The Big Questions about Home Loan for Government Employees

0
1855
home loan

Who does not aspire to build or buy his/her own home at least once in a lifetime? Almost all of us, right? And Government employees are no exception. However, the cost of a plot or a ready-to-move home has gone up, and one’s own savings and incomes are not sufficient to let you buy your dream home. That’s why you can see many online and offline banks and non-banking finance companies (NBFCs) offering you a Housing Loan facility to help you buy a home. Similarly, such lenders also customize House Loans for salaried professionals, Government employees and more. The Home Loan interest rate awarded to such people are lower and makes the loan affordable to repay.


Leading names from the banking and non-banking finance world offer Home Loan for Government employees between Rs.30 lakh and Rs.10 crore to suit your needs.
Here are some of the other indispensable features and benefits of a Home Loan for Government employees facility offered by prominent lenders.

home loan

Home Loan for Government Employees – Quick Features and Benefits!

A Higher Loan Amount to Suit Your Needs

Be it your wish to buy that small apartment in a standalone building in a serene location or purchasing a penthouse, villa or a bungalow, you can fulfill all your wish easily. Yes, known lenders can offer you an amount as high as between Rs.30 lakh and Rs.10 crore. So, when it comes to buying a huge property you need not budge out.

Home Loan Balance Transfer Facility

Are you Government employee who is already having a Home Loan account but paying higher Home Loan interest rates? You can always opt for the Home Loan balance transfer facility, reduce your loan rate and pay smaller EMIs. The facility helps you switch your Loan from one lender to another after paying some processing fees.

Top Up Loan Assistance

All existing Loan borrowers are allowed to grab a top-up loan facility of up to Rs.50 lakh along with the availed Home Loan to fund your other needs. The top-up loan comes with less or no documentation, a lower rate of interest, and a tenor matching your Loan. You can use the amount out of the top-up loan to complement your home fittings, décor or other personal needs.

No Part-prepayment and Foreclosure Charges

If anytime during the tenor of your Home Loan for Government employees you feel to make some part-prepayment to your existing EMIs, you can do that. Also, the foreclosure of the  Loan before the end of the tenor is allowed. Both these facilities are available to you without any charges or penalties.

Wider Tenor to Help You Pay smaller EMIs

Since a Home Loan may have a higher loan amount, you may find it tough to pay it quickly as it will eat a considerable sum of your monthly income. As a result, lenders offer you wider tenor extending up to 25 years to help you spread the loan cost and repay in smaller EMIs. Opting for a longer tenor helps you not divert a larger chunk of your monthly income for the Home Loan repayment. On the other hand, opting for a longer tenor also means paying compounding interest and having the loan burden for a longer period.

Online Account Access

Some of the modern-day online lenders let their Home Loan borrowers access their loan accounts via their digital customer portals. It helps the Government employees and others to track their housing loans anytime and anywhere.

The Bottom Line

Some of the amazing benefits of the Home Loan for Government employees were just presented to you. If you are seeking to buy a home of your dream on a Home Loan, you can apply for the Housing Loan for Government employees online and get started!

Comments

comments

Leave a Reply