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4 Things to Consider While Applying for A Home Loans

Applying for a home purchase loan is a great way to get financial assistance without touching your savings.

4 Things to Consider While Applying for A Home Loans

Applying for a home purchase loan is a great way to get financial assistance without touching your savings. With the banks in India offering various benefits including easy monthly instalments, flexibility to choose the repayment tenure, making your dream of owning a home, a reality has become much easier.

WHEN CAN YOU OPT FOR A PERSONAL LOAN?

But, before you start the home loan application process, you must consider the following tips to simplify the application and the repayment process.

RESEARCH WELL

The EMIs or equated monthly instalment is the amount that you are obliged to the bank as part of the repayment process. Typically, the banks offer different EMI options to suit the varying needs of the borrowers. The EMI greatly depend on the down-payment amount you pay; the higher the down payment, the lesser will be the EMI. Experts suggest that the EMI you chose must not exceed 45% of your income.

MAINTAIN A GOOD CREDIT SCORE

Having a good credit score is a pre-requisite while applying for any loan. Before you start looking for the best home purchase loan scheme, it would be advisable that you review your CIBIL score and if your credit score is less than 750, focus on improving the score first. If your score is 750 or more, you can use the score to your advantage and get a better interest rate on your home loan.

CHOOSE THE EMI CAREFULLY

Having a good credit score is a pre-requisite while applying for any loan. Before you start looking for the best home purchase loan scheme, it would be advisable that you review your CIBIL score and if your credit score is less than 750, focus on improving the score first. If your score is 750 or more, you can use the score to your advantage and get a better interest rate on your home loan.

ASK ABOUT THE PREPAYMENT RULES

One of the important factors to consider while choosing the besthome loan provider is the foreclosure norms. Typically, the banks charge a prepayment penalty if you try to close the loan before the end of the specified loan tenure. The prepayment charges usually range between 1% to 3% of the outstanding amount at the time of the prepayment. Make sure that you check with the lender about the prepayment norms before signing the loan documents.

Own the Home You Truly Deserve CHECK LOAN ELIGIBILITY

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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