Buying your own home is probably the biggest emotional and financial decision you will take in your lifetime. The satisfaction that one gets after entering the abode of their own, is tough to express in words. If you’re taking a home loan to fill the gap between your financial contribution and the property cost, it is important that you critically assess all aspects of the finances at your disposal to ascertain the loan repayment capacity. In this article, we will will share some tips for taking a home loan.

Your Options Are Many

With the proliferation of housing finance companies in the past decade, along with the regular banks, you now have many options for availing a housing loan to acquire your dream home. With multiple options to choose a convenient repayment tenure and easy monthly installments, financial entities are going all out to compete with one another to turn your dream of owning a home into reality.

Thorough Research For Best Option

Today, digital has brought all information on your mobile phone. You can access information on housing loan deals and offers from all lending institutions on the internet. Before you apply for a home loan, make sure that you have studied all options in detail and shortlisted those which are offering you the best terms, i.e. low interest rates, maximum repayment period, fast approval and speedy disbursal. Loan aggregator websites such as www.paisabazaar.com and www.bankbazaar.com help you compare home loans from almost all banks and housing loan companies on multiple parameters. One of the best best project is sethia pride kandivali east

Affordability Is The Key

While there are plenty of home loan options in the market for you, it is important that you consider the affordability angle before applying for one. Along with being able to afford paying the fixed monthly EMIs, you should also be able to comfortably adjust them within a reasonable cost of living. You should also account for expenses which will arise in the event of any unforeseen emergency. As a thumb rule, your EMI amount should not exceed 45% of your total monthly income.

Choose A Shorter Repayment Tenure

If you prefer to opt for a longer repayment tenure just to pay smaller EMIs, you should know that the levied interest rate will result in you paying between double to triple of the loan amount due to a cumulatively high interest. If you have a stable income that shows a strong probability of increasing every year and plan to live on a tight monthly budget, we suggest that you opt for a shorter repayment tenure and pay higher EMIs. To encourage faster repayment through a shorter repayment tenure, banks offer attractive interest rates, which you should use to your advantage. sethia pride kandivali is a well planned development with modern architecture.

Maintain A Healthy Cibil Score

The banking sector always check the loan applicant’s CIBIL score for any type of loan application. Get into a habit of regularly paying off any monthly outstanding which you may have, such as any loan or credit card repayment. Maintaining a CIBIL score of 750 and more will help you negotiate better interest rates on your housing loan, along with a higher chance of quick approval and disbursal.

Check For All Additional Charges Before Applying

At the time of loan application, banks and housing finance companies levy multiple charges such as processing, service and administrative charges, which are to be paid along with your loan application. You must confirm if they are one-time charges or will have to be paid every month along with the EMI. Also, do try and get these charges waived off by telling the bank that other lenders are willing to do so.

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