Tempting offers, low interest rates, and flexible EMIs – getting a home loan in India is easier now than ever. Thanks to the services of India’s reputed financial institutions, you can now get a home loan with minimal effort, and purchase that dream home you always wanted for yourself and your family.
However, as simple as it may sound on paper, acquiring the best home loan comes with its own set of dos and don’ts. As a homebuyer, it is imperative that you tread carefully, read all the terms and conditions of repayment, all the factors involved, and customer service aspects, in order to enjoy a healthy, smooth experience.
Now that you’re aware of how bank loans work, let’s take a look at the following tips and tricks to keep in mind while applying for a home loan:
Buying a home is a personal decision, but it needs to be practical too. Do not choose a property that you’re not going to be able to afford. Home loans and their attractive offers might look good at the moment, but you are the one who has to keep paying the installment every month. Therefore, your loan should have an EMI of no more than 45% of your total monthly income.
Longer tenures are affordable, as you get a lower monthly installment. However, that also means that you end up paying more in terms of monthly interest. But, if affordability is your major concern, a longer tenure is advised, as with time, you have a higher chance of paying off the loan earlier.
Your credit score is your financial identity card. Any bank you go to for a loan will first review your credit score, and then decide whether you’re eligible for a loan or not. Therefore, if you’ve committed financial mistakes in the past, rectify them, and improve your CIBIL score. This will increase your chances of getting the home loan you desire.
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