For most of us, owning a home is a long-held dream. Buying their first home is a source of pride for young people, but buying a bigger or better home is a way for middle-aged people to improve their standard of living.
Several housing programs are available, in addition to easy access to real estate financing, to help you make your wish come true.
A home loan is a tool that allows you to buy your ideal home by providing you with the necessary liquidity at the right time. Getting a home loan is easy for everyone, whether they are paid employees, freelancers, or business owners.
For employees, buying real estate with a mortgage makes even more sense because it eliminates the additional cost of paying rent each month.
Renting real estate is essentially a waste of money because it does not help build up a fund. Whereas if the same amount is paid on the EMI home loan, there are many benefits like homeownership, EMI home loan tax savings, easy payments over a long period of time, and more Again.
General criteria for obtaining a mortgage
A healthy salary and a solid credit history are common requirements for obtaining a mortgage, whether you are an employee or self-employed. Your salary represents your ability to repay the loan, while your credit profile reflects your willingness and ability to repay the loan on time.
To assess your eligibility for a home loan, the lender will ask you to provide specific documents, which may vary depending on your professional profile. The lender will require these documents to determine the source, consistency, regularity, and duration of income for the loan to be granted.
Advantages of Home Loan for Employees
No matter where you are working or what designation you hold in your office. With mortgage loans best rates and plans, you can buy your own home.
Save on rent
Understand the difficulties if you’ve lived your entire life in rented accommodation. The limitations of the landlord, not being able to furnish the way you want, moving to a new home every year, difficulty moving, and adjusting to a new area are some of the challenges that every tenant meets and connects with.
Buying a property with a low EMI mortgage allows people to accomplish things that they could not do with rental housing. You have the flexibility to decorate the space however you like, invite people over, and the joy of staying in one place indefinitely adds to the overall appeal.
Renting a nice property in a big city could easily take a toll on your monthly budget. In addition, there is no return on the rent paid each month.
With the cost of living in major Indian cities on the rise, it seems more prudent to pay the EMI on the mortgage rather than on the rent.
An Easy and Affordable Way to Buy a Home
Most of us wouldn’t be able to achieve our goal of owning a home without a home loan. The purchase of a property requires a large sum of money and a normal payment, the individual can only consider buying a house through a mortgage with EMI.
Home loans are easier to apply for, take less time to approve, and if the money is sanctioned you can start living in the house right away. For most people who have the wacky ambition of owning their own home, a home loan is the easiest solution.
One of the best aspects of a home loan is the relatively long repayment term, which allows for good financial planning. This will keep you posted on the expected IME in the future. You can select the loan term that best suits your needs based on the EMI amount that you can comfortably afford each month. This is an essential tool for paid people who need to prepare their monthly budget in advance.
Tip: All credit institutions have easy access to detailed credit history information, such as repayment history. One late payment could make it difficult to get further loan approvals.
If you are in the UAE and looking for the best home loan as an ex-pat, come to Mashreq. Mashreq bank not only provides home loans for permanent residents but also facilitates ex-pats to get different loans at the best interest rate. Visit the Mashreq website for assistance.