Before taking a home loan, you must know about this
When you buy a home for yourself. Everyone sees your own house and this dream and the first step for that is a home loan. The amount you borrow from a housing finance company to buy a house of your choice or to build your dream house is called a home loan. And this amount you have to pay back to the bank in the form of EMI every month. During this period the bank keeps your property (your house) as security against the amount given to you. Now you will say that we know all this. Utterly . But now we are going to talk about those 10 things, which are very important to talk about. (After knowing these 10 things you will be able to fly the flag over your favorite fort)
1. Are you eligible for a home loan?
What are the home loan criteria? How much home loan can you get? Financiers assess your income and ability to repay your loan. There are many other factors that assess you. Such as, your age, educational qualification, financial position, number of dependents, income of your fellow applicant, stability of your job and your past repayment records. Some financiers also offer calculators to measure your potential eligibility, allowing you to estimate a possible amount in a short amount of time.
2. ROI (Rate of Interest)
Your rate of interest will determine how much your interest outflow will be, that is, how much more money you will give to the bank than your loan amount. Thus, the interest rate is anywhere between 8.5% to 14.5% (for home loans). But it is in your hands to bring those statistics to your advantage. Think of this as a smart step in the war. If you collect all the documents showing your income and property and give them to your financier at the right time, your application will be considered credible and the financier will propose a good interest rate. (Low interest rate means savings only savings)
3. Additional charges applicable
Apart from paying the EMI itself, there are also some costs that the financier charges you during the loan application process. Costs like service and processing fees. Before applying for a loan, you should discuss all these charges with your financier. (This is an opportunity to balance)
4. Decide the loan tenure according to your EMI budget
You can take home loan for a maximum period of 30 years. The relationship between your home loan tenure and your EMI is similar to Siso (Hindora). Longer the loan tenure, lower the EMI; And the higher the EMI, the shorter the loan tenure. Also remember this calculation, the longer the tenure of the loan, the higher the interest outflow will be. If you can repay the loan within 15 years according to your capacity, then there is no need to stretch it for 25 years. Similarly, if you want to pay a lower EMI amount, you can go for a longer term.
5 Pay regularly
As soon as your loan is approved by the bank, you have to make sure that it is repaid on time. That is why you are advised to follow a strict budget so that there is no problem or irregularity in EMI payments. To maintain a good credit score like a good child, you have to work towards making regular and timely loan repayments and take care of your outstanding monthly expenses accordingly.
6 Important and mandatory documents
Some documents required for home loan etc.
KYC documents
> Aadhaar Card
> Voter ID Card
> Valid passport
>Driving License
> PAN card
7. Understand the lawn closure criteria
It is very important to be aware of all the loan closing criteria and understand them thoroughly. If you want to repay your home loan completely from your funds before its due date, make sure that you do not have to pay any additional charges to the financier. If you are repaying the loan entirely from your own funds, read all the guidelines of RBI as necessary.
8. You can change your financier
When you take a loan from a financier, it is not at all necessary that you stay with the same financier. If you are getting a better deal from a financier, you have the right to switch financiers and transfer your balance.
We hope that like a warrior conquering a fort, you will surely fight and build your home and these 10 things will help you in your decision to take a home loan.
3. Floating ROI on Homeloan
Floating Rate – This interest rate is linked to the financier’s benchmark rate. If there is a change in the benchmark rate, there will be a direct change on your interest rate.
4. Fixed ROI on Homeloan
Like the name, like the work. This ROI is determined at the time of taking the lawn, which does not change in any situation. Throughout the loan repayment period, you will be able to pay the loan installments as per this determined ROI. But sometimes, the determined ROI is built over a period of time. For example, a fixed ROI for 10 years, but thereafter the financier may vary according to the market rate.
What do you mean by home loan?
A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIs. After repayment, the property’s title is transferred back to the borrower.
What is the purpose of home loan?
The main purpose of a housing finance is to empower you to own your dream home. A home provides a long-term security and moreover a real estate property, usually, appreciates often than the other way around. A real estate is an investment that will give you good returns in the coming future
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What is EMI full form?
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
How is loan EMI calculated?
The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the personal loan.
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