“Home Sweet Home”, a dream of every person to have their own home, but it is difficult to build a home without any help. Thus, come home loan in mind. Home loan can help any person build their own home without spending their entire savings. In today’s article we will explain to how to get a home loan along with the usage of solar loan that can save your money and help you maintain the electricity generation for your “Dream Home.”
What is Home Loan?
A home loan is a fixed amount of money provided by a bank for a limited time to build a house. A collateral object is placed against the sanctioned amount which acts as a safety amount in the bank. Any person can apply for a home loan depending on some factors that can also be considered as the eligibility criteria for home loan.
Eligibility Criteria for Home Loan
1. Current age & loan repayment tenure: The younger you are the longer and the better the chances are to get a home loan. Younger people can get a longer period of loan repayment time compared to older people.
2. Financial Profile: Every person has a financial profile which reveals some major information such as income stability, quantum of income, growth rate of income, etc. All the information helps the bank identify to set a limit for the loan amount for the loan seeker.
3. Credit Score (CIBIL Score): Just like a financial profile, there is a ‘CIBIL Score’ which is a credit score about a person. This score reveals that a person has a clear payment history and does not have any default payments under any debts in their transaction history. CIBIL stands for Credit Information Bureau India Limited.
4. Financial Obligations: The bank also evaluates the previous debt history of the person. If a person has any other financial obligations such as previous outstanding loans, the person is likely to have a sanctioned loan of lesser amount. If the person has a clean record, then they are eligible for higher amount of loan sanction without any hassle.
A loan calculator is a mathematical plus financial tool which calculates some factors that are associated in any type of loan. The factors that help calculate loan are ‘Loan Amount, Loan Term, Interest Rate, Compound, Pay Back Term, etc.’These calculations, help to answer some crucial questions that are mostly asked while seeking for loam.
- How much is the monthly payment / EMI for my loan?
- How much money can I afford to borrow?
- How long will it take to repay my loan?
- How much interest would I have to pay for an item (electronic gadgets, furniture, household appliances etc.) that I purchased under a “low EMI” scheme?
- What can I keep as a mortgage for my loan?
All these questions can be answered with the help of a loan calculator. We have attached a link of a loan calculator for your reference – Loan Calculator
Home with Solar Loan (Home Improvement Loan)
A solar loan is as important as a home loan or any other type of loan. A solar loan helps a person to buy solar panels / solar system which can start generating power for their home right after the installation. The generated power can cut short the monthly electricity bill amount by up to 20% to 25%. A 3 kW (Kilo Watt) solar system can save up to rs. 25,000 to 50,000 in a year.
The proper usage of solar panels can save enormous amount of electricity and money which will not only help make our environment clean and green but will also help its user to save money and invest in other high growing investments.
Loom Solar is one of the top solar panel manufacturing companies in the world that manufactures highly advance and affordable solar panels and its essential equipment. Loom Solar has also started providing ‘Solar Loan Assist Service’ that helps a consumer to get an approval on the solar loan in a very short time and in a hassle-free environment.
It is always a wise thought to build our dream house with the help of a loan. But the wiser thought is to get a solar loan and install the solar panels after the completion of the structure of your home. This will help generate the power that can be consumed to complete the remaining aspects of your home. We hope that the information we have provided will be benefit you as per your query. To know more about interesting facts and information visit Loom Solar’s website at www.loomsolar.com