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Are You Ready To Buy Your First Home?

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By Author: Inr Credit
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If you feel that it is the right time for you to buy your first home, then don’t just sit back and start researching home listings online. There are things you need to prepare for financially. The housing market in today’s times is flourishing with possibilities and options and being an informed buyer does help you in the long run. It is important to understand how much home ownership you are capable for and what amount of homework you need to do.

Getting your finances in order

Most people who aspire to buy a home these days go for a home loan. And that is quite a decent idea, since it is an easy way to acquire the house of your dreams and there are tax benefits involved. However, before you take a home loan, it is important to ensure that your credit record is in good health. Any bank or financing institution will examine the same before even putting your loan application in process.

So, take an initiative to know your credit score and take necessary steps to get it into better health. If you have any unsettled dues, pay them off right away to get your score better.

Another important thing that you need to ensure is that there should be enough funds in your bank to pay the down payment which is going to be at least 20% of the total amount. While the minimum amount is 5%, paying more amount as a down payment will not just get you better interest rates but also keep your loan less expensive.

At the same time, you must however ensure that there are enough funds left in your account to pose as contingency money for emergencies like death, physical disability and/or job loss.

Don’t go for a house that exceeds your purchasing power

Have a fair idea of the amount of house you can afford. Establish your spending power as well as repayment capabilities besides other costs. Banks and property dealers may lure you with offers for you to take a higher loan, it is important that you don’t get carried away. For a better estimate, you can check home loan eligibility online.

Check the rates from different lenders

If you think you are ready to go ahead, checking rates from different home loan providers can lead you to get better rates. you can also check with reputed nbfc for home loan in Delhi-ncr. You can also look for other options like loan against property without itr.

Now that you are ready, mark a date in your calendar by when you think you will be ready to buy a loan and apply online to get the process started.

Source: http://www.article.org.in/article.php?id=115812

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