Build your Dream Home with the Best Lenders in the Market!
Pooja Patel is an Architect by profession. She has a Bachelor’s degree in Arch (B.Arch.). She is an Architect at SDCPL – Gharpedia. Her writing weaves creative ideas and tips that offer a sustainable approach and informative content in the field of architecture and interiors. Apart from being blogger, she also participates in Architectural design & detailing at SDCPL. You can easily connect with her on Facebook, Twitter, LinkedIn & Instagram.
The entire process of building a home – starting from purchasing land, paying the builder/contractor, buying building materials, and so on, could be financially draining for a person.
Even if you are thinking of buying a new house, the overall expenditure could go on to surpass your budget. Indulging all the accumulated savings in availing a new home is not advisable.
Just like your builder/contractor requires the right tools for the job he does, you also need to make sure that you have the right kind of loan for your important project.
A better idea is to avail external funds, complete the construction of your new house, and gradually pay back the funds.
In such cases, home loans have always been a popular fund alternative when it comes to purchasing or building a new house. Various financial institutions now extend specialized home loans for professionals, including doctors, chartered accountants, and engineers.
For instance, a home loan for CA would include such features which are relevant to the fund requirements of an accountant.
Loans for professionals are classified in a certain way which helps them avail high-value loans. In case an accountant wishes to establish a CA firm, he/she can do so with the funds received from such loans.
When it comes to a home loan for CA, the funds can be utilized only to build or purchase a house. The lender does not permit the professional to utilize it in other purposes, be it business purposes or personal.
The maximum sum which can be availed through a home loan is considerably higher than what can be availed through a regular loan for professionals. As such, the repayment tenor provided to the borrower is longer too.
Shortlisting the best lender among the top ones in the market might be confusing for a borrower. To ensure that you make the current decision, you need to do thorough research on loan policies from several lenders.
You must know every detail about CA loans, professional loans and home loans. Comparing the interest rates and features is the primary step in this respect.
How to Pick the Right Lender for A Housing Loan For CA?
Housing loans are a medium to turn your long-awaited dream of owning a home into a reality. This might be the right time to focus on personal goals, such as building a dream house for yourself and your family.
To get going with such goals, you can look opt for the best home loan for chartered accountants with the following features –
01. High principal amount
A home loan can provide funds up to Rs.2 crore. You can have a discussion with the builder (or seller) regarding the gross expense, and avail a loan accordingly.
02. Top-up loan facility
Top-up loan facility is available on a home loan for CA, which enables borrowers to draw extra funds on an existing loan, without having to apply for a separate loan.
NBFCs like Bajaj Finserv provide such loans when you avail their balance transfer facility.
The company also provides pre-approved offers to reduce the time taken to avail financing by making the process straightforward.
03. Flexible repayment tenor
The repayment period for such loans range up to 20 years. The beneficiary can also repay the loan through EMIs.
04. Property search assistance
Representatives of the lender assist you in finding and selecting the perfect abode.
05. Property dossier
Representatives of the lender will also provide you with a customized report with all the details of financial and legal matters of owning a house.
The building or purchasing a dream house is a lifetime investment you make. Thus, before accomplishing this dream, there are some tips CAs must consider before investing in a new home. Assess your financial situation accurately, so you know approximately how much amount you need to borrow through a home loan for CA.
The building or purchasing a new house is a great financial undertaking. In some cases, such expenses could go on to surpass the determined budget. It is not always advised to utilize all your savings to avail of the new house.
A safer option would be to avail funds to back the expenses and repay it gradually. Hence, home loans are one of the most sought-after alternatives when it comes to buying or building a new house. Financial companies now offer specialized funds for professionals, like home loans for CA, doctors, and engineers.
A home loan for chartered accountants can be used for the purpose of constructing (or buying) a house.
The task of selecting the best lender in the loan market could be a challenging task. Home loans for CA come with special features.
The first among them is a high principal amount, ranging up to Rs. 2 crore. The repayment tenor for such advances usually ranges up to 20 years.
With a top-up loan facility, borrowers can avail extra funds on an existing home loan instead of availing a new loan. Other features in these loans, such as property search assistance and property dossier, further simplify the task of buying a new house.
Representatives of the lender assist borrowers in finding the ideal property as well as provide a customized report detailing the financial and legal aspects of owning a house.
In a nutshell, purchasing/building a dream house is a significant investment, which has to be made with proper planning and analysis. It is wise to assess your fund requirements before approaching a lender for a home loan.
I hope this article was helpful in giving information regarding housing loan. Apart from this, we have also written informative articles on home loan insurance and aspects for keeping in mind while buying a new home and home loan.