dlf city floors

Comprehensive Guide for Home Loans in DLF City Floors

Buying a home is a big decision as it is a complex process. Majority of the buyers take home loans to buy a home and then it becomes a long process of almost 15 to 30 years. Taking a home loan to buy DLF City Floors can amplify your purchasing capacity and you afford a bigger home with more facilities. DLF Phase 3 and DLF Phase 2 Gurgaon have many independent floors in low-rise or middle-rise towers to offer a luxurious life.

If you are considering buying an average home from any builder, a home loan allows you to buy a standard home in a locality like Phase 1 Gurgaon. Here is a comprehensive guide to help you understand everything about home loans to get the best deal to purchase a home.

The Eligibility Criteria

All the banks and NBFCs (Non-Banking Financial Companies) have slightly different criteria. However, the primary eligibility criteria for all banks are as follows –

  • The age should be between 18 and 60 years.
  • The applicant should have a steady income – salaried or self-employed.
  • Your earnings should be the minimum quoted by the banks.

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The Documents Required

There is a stack of documents required to complete the whole process of buying a home but, initially, to apply for a loan, the documents you need are –

  • A properly filled application form.
  • ID Proof like PAN Card
  • Residence Proof like a passport or driving license
  • A cheque for the bank processing fee
  • Last six months’ bank statements
  • Form 16 or Income Tax Returns (ITR) filing, if you are a salaried person
  • Self-employed people need to give many proofs along with proof of business existence.

Types of Interest Rates

There are two types of interest rates and you should carefully choose the one to buy a property in DLF Garden City Sector 91 Gurgaon.

Fixed Interest Rates – This type of rate means you pay fixed interest rates throughout the tenure of the loan. They don’t change with the fluctuations in the market and you pay the same amount of EMI every month.

Floating Interest Rates – This type of rate keeps fluctuating with the fluctuations in the market. Your EMI may be lower sometimes but if increases, the interest rates may go beyond 11%, and then your Home Loan will become a costly affair.

Factors Affecting the Approved Loan Amount

Income – The loan amount approved is directly proportional to your income.

Age of the applicant – If you are older and about to retire, the bank may not approve a bigger amount.

Market Value of the Property – Banks approve loan amounts on an average 90% or less than that of the market value of the property.

Property – Banks check the property before approving a loan. If the builder or the location is in their negative list, they don’t approve the loan. But, this is no issue with buying a home in DLF Garden City.

Benefits of Buying DLF City Floors

Taking a home to buy DLF Garden City Floors also depends on the property and builder other than your own eligibility criteria. So, when you buy property in DLF Garden City Sector 93, you don’t face any issues with the developer’s reputation because DLF is one of the top developers in the country. The localities like DLF Floors Phase 1, DLF Phase 2, DLF Phase 3, DLF City Phase 3, and DLF City Phase 1 Gurgaon are in the good books of the banks and financial institutions. Rather, they readily offer loans to buy property in these locations.

You also get the benefit of the reputation of the builder while taking a loan to buy DLF Garden City Floors.  Because along with the trust of the developer many banks and financial institutions pre-approve the projects when they are under construction after checking all the documents. So, one of the steps of checking the property details before approving the loan is already done.


You must be aware of every aspect of the home loan before applying for it so that you can take the right steps in the beginning. Carefully, make the decision to choose the type of interest rate and the tenure of the loan because the cost of a loan depends on both of them. If you have done your homework, buying an independent floor in DLF Garden City Gurgaon will not be a hassle.

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