his family in his hometown in a rented space. And buying a home for the family was one of his desires that was not getting fulfilled due to some money shortage!
He had heard a lot about Home Loan becoming affordable and interest rates falling, he made his mind to apply for a housing loan with a non-banking finance company (NBFC).
Yes, even if you are a Central Government employee such as Avinash, even you can avail a Home Loan at lower Home Loan interest rates and fulfil your wish.
In the context of the discussion, let’s provide you some quick features, benefits and other details about a Home Loan for Central Government employees that one should know before applying:
Features of a Home Loan for Central Government Employees
- You can Apply for a Higher Loan Amount
When it comes to purchasing a dream home, you need not sacrifice your wish to buy a grand home as you can grab a higher House Loan amount. Yes, leading lenders can provide you an amount between Rs.30 lakh and Rs.10 crore to entirely cover your needs.
- Home Loan Balance Transfer Facility
Even if you have an ongoing Home Loan account with a different lender and unhappy with the services and interest rates, you can switch it to a new lender. The facility is called the Home Loan balance transfer to enjoy better Home Loan interest rates and make it even more affordable. You can also enjoy a top-up loan up to Rs.50 lakh at a lower rate and a longer tenor to cover other needs when you switch the account.
- Nil Part-prepayment and Foreclosure Charges
Most of the financial lenders will not ask for a change if you decide to part prepay or foreclose the loan before its stipulated tenor.
- Wider Tenor
A Home Loan for Central Government employees also offers you with a longer tenor to suit your needs. Hence, you can opt for a tenor ranging as high as 25 years and pay smaller EMIs never to feel financially burdened. To calculate your Home Loan EMIs free, you can use a Home Loan EMI calculator available at a lender’s website.
- Negligible Documentation
With Home Loans going online, you need not complete the Home Loan formalities by submitting a bucket of documents. We will come to documents required for a Home Loan later in the post.
- Online Account Management
With everything going online, can the tracking of the loan be behind? Yes, you can easily track the progress of your online Home Loan via the digital customer portal of your lender. Like this, you can track your loan right from anywhere and 24/7.
Home Loan Eligibility Criterions
You will need to fulfil below Home Loan eligibility conditions to qualify for a Housing Loan such as:
- You should be a citizen of India
- Your age should be between 23-58 years
- You should be working, and your work expertise should read 3 years and more
- The minimum loan amount is Rs.30 lakh and the maximum is Rs.10 crore
Documents Required for a Home Loan
You will need to furnish some documents online to complete your Home Loan eligibility easily such as:
- KYC documents
- Address proof
- Identity proof
- Recent photographs
- Latest salary slips or Form 16
- Last 6 months bank account statements
The Bottom Line
Now that you are aware of the Home Loan for Central Government employees, you can apply for it online and fulfil your wish of purchasing your dream home!