The significance of a home loan cannot be undermined, as a large group of home buyers depend on it for investing in their dream abode.
That’s why the decision needs to be taken very carefully, as home loan is an accountability that has to be refunded to a bank or a financial institution within a limited time
Hence, to avert faults with your home loan, assure yourself to keep in mind these things before signing the final document.
1. Research: Anyone should conduct a through research over the available home loans in the market. Avoid blindly trusting over promising advertisements or agents. And never hesitate to clarify your doubts from the agent as it might affect your life in the future.
2. Check Your EMI: Always examine your income and spending properly before you decide how much amount you can dedicate on your home loan EMI. For a better solution, discuss this with a qualified agent you trust.
3. Always Negotiate: Even though the ROI (Rate Of Interest) by the financial authorities is fixed but yet there is always some opportunity for negotiation. So if you do wish to save a few thousands on the total payment, make sure you try negotiating the ROI.
4. Loan Eligibility: Keep your important documents handy, especially the ones that comprise your credit card history. If you’ve paid your debts on time in the past, then that is your biggest positive point when applying for the loan. However, if you need to lessen your ROI rate, all you need to do is get a CIBIL score of 750 points or above.
5. Examine Your Documents: Run through your papers carefully as sometimes the agreement might escape some points, which you negotiated on. Because, remember the more familiar you are with the terms and conditions, the better it is for your future.
We hope you follow these guidelines so that a bad decision doesn’t weigh in between you and you dream home.