Things To Know Before Taking Home Loan For Property In Kolkata

By Author: Get My Properties
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Getting a home loan for property in Kolkata may appear like an uphill chore at first. Nonetheless, bit guidance is all you have to confidently apply for a loan.
Here is a list of things you should know before applying for a Home loan for property in Kolkata to set you right on the track.

Interest rate

One of the very first things you should consider before getting a home loan is the present interest rates in the market. Once you have a precise idea, select a lender providing the most competitive interest rate for home loan. This lessens the entire amount spent on interest over the loan tenure and lessens the EMIs payable every month.
 

Eligibility

 
When you shortlist a lender, check the criteria you should meet to be eligible for the loan. Most lenders need you to have a regular income, a great credit score, and a regular minimum monthly income to meet their home loan eligibility criteria. Nonetheless, the precise specifications vary ...
... a bit between lenders.
 

Documents necessary

 
Make sure you have the necessary documentation in position. This comprise of address proof, employment certificate, income proof, salary slips and much more.
 

Tenure of home loan

 
Many lenders these days provide flexible loan repayment tenures to make loan repayments lenient. Hence, you can select one at your comfort. However with this, you get the chance to save the entire money you spend on interest. Nonetheless, a longer tenure entails your EMIs will be smaller, extended over the whole duration. Here, you will spend more money as interest payments.
 
If you are still having trouble determining on suitable loan tenure, you may also use a home loan EMI calculator. It will assist you select a reasonable EMI value and loan tenure that makes sure simple repayments.
 

Fees

 
Along with monthly EMIs, lenders might want you to pay extra processing fees to get your application approved.
 

Foreclosure rules

 
Though you can save on the entire interest by repaying the loan before the tenure ends, lenders change a penalty for foreclosure for it. Hence, check the mentioned foreclosure charges and plan your repayments accordingly.
 

Down payment

 
Lenders generally ask you to pay 10-15% of the entire amount as a down payment to get the loan. The remaining loan amount is converted to EMIs. Usually, the bigger the down payment, the more you save on the entire amount that is spent on interest.
 
Conclusion
 
With the above tips available, getting a home loan is as easy as it gets. A proper understanding of the whole process is necessary to ensure the purchase of the apartment. Now buying your dream home is seamless.