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Few Financial Planning Steps For Potential Home Loan Borrowers

By Author: Aishwarya Mahurkar
Total Articles: 291

Dream to buy a house and call it “My Home”? Well, we are about to make your experience a good one by covering almost all things one should keep in mind while planning one’s finances. After all you wish to ensure the much awaited feeling that comes with a worry free mind. The key for the same is right financial planning. Knowledge about the nitty-gritty is where the crux lies.

Let us begin with:

RBI Policies and Bank clauses:

First things first, check the RBI policies from a direct source. Read a little about the current policies about housing finance in India, along with the policy changes made in the recent past. This shall give you a broad idea of the changes that could come during the interest paying period of your housing loan.

The clauses of the housing finance company should be given time instead of skipping through them. It would help you be prepared for any unnerving situation during the loan tenure. Set alert mails for home loan policy in India, which shall keep you updated.

Budgeting and Planning:

Budget before you decide to go ahead with the hunt for a home loan. Right from your children’s tuition fee to household expenses, everything should be considered including a contingency fund, funds for home furnishing and other loans. Meticulous budgeting taking into account interest loss and gain amount shall give you the true picture to make a well planned decision for your house finance.

Fees and Hidden Costs:

Housing finance in India calls for many fees and as they are generally on the home loan amount, the fee amounts to a good figure.

Decide on the financer with a sure mind before paying the non refundable application fee. Likewise ask about the processing, mortgage deed, legal process, pre-payment, and commitment fee. While these are the usual fees that one is asked to pay, you should beware of hidden ones. Legal process, which is subjective to the borrower, could amount to a huge sum as the housing finance company will hire an external lawyer to check the property being dealt with. Keep an eye out for the hidden cost involved.

Being a woman investor has a few advantages; one of them is a certain percentage of difference between the normal interest rate offered to men and women.

Loan Period:

Be in touch with your lender at all times. This shall help you negotiate well at times of policy change of the housing loan at the eleventh minute. Keep buffer instalments in hand so you can continue to repay your loan even in lean periods. And the most important, pay the EMI on time to ensure good credit history.

Keeping these things in mind and maintaining a to-do-list shall keep your fears at bay. So for now, enjoy the journey of availing the best home loan in India. When your mind is satisfied with a deal, it will be at ease. Let this ‘ease’ build a strong foundation for your home. Happy financing your ‘Dream Home’!

Author Bio:

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the best Home loan in India and the Housing Finance in India.

Total Views: 90Word Count: 526See All articles From Author

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