From renting to owning: Make a home loan choice this Dussehra

For many households, the monthly rent cheque often feels like money going out without creating long-term value. While renting can be convenient in the short run, it may prove costlier over time, especially as rents increase.

In contrast, property ownership requires a significant commitment but offers steady long-term benefits. Each instalment paid towards a home loan contributes to building equity in an asset that may appreciate over time.

Beyond the financial aspect, owning a home also provides a sense of security and stability. Homeownership is often associated with personal fulfilment, stronger community ties, and the freedom to customise one’s living space.

If you’re planning to move from renting to owning this Dussehra, here's how a home loan can support that decision. But before applying for a home loan online, it is important to understand the key factors involved in making an informed choice.

Why Dussehra Can Be a Suitable Time to Apply for a Home Loan

In Indian tradition, Dussehra symbolises the victory of good over evil and the start of new beginnings. It is considered an auspicious occasion to make important decisions, from purchasing gold to investing in property.

A property purchase during this period carries not just financial weight but also cultural significance, representing growth and stability.

Alongside this, Dussehra often coincides with practical advantages. Developers may roll out festive offers in the form of price adjustments or added amenities. Lending institutions, too, introduce seasonal benefits, ranging from reduced interest rates to processing fee waivers, making it easier to secure housing loans.

Together, these factors create a period where both cultural significance and financial considerations align. For those considering the move, Dussehra can be a practical time to apply for a home loan and begin the process of ownership.

Home Loans in India: What Borrowers Should Know

For most buyers, a home loan is the step that makes property ownership possible. Interest rates typically vary depending on the lender, the borrower’s eligibility, and overall credit profile. Loan tenures can extend up to 30 years*, giving households the flexibility to spread repayments over a longer period. Financial institutions such as SMFG Grihashakti provide interest rates designed to ease the monthly repayment burden.

Before sanctioning a loan, lenders usually assess factors such as age, income levels, employment stability, existing debts, and past credit behaviour. A healthy credit score (preferably 700 or above) and a steady source of income help demonstrate repayment capacity and improve the chances of approval with favourable interest rates.

It is also important for borrowers to calculate their equated monthly instalment (EMI) in advance. Knowing how much of the monthly budget can be allocated to repayment ensures the loan remains manageable without affecting other financial goals. Tools such as the SMFG Grihashakti home loan EMI calculator can help in making this assessment.

Applying for a home loan today has become more convenient. Many lenders allow applicants to complete the process online with limited documentation. Digital platforms provide step-by-step guidance, making the application quicker and more transparent. Borrowers can also access customer support through helplines or email services.

Step-by-Step Guide to Apply for a Home Loan Online During Dussehra

With most lenders offering digital facilities, applying for a home loan online is straightforward. Here’s how the process typically works:

1. Visit the lender’s official website and review the eligibility requirements. It’s advisable to use a home loan eligibility calculator to assess the maximum amount you may be able to borrow.

2. Fill out the digital application form with the required personal, financial, employment, and property-related details.

3. Scan and upload essential documents such as identity proof, address proof, income documents, and recent bank statements.

4. After submission, a representative from the lender usually reaches out to verify the details and guide you through the next steps.

Smart Tips to Transition from Renting to Owning with a Home Loan

Moving from a rented house to owning your own property is a significant step, and planning carefully can help make the process smoother. Here are some points to keep in mind:

• Maintain a good credit history. A score of 700 or above improves chances of loan approval and to access better interest rates.
• Compare offers. Review interest rates, processing fees and other applicable charges, repayment terms, and customer service feedback to identify the lender best suited to your needs.
• Keep EMI manageable. It is generally recommended that your EMI shouldn’t exceed 30–40% of monthly income.
• Budget for additional costs such as stamp duty, registration fees, insurance, and maintenance.
• Maintain an emergency fund to cover EMIs in case of unexpected events.

Starting the Homeownership Journey This Dussehra

Dussehra is often considered a Shubh Muhurat: a time that marks the triumph of good, new beginnings, and prosperity. Choosing this occasion to buy a home can carry both cultural meaning and practical benefits.

Festive period offers from developers and lenders, along with the convenience of applying for a home loan online, make it easier to take the step from renting to owning. With proper financial planning – from checking eligibility and calculating EMIs to maintaining a healthy credit score – the decision to buy a home becomes both achievable and sustainable.

By combining cultural significance with preparation, Dussehra can mark the start of a transition to homeownership, turning a long-held aspiration into reality.

*T&C apply. Loan eligibility, loan terms, and loan disbursement processes are subject to the lender’s policy at the time of loan application.

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