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4 Things To Keep In Mind While Applying For A Home Loan
If you're looking to buy or build your dream home, odds are that you are looking for a home loan.
Acquiring a home loan these days is a relatively simple process and numerous options are readily
available in the market with banks and other lenders. However, there are there are several factors you
should consider before applying for a home loan.
But before we delve into what those are, let's do a quick recap of what a home loan is to ensure you
have a correct understanding of the same.
What is a home loan?
A home loan is a type of a mortgage loan that is taken by an individual to either buy a house or a flat or
undertake renovations on a home. It could also be taken to buy a plot of land on which a house or flats
could be built. Like most loans, a home loan is accompanied with a rate of interest and must be paid
back in equal monthly instalments (EMIs) as per the agreed loan terms.
In a home loan, the property is mortgaged to the money lender as collateral till the loan is repaid in full
along with the interest. If the loan amount is not repaid as per the agreed loan terms, the lender has the
right to sell the property in order to claim his/her outstanding dues.
What are the things one should keep in mind while applying for a home loan?
There are several factors you should consider when you apply for home loan. Some of the most
important ones include:
1. Research the various home loan options available in the market
There are numerous home loans options in the market and they are offered by most credible
financial institutions. Make sure you do enough research, study the various options available,
compare the EMI amount, the loan duration, interest rate etc. and then decide on an option
based on your requirement and repayment capacity.
2. Keep in mind your repayment capacity while deciding the amount of the EMI and the duration
of the loan
One should always consider his/her personal income and consider their repayment capacity
while deciding the monthly instalment and loan duration. A longer loan duration might result in
higher interest rates.
3. Know your eligibility
Don't forget the crucial step of checking your eligibility before you apply for a home loan. These
days, most banks give you the option of checking the same online through their websites.
4. Learn about the terms of foreclosure
Ensure that you keep yourself informed of the updated foreclosure norms as per the RBI.
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