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The idea of having your own home is enticing. But given the inflation and growing population, owning your own space has become a distant dream. Hold up! With an affordable home loan Varanasi, you can materialize your dream of owning a home. Wish to know everything about it? Bhumi Finance is here to help you out. Scroll down now.

What is a home loan?

A home loan in Varanasi is a secured loan that is obtained by offering the house property to be bought as collateral to the lender. In this manner, individuals can purchase their dream homes by borrowing funds from a financial institution. The borrowed funds are then repaid in small EMIs over a period with a rate of interest. Today, a plethora of banks, NBFCs, and lenders offer home loans. It is recommended to fully research before finalizing the lender.

Home loans offered by Bhumi Finance

Since its very inception in 2015, Bhumi Finance has been enjoying the reputation of extending affordable home loans. A home loan extended by Bhumi Finance has an edge over what is provided by other home loan providers in Varanasi. This is because it usually comes with the following features:

• A decent principal loan amount.

Depending on your home loan eligibility and repayment capability, the lender offers up to 20 times of annual income (annual take-home salary) as a home loan Varanasi. Using our online home loan eligibility calculator, you can calculate the maximum home loan you can avail of based on your finances.

• Lower interest rates.

Our rate of interest is much lower compared to what is being offered by other lenders, making it an affordable financing option for home buying and home construction loans in Ballia. 

• Longer repayment tenure.

A home loan extended by Bhumi Finance has a long repayment tenure ranging between 25-30 years. This makes it easier to repay the home loan Basti without affecting your financial stability.

• Get lucrative tax benefits.

In the Income Tax Act 1961, there are multiple provisions under which you can claim a tax deduction on principal and interest repayment of up to Rs 35 lakh annually. 

• Our loans are multi-purpose.

Bhumi Finance extends home loans that can be used for the purchase of a new house, construction, and extension of an existing house, providing much flexibility to borrowers. 

• We don’t charge any prepayment penalty.

If you have selected a floating interest rate on your Bhumi Finance land purchase loan in Sonbhadra, there is no prepayment penalty involved. This helps you to close your home loan account much before the tenure, saving significantly on interest costs. 

Hence, it is recommended to seek home loans from Bhumi Finance rather than any other loan agent in Varanasi.

How does a home loan work?

Before you submit your home loan application at Bhumi Finance, we advise you to get well-versed in how a home loan works. 

A home loan extended by Bhumi Finance is availed of by offering house property that is bought or constructed as collateral with us. We keep the right over your property until full repayments are done. At the end of the home loan tenure, after successfully repaying the home loan, Bhumi Finance forgoes this very right. Now, in case of default, we take over the property to recover dues to avoid the loss.

Am I eligible for a home loan?

At Bhumi Finance, it is very easy to meet the eligibility criteria for a home loan Varanasi. The criteria includes:

• Must be an Indian resident.
• Must be of a minimum of 21 years and a maximum of 65 years at the time of loan maturity.
• Minimum CIBIL score of 700 Must fulfill the minimum income eligibility and have a stable income source. 

Once you check your eligibility, all you need to do is submit the following documents either online or at our branch.

• PAN and KYC documents.
• Income proof (Form 16, last 2 years ITR salary slips for salaried and valid income proof for self-employed).
• Bank statements of the past 6 months.
• Documents relating to the property you wish to purchase.

And you are good to go! Apply for an affordable home loan in Varanasi now at https://bhumifinance.com/.