Hello friends, how are you all, wishing you all happy and prosperous life ahead.
Everyone dreams of owning their own house, but nowadays there is so much inflation and so many expenses that buying a house becomes a pain in the ass, this is a big deal.Today I would like to share you how to take home loan, can one also be smart? The right home loan can be described as low interest rates and affordable monthly payments granting you the financial confidence needed for a secure and safe future for you and your next generation.
Research Approach
Do your own research while taking home laon, compare the interest rate of different banks or campany providing laon, read the terms and conditions thoughly, there are various options in the market be patience and wise while finalizing your decision.
Even there are many banks or companies providing EMI calculator which will help you to calculate your monthly installment for how many years you have to pay based on loan amount and interest rate. There are many websites of banks which will help you to clarify for your loan offers and schemes.
While finalizing your home loan vigilant about additional expenses such as processing fees, legal charges, stamp duty and the loan turnaround time and etc.
Check your Salary first
Check how much loan you can afford, you are going pay your loan through the salary,Naturally, your salary is going to form the bedrock of your home loan aspirations. Make an enough estimate of what ratio of your salary you can fixed for EMI installation of your home loan.
Know your Risk
LOAN this word is of only four letters but has many consequences if you not repay timely, everybody knows that loans are Risky—If you don’t meet loan repayments as required, you have can face late repayment fee, high rate of interest, even can loss your assets. Thinks twicely before applying for any type of loan.
Go for joint home loan.
In my personal suggestion if possible then go for a joint home loan instead of an individual one. The benefit of joint home loan us the responsibility of the repayment amount of loan will be shared with joint member can be your spouse or any of your family member. This will earn you higher eligibility and tax benefits as well.
Always opt for Home Loan with overdraft facility
Home loan with overdraft facility means you can deposit extra amount over your fix EMI amount in your Home loan account can considered as Pre payment towards the loan. It will help you to early reduce your loan amount, even you have to pay lower rate of interest on your loan amount.
Utilize Builder Collaborations and Government Subsidies if applicable
In the case of primary properties, builders will tie-ups with different banks providing home loans, builder’s reputation will definitely help you to lower interest rates, streamlined processing, and reduced documentation hassles.
The basic need of a human being is clothes, shelter and food, everyone is wearing food and clothes But building a house has become difficult, it is impossible to pay the entire amount at one go, it is not possible without a loan and so we should be smart as to how we can take a loan from the bank. Now buy your own home using smart way to take loan.
Thankyou
@gargi 🇮🇳🙏🏻