6 Rules For First-Time Home Loan Buyers

1 min read

We thank the dot-com world, for building a truly transformed and transparent Real-Estate set-up. We know an owned-home is desired by all and we live in an investment era where customers are no longer hoodwinked or cheated by mediators between buyers and builders.

Infrastructural development and urban-housing-demand has led to the evolution & rise in residential developments while on the other side, we see rising home seekers. Not only the ones with the huge pockets but the youngsters too. Especially, the urbanites who are earning their living and wishing to tick the biggest right on their biggest dream of their check-list.

A wise man already quoted recently, “the best investment on Earth today is Earth itself”.

“Time and tide are just perfect for getting lucrative gains as demand and supply are at its best.”Also, home-shopping has become so easy and quick.

A step by step Guide For First-Time Home Loan Buyers

Set a Budget like a Wise Man – From your fantasy list, bring yourself back to reality and filter out your budget home. This investment will not only get you a home of your own but it will make you feel greater as you will realise a sense of commitment & achievement, financial security while turning responsible enough.

Watch Your Affordability – Plan how much loan you can afford. You don’t want to end up paying 90%of your income on our loan EMI’s. It should be under half of your monthly salary. Banks too consider this factor but you should before you land up yourself in the burden of debts.

Oh! Are you Eligible – Everyone likes surprises but not at the last minute when you have prepared everything. Therefore, check your loan eligibility online or from your bank before you move ahead.

Prep Yourself For Down Payment – Though 85% of your home cost is supported by banks but the rest you have to get at once from your savings. At times it drain your savings so be prepared.

Opt From Your Salary Bank Account– Do your market search and see from where you are getting the best home-loan options and then get back to your bank to see what they has to offer. Pick what suits you if you get it from your salary bank account then you can get quick approvals and easy transfers.

Keep in Check your CIBIL (credit score) – Your home loan depends availability depends on your credit history. Request your report online from renown credit agencies in India like TransUnion, CIBIL, Equifax and Experian. For loan approval your score should be between 700 to 750 , anything A credit score between 700 and 750 is excellent. But if your score is below 550, it is hard to get loan approvals.