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How To Procure A Safe Home Loan

Every human being desires to own a dream home where he and his family can comfortably spend their entire life. In this quest at times he ends up spending all his savings and procures hefty home loans that he later on finds too tough to pay back as he retires or moves towards the later stages in life. Owning a piece of land or even a decent shelter is not an easy task in today’s time of extremely high real estate prices. Add to it when you are looking out to buy a decent property in highly priced areas of Mumbai; your quest becomes even tougher as the property rates here are extremely high and excruciating. Listed below are some of the key primary components that you must take care before home loan procurement.
1. Who Can Procure A Home Loan – Banks and financing bodies provide monetary assistance to individuals and organizations who comply with their various rules and regulations. Generally individuals having fixed and stable source of income such as salary or business returns are eligible to procure home loans. The key here is banks won’t put their money into those hands that are not capable of paying it back. ...
... Apart from this, they prefer clients with a sound financial track record that at least extends to a period of one year of banking.
2. How Much Home Loan Can I Procure – The key concern of most of the individuals is they want to know the maximum amount that a bank or financing body shall agree to lend them on the basis of their current financial standings. It is calculated on the basis of his/her total income and other financial liabilities such as other existing loans (i.e. car loan, personal loan etc.). One can also procure joint home loans along with their partner or parent. Here, the house or property must be jointly registered under both their names. Commonly the maximum permissible EMI – Equated Monthly Installment against a home loan is up to an individual’s 40 per cent of monthly income.
3. Fixed & Floating Rate of Interest – First of all, in India rate of interests vary between central, state and private banking and financing bodies. These rates also vary according to the period for which you want to procure a home loan. As you extend the tenure of loan disbursement, you end up paying more money to the bank however your EMIs won’t be that high.
Fixed and Floating Rate of Interest are two crucial interest rate regimes that you shall choose carefully before home loan procurement. As the name suggests, fixed interest rates allow loan repayment at a fixed rate of interest i.e. fixed EMIs during the loan disbursement period. On the flip side, the EMI amount for floating rate of interest changes according to the current PLR (Prime Lending Rate).
4. Loan Repayment Tenure – In India, the common tenure of home loan repayment is of 20 years. Total interest that you pay to bank gradually increases as you choose to go for longer tenure however in such a condition the EMIs are low and manageable considering your present and past financial standings. Most of the banking and financial bodies prefer to have clients who pay their loans before they retire thence the earlier you decide to procure a loan, the better for you.
Author Bio :
Nitin Sabharwal is an enthusiastic marketing explorer who redefines prospective subjects for his works in digital advertising & marketing, e-commerce, and content development. With a commanding work experience of 16 years, Nitin’s participation in digital enabled services with a special emphasis on the Internet has earned him several respectable positions in India’s premier companies. Positioned as VP-Marketing of IndiaHomes, Nitin is maneuvering the company’s branding, Performance, CRM, Contact Centre, Event Marketing and Digital Marketing. Academically, he holds an MBA degree from IMT Ghaziabad. dream home, property in highly priced areas of Mumbai
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