Jan10
Applying For Home Loan - Guide For First-Timers
Are you a first-time home buyer?
Taking a home-loan can seem a daunting task with plenty information available in the internet
Well, our quick guide can help you ease your nerves and set your eyes right on your goal!
Take into account the six factors below to stack the deck in your favour and avoid financial land mines.
Choice of Home Loan:
Explore the extensive options available in the market before you choose a loan that best suits your needs. Start with shortlisting the banks with the best market reputation and do a thorough research on their customer reviews.
Interest Rate:
Research the latest interest rates for the type of loan you want, before paying a visit to your banker. This will help you get your finances in order and also avail the best of tax benefits.
Tenure:
The principal loan amount, existing loans or debts, suitable down payment and comfortable EMIs are some of the factors to be taken into consideration while choosing the total repayment period of a home loan, a.k.a. the 'tenure' of the loan. Depending on the factors above, make a smart move by choosing a short-term or a long-term loan tenure as per your requirement.
CIBIL Score:
This parameter is of prime importance when it comes to getting your home loan sanctioned & availing the best offers. The higher your CIBIL score, the better are the terms and conditions for getting your loan approved. No Credit Card yet? SPOILER: You can use free credit card report generators online to check your current CIBIL score. Thank us later!
Eligibility Check:
Factors like age, occupation, credit history, gross salary, repayment capacity etc. will determine your home loan eligibility. Keep a record of all this data to make the application seamless.
Relevant Documents:
Different bank loans have their own guidelines and verbiage. Go through the list of eligible documents required and keep them handy before applying for the loan.
Cheers! Time to turn your day-dreams into your dream-home!