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A First Time Buyer’s Guide To Home Loans In India
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Everyone wants to own their dream home. The sheer freedom and power of having a place of your own is very liberating. Every day, many people decide to buy their own home with the help of home loans and land up in a storm of questions. Which is theright housing finance company in India? How do I get the best home loan in India ? Will home loans in India allow me to prepay my loan EMIs economically? Why is the list of documents required for a home loan so long? This series of questions about housing finance in India never seem to end. However, what is the most important factor for first time home buyers? You want a secure, dependable and affordable home loan in India. You want a hassle-free home loan. You want a loan that is easy to repay. Hence, you consider following a step-by-step approach for buying your dream home.
You will need to prepare for a housing loan. You cannot opt for a house loan like it is a personal loan. It is a long term financial commitment, for almost 20 to 30 years. Like marriage, it is a serious decision that will affect every aspect of your life. So, invest your time in understanding the foundational concepts like home loan eligibility, floating and fixed interest rates, repayment options, prepayment charges, housing finance company’s terms and conditions, etc. You need to arrange your finances for the down payment. But, you will need to demonstrate your credibility and repayment ability through your credit score and current state of assets and liabilities.
That has to be most harsh and the toughest step in the home loan process because, for most first time buyers, the home they want and the home they can afford are not the same. However, there are several strategies that allow you to own your dream home. You will need to consult a personal finance expert to identify the applicable strategy. Here are some starting points:
• Improve your credit score
• Find an appropriate co-applicant
• Shift the neighbourhood
When you are looking for your dream home, you will need to bargain a lot. First of all, you will need to chat with personal finance consultants, which is extremely important for first time buyers because they may be unaware of all the factors affecting the approval of home loans in India. Secondly, you will need to negotiate the cost of the house and its ancillaries with the private seller or realtor. You will have a detailed discussion with your housing finance company’s officer about customizing different facets of the loan like the type of interest rates, tenure, repayment options, etc. Thirdly, if you are a creditworthy home loan applicant, you might be able to negotiate your house loan interest rates.
So, make the most of your strengths and get the best home loan in India with the right advice on your side.
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