Many people miscalculate their finances due to lack of information about the home loan application process, etc. It is every individual’s dream to build or buy a house in his/her lifetime. But there are obstacles like high property rates, etc. Even borrowing home loan isn’t easy as it requires lots of time, patience and effort on the borrowers’ part. Here are five things you have to remember while going for a home loan. India’s First Free Online Financial Advisory, Moneymindz
1. Income and job security
How stable are your job and income? Can you pay all EMIs on time without delaying? Lenders will have a look at your net salary, expected expenses, and your existing EMI outlay while looking at your loan eligibility. So have clarity on your future job and income. Get Personalized Advice On Home Loan from Kuber Mindz, MoneyMindz or Give A Miss Call On 022-62116588.
2. Credit score
Your credit score determines your eligibility for loans, home loan, car loan, education loan, etc. Many institutions offer credit rating for individuals. They measure your credit score on a scale of 300 to 900 that depends on your past usage of the credit card. The more the score is, the better chances you have of loan approval. India’s First Free On call Financial Advisory, Moneymindz
3. Tenure of the loan
Higher the tenure, higher the absolute amount of interest paid. So try keeping the tenure as low as possible so that you don’t pay more than how much is needed. Keep your paying capacity in mind while deciding loan tenure.
4. Interest rates, fees and charges
Two kinds of interest rates are there- floating and fixed. The fixed rate isn’t affected by market fluctuations while the floating rate varies from time to time. Free Online Financial Advisory, MoneyMindz. The fixed rate is higher than the floating rate. Bear in mind the several charges that may come along. Since the first thing that comes to mind while going for a home loan is interest rates, you should see to it that you are aware of most of the things. Certified Financial Planner, Kuber Mindz, Moneymindz
Never ignore the “Terms and Conditions” which are designed to look too long and boring so that most people don’t care to read it. No matter how small the text is, take your time and read the entire text. Lack of information mainly comes from not reading the “Terms and Conditions” part of the document.
For further information regarding Home Loan, visit www.moneymindz.com and interact with Kuber Mindz, or give a missed call to 022-62116588.