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3 Mistakes Existing Home Loan Borrowers In India Must Avoid
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Most home loan borrowers are so relieved to receive a home loan offer that they can spin off. It is a dream come true to finally own a home. Several borrowers start with a belief that it is an easy road head. Well, that’s why it becomes very easy to stumble into a danger zone. Sooner or later, any problem of the existing borrower comes down to these three mistakes. Therefore, all existing home loan borrowers in India must avoid these three mistakes at all costs.
Mistake#1 - Don’t make a repayment strategy
You plan to get a degree, job or spouse; you will have to take sufficient amount of effort for a sizable period of time. Home loan is one of those events in lives of most people. It will take a significant planning and commitment to make it work smoothly. So, you need to prepare for tough times. In other words, you need to be prepared for relatively common stumbling blocks of life. For example, accident, medical emergency, financial emergency, etc. You won’t be able to make ends meet without a repayment strategy in place.
Mistake#2 - Skip a home loan EMI
You may have the best home loan in India or you may not. You have borrowed funds from a housing finance company for a period of next 15 to 30 years. You need to consult a personal finance expert and set aside additional amount in a liquid asset to pay EMI during these times. In housing finance industry, missing an EMI is a bigger mistake than it seems. You not only have to pay additional dues, you won’t be considered for housing loan balance transfer NOC.
Mistake#3 - Accept wrong home loan transfer
When you get a house loan, you will find advertisements for attractive home loan balance transfers. But, it is just as tough as a house loan. Additionally, you will be re-spending on legal fees, stamp duty, processing charges, etc. So, you must read the terms and conditions of the new house loan offer very carefully. You need to ensure that it is the best home loan in India. If it is not the most economical way to pay EMI, then you are spending money to shift housing finance organization unnecessarily.
So, as long as you avoid these mistakes, you can survive your typical financial and other debacles easily. Smart home loan borrowers in India will also opt for HLPP (home loan protection plan) term insurance. You can also consider other insurance products to support you during such problems.
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