The launching of Pradhan Mantri Awas Yojana (PMAY) scheme has substantially changed the real estate scenario, with more individuals opting for affordable housing facilities. According to reports, there has been a visible growth in India’s home loan sector after this initiative by the Government. Since more individuals are opting for home loan, there are a few core information they should be aware of to mitigate ensuing liabilities.
Important tips to remember
Before availing any loan, borrowers need to ensure that they have conducted thorough research on the home loan rates, application procedure, and repayment process, etc.
Here are a few key tips one should be following before applying for the first home loan.
- It is advised to plan the total amount you will be able to afford since the EMIs have to be paid within a stipulated time to avoid penalty charges.
- Focus on paying a decent amount as down payment, as this keeps your EMI amounts affordable and easy to repay.
- Work on your loan eligibility criteria beforehand, to avoid unwanted inconveniences in the eleventh hour. Try to detect specific areas that need to be fixed to be eligible for the loan, and maximise benefits from it.
- Maintain your credit score from the very beginning as you will be qualified for a mortgage loan on the basis of this score.
- Consider comparing different home loan rates as multiple lenders offer different interest rates and home loan offers.
Nowadays, the home loan online application process has become quite streamlined. Individuals can easily form an idea of their monthly instalment payable by using an EMI calculator. For a first-time borrower, these tips can be extremely helpful to avail the advance at easy to meet terms.
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