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Home Loan: What You Ought To Know?

By Author: Arwind Sharma
Total Articles: 13

Are you tired of deciding which home loan to choose amongst the hundreds of options given to you? Look for a lender with customer-friendly schemes and services, and you’re sure to get the home of your dreams in a hassle-free manner.

When it comes to a home loan, the last thing you should do is overthink things. The best home loan is just a single step away. Some key documents that you’ll require are identity proof, net income statement, proof of source of income, and a few bank statements that reflect your financial stability and repaying capability.

Armed with these documents and a good credit score, you’re sure to get an approval on your home loan.

Benefits of a Home Loan
Besides the obvious cushion a
home loan provides for your other financial expenses, it also comes with other benefits. A separate amount of funds may be required for maintenance and renovation, so familiarize yourself with home maintenance loan and ask your lender for the same. If they include the maintenance and fixture costs in the home loan itself, then that’s even better. This way you don’t have to apply for a separate home maintenance loan. This reduces your burden in terms of money and paperwork.

Another benefit that you should look for is flexi scheme, which will help you save interest by allowing you to part prepay your loan with additional or idle funds, without any interest being levied on the part-paid amount.

Don’t forget to calculate your EMI and enquire if it’s possible for you to get a few EMI-free months at the start of your loan tenure. This will help you prepare yourself financially and you can arrange funds for paying your EMI amounts.

Use a home loan EMI calculator to determine how much EMI you can pay after deducting your monthly expenses. It’s always a great idea to secure your finances and have a clear picture of how much the home loan will cost you, so that repayment doesn’t become a problem. An EMI calculator will also allow you to plan your finances better. You can cut down on extra expenses and save that money for making EMI payments.

Don’t forget to go through the foreclosure scheme of your home loan. An ideal lender should allow you to foreclose your home loan without charging anything extra. But only look for this facility if it’s something you’re planning on doing.

A home loan is definitely one of the best ways of purchasing your dream home if you’re short on cash. Read offer documents carefully and discuss the terms with your lender before going ahead with the application. Also, remember to calculate your EMI beforehand so that you know how much amount you’re liable to pay. This will help you plan your budget meticulously so that you can clear your debt on time.

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