- Conduct Thorough Research
Before applying, it’s essential to research potential lenders. Compare:
– Interest rates
– Processing fees
– Prepayment charges
– Other associated costs
This will help you choose the best lender that aligns with your financial needs.
- Check Your Eligibility
Ensure you meet the eligibility criteria set by lenders. Common requirements include:
– Being an Indian resident
– Age between 18 and 70 years
– Stable income source (salaried or self-employed)
– A good credit score
- Evaluate Your Property’s Value
The loan amount you can secure is largely dependent on your property’s market value. Get an accurate valuation to understand how much you can borrow.
- Prepare Required Documents
Gather all necessary documents before applying. Commonly required documents include:
– Identity proof (Aadhar card, passport)
– Address proof
– Income proof (salary slips, bank statements)
– Property documents (title deed, tax receipts)
- Fill Out the Application Form
You can apply either online or offline:
– Online: Visit Kfis’s website to fill out the application form and upload required documents.
– Offline: Visit the nearest Kfis branch with your documents.
- Submit Your Application
Once submitted, Kfis will assess your application based on:
– Credit history
– Income stability
– Property valuation
This evaluation process can take a few days.
- Review Loan Offers
After approval, review the loan offer carefully. Look for:
– Interest rate
– Tenure
– Monthly EMI amount
– Total repayment amount