The Buyt Desk
Flexi hybrid home loans are a blessing when you buy a new house as it reduces your repayment burden. Let us understand all its features including interest-only EMIs.
Everyone will consider buying their own home at some point in life. An excellent way to realize this dream is by going for a good home loan along with your savings. The ease of this process can be enhanced with a Flexi Hybrid Home Loan. Getting a home loan approved and repaying it is a huge financial commitment. Since this loan is of a high amount, it is very critical that you choose the right kind of loan which you can manage to repay without any hassles or negotiating your life goals.
Today, many players in the Indian market offer a wide range of home loan solutions. Each has unique features and benefits that cater to the different needs of different borrowers. Flexi Hybrid Home Loan is one such unique home loan with added convenience and an array of benefits. You can apply for this loan online and a high loan amount of Rs. 5 Crore can be availed. It has easy eligibility and an online loan management facility.
What are the application criteria for a Flexi Hybrid home loan?
Flexi Hybrid home loan has easy application criteria as it has only two conditions to be fulfilled. If you match these criteria, you can apply for a loan and get access to funds. Along with the application you need to submit a few documents. Here are the two conditions –
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The borrower must have a regular income and must be less than 50 years of age
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The property for which a home loan is sought must not be under construction
How does a Flexi Hybrid home loan work?
Interest-only EMIs first – The Flexi Hybrid home loan is unique because of the EMIs you pay towards the borrowed sum. In a term loan, each EMI is the sum of the partial principal and the interest throughout the tenor. But in a Flexi Hybrid Home Loan’s EMIs, the EMI for the first 4 years of the tenor is just the interest and the principal component is added from the 5th year. Hence, the EMIs are low in value. This feature allows you to organize your finances for future repayment. First 4 years you pay an affordable EMI which is an interest-only EMIs. This will ease the repayment process and buy you more time.
Loan tenure – A Flexi Hybrid Home Loan can have a loan tenure of up to 30 years. You can make prepayments in parts towards the loan anytime you can and as many times as you wish. There are no prepayment charges. The principal amount will not reduce on prepayment. But when the loan outstanding balance is equal to the part-prepayment amount and the interest paid, the lender considers both these amounts to close your loan much before the loan tenor.
Avail of another loan with ease – By prepaying your loan, you can also access an additional benefit. When you part-prepayment your Flexi Hybrid Home Loan, the principal amount is not decreased immediately like a term loan. But, this extra paid amount is set aside by the lender and the EMI you will be paying remains the same. In the future, if needed, you can avail of this amount as a loan. You can pay only interest on this new loan. Once the outstanding amount of your Flexi Hybrid Home Loan equates to the amount you have prepaid and taken as a loan, your loan will be closed prematurely. This is a double benefit that you can enjoy. The additional benefit is you get a low-interest sanction and hence you can quickly clear your total loan amount.
Easy access to your account – Along with the ease of repayment and usage, Flexi Hybrid Home Loan also gives you access to an online account. You can track your loan details to every penny at your convenience. You get access to the customer portal so that with just a click you can access your loan data including payment details, loan statements, part prepayment ledger, etc.
Summing up
Opting for Flexi Hybrid Home Loan you can enjoy maximum benefits and flexibility. They also have a facility where you can share basic details and check your pre-approved offer immediately. With a pre-approved offer, you can further simplify the application process. This also comes with more benefits along with your loan sanction.
